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Detroit - it'll get worse before it gets better


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2013 May 13, 6:07am   1,335 views  3 comments

by RentingForHalfTheCost   ➕follow (2)   💰tip   ignore  

http://money.cnn.com/2013/05/13/news/economy/detroit-insolvent/index.html?iid=HP_LN

The city has effectively exhausted its ability to borrow," he writes in the report, adding that the city "is clearly insolvent." To avoid running out of cash before the end of its fiscal year on June 30, it must "defer payments on its current obligations," including more than $100 million in pension payments that are due. "No one should underestimate the severity of the financial crisis," Orr said in a statement. "The path Detroit has followed for more than 40 years is unsustainable and only a complete restructuring of the city's finances and operations will allow Detroit to regain its...

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1   Ceffer   2013 May 13, 6:31am  

I hear it's a great free enterprise zone for jihadists. Collect welfare while planning the immolations of the other Great Satan cities, Detroit will rise again!

Nobody reports crime, anymore, good for practicing urban terrorism war games amidst the stripped and gutted housing.

They are good people, they just need lots and lots of our money for the opportunity to be good.

2   inflection point   2013 May 13, 1:10pm  

I think it may be optimistic at best to think it will ever get better.

3   CrazyMan   2013 May 13, 2:10pm  

On the bright side, the Red Wings beat the Ducks.

So, at least Detroit is still good for something.

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