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Detroit Declares Bankruptcy.


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#1 AmScray

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Posted 18 July 2013 - 10:49 PM

City with highest percentage of individuals least likely to be credit-worthy now has a municipal credit rating to match its population.

http://www.cnbc.com/id/100898169

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In his first national interview since he filed the largest municipal bankruptcy in U.S. history, Detroit's Emergency Manager Kevyn Orr said he could not wait any longer to solve the city's long-term debt problems.

"This is a problem that has been more than 60 years in the making," Orr said on CNBC's "The Kudlow Report" Thursday night. "There's $18 billion of debt total. Even if we took $200 million a year out of a $100 billion budget, which we can't do, it would take 68 years to pay off that debt."

Mr Orr also requested the Detroit Institute of Art provide him with an inventory of its holdings.
It's one of the better museums out there, built up back when the city was entrusted to a 'different sort' of people.
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#2 BigDMcGee

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Posted 19 July 2013 - 12:27 AM

Gays?
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#3 GWCGWC

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Posted 19 July 2013 - 08:21 AM

so those long term municipal bonds were a bad idea?

#4 SuitedAces21

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Posted 19 July 2013 - 09:27 PM

View PostBigDMcGee, on 19 July 2013 - 12:27 AM, said:

Gays?

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#5 phlegm

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Posted 20 July 2013 - 05:25 PM

View PostSuitedAces21, on 19 July 2013 - 09:27 PM, said:

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In a matriarchal society, ironically Obama would have more in common with this fellow, than trevon.
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#6 BigDMcGee

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Posted 20 July 2013 - 07:14 PM

View Postphlegm, on 20 July 2013 - 05:25 PM, said:

In a matriarchal society, ironically Obama would have more in common with this fellow, than trevon.

You eat donuts for breakfast, lunch and dinner in a matriarchal society? sign me up!
"We are only wise in knowing that we know nothing"
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"Dust. Wind. Dude."
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"I'm a basketball player and a businessman, not a Thundercat,"
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