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[05omegav6]

http://t.news.uk.msn.com/world/detroit-allowed-bankruptcy-plan

[ronnyd]

It seems that the U.S. political parties at both federal and state levels seem more intent on serving themselves
and their parties than caring for the people who elected them in the first place.

[Entwood]

I have friends out there from my service days, and it is pretty dire, and not really "politicking" in the normal sense ...

Detroit used to have a tax-paying population of 1.8 million, and used that statistic to plan its future, and borrowed against that future income, it now has a population of around 800,000 of whom less than 400,000 pay taxes  ( all these figures are what Ken has told me .. not researched or checked) ...

This simply has given them a mahoosive loss of revenue .. and no way to either pay the debts or the current costs ... so like any company whose debts exceed income... they are "bankrupt" in the normal use of the word ..

Politicians of all sides are playing the "blame game" .. but in essence there is little any of them can do.

[05omegav6]

Those figures pretty much match the article, so it does at least seem that the reality of the situation is being faced.
Even if the situation is futile

[ronnyd]

Makes you wonder where the hell a million or so people have gone and there must be loads of empty properties.

[05omegav6]

Over the last 20 years all the big car manufacturers have shut plants left right and centre. As the final assembly factories closed so did all the suppliers, eventually nothing left

Of the 800,000 remaining, 50% are probably unemployed, as for property...

http://www.rightmove.co.uk/overseas-property-for-sale/Detroit.html?sortType=2&maxPrice=25000&currencyCode=GBP

180 properties below £25k speaks volumes, and that's only one UK website

[Vamps]

Over the last 20 years all the big car manufacturers have shut plants left right and centre. As the final assembly factories closed so did all the suppliers, eventually nothing left

Of the 800,000 remaining, 50% are probably unemployed, as for property...

http://www.rightmove.co.uk/overseas-property-for-sale/Detroit.html?sortType=2&maxPrice=25000&currencyCode=GBP

180 properties below £25k speaks volumes, and that's only one UK website

OMG have you seen those prices.....   If I were 20 years younger, and my skills are sort of transferable.........   But then I have never quite come across the scale of poverty and violence seen over there and I am too old and need the NHS anyway......

[05omegav6]

No need to emigrate... the properties are generally tenanted, with tenants having a purchase option after x years... so as I understand it, he properties return a rental income, plus a potential repayment with interest as well

[Sir Tigger KC]

Yes but in a failing city, where large suburban areas are practically abandoned. Job security must be extremely limited and as the city is bankrupt those in the public sector must be screwed as well, unless employed at state or federal level. 

Property is always cheap for a reason. Think I'll give this one a miss! 

[cleggy]

These pictures sum up the Motor City

I have a lot of friends in D town from the music industry of the 60's, it is a sad fact the mismanagement and corruption led to this once great powerhouse of industry collapsing


http://zfein.com/photography/detroit/index.html

[omega3000]

Over the last 20 years all the big car manufacturers have shut plants left right and centre. As the final assembly factories closed so did all the suppliers, eventually nothing left

Of the 800,000 remaining, 50% are probably unemployed, as for property...

http://www.rightmove.co.uk/overseas-property-for-sale/Detroit.html?sortType=2&maxPrice=25000&currencyCode=GBP

180 properties below £25k speaks volumes, and that's only one UK website

Those houses are quite nice for the money  But those basements are so creepy looking   

[Rods2]

Cheap, but look at the crime rate figures. 

[05omegav6]

Cheap, but look at the crime rate figures. 

What do you expect with sub 40% employment