Detroit bankruptcy

How does this happen? What were the contributing factors?

 

<blockquote class="twitter-tweet"><p>President Obama: "When Gov. Romney said we should just let Detroit go bankrupt, we said thanks but no thanks." <a class="hashtag" action="hash" title="#MadeInAmerica">#MadeInAmerica</a></p>&mdash; Barack Obama (@BarackObama) <a href="https://twitter.com/BarackObama/status/258624452483502080" data-datetime="2012-10-17T17:44:09+00:00">October 17, 2012</a></blockquote>
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Not really sure how you can blame the president for the failure of a municipality.

 

He took credit for not letting it go bankrupt 9 months ago. He's letting it go bankrupt now. Funny how those election things change priorities.

 

50 years of liberal policies created this problem. The problem was brought on by reckless spending, failure to promote businesses with sensible tax reforms, the influence of labor unions, and a population that has no moral core. Single family parents, children born out of wedlock, prostitution, violent crime, drug use... the list goes on and on. Our culture has moved away from Godly character and towards a culture of Godless celebrity. Our President is the perfect representation of this shift -- elected by low information voters who value celebrity over substance and character.

This path is being followed by most large urban populations. They have lost their Christian values. They have lost the self-sufficient mindset that launched America. They are now populated by uneducated, unskilled people who are more than happy to be dependent upon government for their most basic needs. Good honest people feel shame when they are forced to rely on government handouts to provide for their family. Not these people. The vicious circle will only get worse, as more and more of the producers in these cities get away from the leeches and move to the suburbs. The leeches can't move to the suburbs because they rely on government-supported services, such as transportation. So you are left with a decaying urban core populated by unproductive people. More bankruptcies will follow.

 

In all fairness, when he said he would not let Detroit go bankrupt, he was talking about the Detroit auto industry, not the city itself.

 

Good to see that you have brought out the broad brush to paint with.

 

Poor josh smith.

 

Too many black people in a confined area -- it's like little Kenya up in there.

 

Culmination of 40 years of corruption and mismanagement.

Good job Detroit citizens and politicians.

 

City is ~89% black. Had to look it up.

 

Shhh! There's no room for reasonable thought in here.

 

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Wow really? I guess all the white people live out of Detroit proper?

 

$500 million rail project?

Lemme guess, the delusional rep's husband is a general contractor or engineer who just happens to specializes in transit.

What a waste.

 

We considered Detroit for one of the companies we were doing before we launched Star Citizen for the tax breaks.

It was a GHOST town - it is bizzare, so many beutiful buildings that are empty and dirt cheap.

Someone will make a fortune buying up properties there, it will take 20 years but it will come around.

DD

 

I work in a mortgage company and we have several properties in Detroit. You could buy an entire street of houses for like $1,000.00 total.

 

Do you really not know that both he and Romney were referring to the auto industry and its bailout, or are you that desperate to try to score political points that you now rely completely on things taken out of context to mean something totally different?

 

Came for the ignorant references to "Let Detroit Go Bankrupt" and was not disappointed.

The president was referring to the auto industry in the same way that you refer to "Hollywood" - not a physical place, but an idea and synonym for business with historical roots to a place.