Detroit, Michigan... Motor City... Motown is being considered for Chapter 9 Bankruptcy. This is a major slap in the face of all Americans when we look at the United States of America giving away $1.6 billion dollars to Egypt annually; $1.0 billion to Israel annually and so many other "prosperous" countries and there is city in the United States that must declare bankruptcy. What nonesense is this?!!!
I was taught that you take care of home first. How is Detroit not worthy of American rescue without world embarrassment. America bailed out Banks, and Wall Street but ignores Detroit. Such action appears as Deja Vu... remember New Orleans after Hurricane Katrina. Could it be that if there is a majority of Black Americans in a city that city's adverse plights can be ignored?
This looks like throwing the baby out with the bath water.
How can American appear GREAT in the eyes of the world when it can not protect its own. Recently the governor of Michigan stated that Detroit has a debt of $18 billion. How does a city have such a debt when the car industry got "bailed out"? What happened to that money? Did the city not get any?
If it were not so tragic, it would be funny. The governor stated that the "city" is insolvent because it has been borrowing money to pay its bills for nearly a decade....that is 20 years!!! So why was there no intervention over these 20 years to prevent such a catastrophe? A bankruptcy could cancel retirees pensions so the old and hardworking will shoulder the debt.
Detroit will be following in the footsteps of Stockton, California where pensioneers were not spared in its bankruptcy. The law protect bond holders who must get 100% paid, but not regular citizens.
How can this happen in the United States of America?
WHERE IS THE AUTO INDUSTRY IN ALL OF THIS?
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