Thursday, July 18, 2013

Detroit Go Boom

The media duked it out to see who could post the story first. It's no surprise to the savvy folks here in Detroit, especially after a bankruptcy pit bull was hired to come here and prepare the city for the topple. If I see one more headline "Largest Municipal Bankruptcy Ever," my yawns will snap my jaw. As is often the case, Matthew Yglesias offers up an unsophisticated and lifeless assessment of the issue in about 190 dull-as-dishwater words. Ho hum. But he made it into the "firsters" club. All that Mr. Matt can put out there are meaningless factoids about a shrinking city and a shrinking tax base. I'll quote him: "But the basic reason Detroit needs to do this is pretty simple." Blah, blah, blah.

Really? Did he really write that? Highly, highly original. Yawn.

Everybody is an expert, but none of the "experts" actually come here to Detroit to understand the unfathomable political history, the prevailing political environment, or the amazing potential beyond the media images that showcase the same old baloney: ruin porn (please show me one more picture of the train station), population loss, industrial carnage, and the host of ostensible government saviors. 

Interestingly, there are libertarian types here - locals - who are quietly celebrating the fact of bankruptcy. There. was. no. other. way. I am mindful of the phrase "be careful what you wish for," but from a purely financial and 'move forward' perspective, this is the best case scenario. Some of my Detroit buds will not like me for the truth. I know you may be saying - where's your substance? I'm just trying to make it on the tail end of the "firsters" club! Much more to come from me on this, but for now, going paddleboarding in the 90-something degree heat is my priority.

5 comments:

  1. Some-one over at Zerohedge , discussing this topic suggested that Detroit should sell itself to Hollywood for a couple of bills and it could be used as a giant soundstage for every apocalypse/Zombi/Alien Invasion/WW3 movie .

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  2. Having watched this story "gain traction" on the business networks I was surprised that every talking head I saw couldn't bring themselves to actually say what caused the financial problem(s) in Detroit. I live 1400 miles away and we knew here what their problem is. And EVERY one of those talking heads knows what the problem is too. And the problem is.....one party rule - too many DEMOCRATS running things in Detroit for (obviously) too long. Oh there's plenty of blame to go around, the talking heads go on to say. BULLSHIT!! as there hasn't been a Republican on the ruling side of things in Detroit since the early to mid 1960's. If they weren't involved since then, the good ol party that only knows how to spend taxpayer money and grow the govt is SOLELY to blame for the slap-in-the-face - welcome-back-to-reality-check in Detroit. Being Libertarian myself, I'm no lover of Republicans either. But it takes two to tango and there were no tango partners disguised as Republicans (or any other party except maybe the Black Panthers) in Detroit, not since 1964. So I guess this one belongs to the DemocRATS lock, stock and proverbial barrel. First Detroit and after Obama's done it will be the same for the rest of the country too....

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  3. Sounds like a great homesteading opportunity! How many libertarians are there in Detroit?

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  4. Ms. De Coster, I don't see how you can call this the best-case scenario. And there's nothing to celebrate.

    Once bankruptcy proceedings begin, assuming that they do, the first thing Detroit's manager and bankruptcy judge are likely to do is to increase efforts to collect property taxes and fines from people who violate zoning regulations, to maximize income so as to satisfy at least some creditors. In other words, the conditions that create Detroit's current libertarian opportunities will be gone and Detroit will become one more oppressive liberal-run city.

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  5. Brian - I can appreciate your take. But a legal bankruptcy does not make any of that any more possible, given the already-in-place Emergency Manager (EM) installation. With the debt and legacy situation here, there was no other alternative. One thing a bankruptcy can do is allow for the shedding of union power positions and legacy costs (which can't be sustained under any circumstances). The EM had to walk a political tightrope.

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