Thursday, July 18, 2013

Detroit now the new Zombieland

Detroit Files Largest Municipal Bankruptcy In History
It's the largest municipal bankruptcy in U.S. history, dwarfing Jefferson County, Ala.'s $3.1 billion sewage district restructuring.

The Motor City faces $20 billion of long-term liabilities.

The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations.

Detroit News' Robert Snell Tweets the city has listed more than 100,000 creditors.

And, as noted by the Ace of Spades, Detroit has not had a Republican mayor for 53 years. It is entirely the result of unions dictates and Democrat policies.

1 comment:

  1. So they ran out of other people's money.

    Same thing could happen here. New library, new cop-shop, new river-side parkway, old theater needs fixin', where will it end. We have people calling for a rec-center, new skate park what else will the taxpayer have to shell out for?

    When there isn't any money left, ya gotta quit spendin' it.


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