What's Happening in Detroit?
In June of 2011, Governor Rick Snyder told Detroit citizens, 'Detroit’s not going into bankruptcy. We’re going to work hard to make sure we don’t need an emergency manager, and bankruptcy shouldn’t be on the table.'
On July 19, 2013 Detroit filed for Chapter 9 bankruptcy.
The link at the bottom of the page contains some eye-opening information...
'However, all is not gloom and doom for Detroit. The bankruptcy was halted after it was found that Mr. Orr and his lawyers had negotiated in bad faith with creditors and shutting down the entire proceeding. Now Dictator Snyder is scrambling to find another way to cheat the citizens of Michigan out of their hard-earned public property, and put it into the hands of those who Dictator Snyder deems worthy.
2014 cannot come too soon, but by then, the damage will have been done. The citizens of Michigan will have had billions stolen from them, and may not have much of a state left to salvage. Dictator-Governor Rick Snyder has already done the damage, and when he leaves office, he fully intends to leave the citizens of Detroit, as well as those of Michigan proper, with nothing.'
Forbes has an interesting view of what's going on in Detroit...
'Perhaps lost in the Wisconsin shuffle is the story of what exactly is happening in Michigan. Newly elected Republican governor, Rick Snyder, is set to pass one of the most sweeping, anti-democratic pieces of legislation in the country - and almost no one is talking about it.'
Have Rick Snyder and cohorts engineered the fall of Detroit? And who will bear the brunt of this financial crisis, besides the pensioners... and who stands to profit? Is this the sort of eventual story all cities and municipalities can look forward to under what appears to be corrupt governance? How can the people retain their bargaining power in the midst of crooked politicians and their influential allies?
Here is a link that might be useful: Detroit's Engineered Bankruptcy