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Post by New Mama on Jul 19, 2013 11:24:07 GMT -6
The rust belt helped Obama win this second term with Obama pitching that he saved the auto industry and therefore Detroit and other auto reliant cities. Remember the bail out saved the Unions and shafted all other investors who were legally entitled to a piece of that bailout pie. Meanwhile conservative leaning not for profit groups who waited for IRS approval to raise money to support Romney were held up by the IRS chief counsel in Washington DC for 'further scrutiny'. BTW, the IRS chief counsel is one of only two Presidential appointees in the IRS. This was revealed in Congressional testimony yesterday. So all the blabber about rogue agents in the Cincinnati field office is a bunch of hooey. This is worth your time to read online.wsj.com/article/SB10001424127887324448104578614220949743916.html?mod=WSJ_Opinion_LEADTop I don’t believe history will be kind to Obama after all the scandals get sorted out. |
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Post by Chicago Jake on Jul 22, 2013 22:57:24 GMT -6
Stupid, stupid, stupid.
When something doesn't work, the worst thing you can do is artificially prop it up. Let it die, and let something more rooted in reality take its place. Of course, the Obama administration will never understand that.
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Post by Chicago Jake on Jul 25, 2013 23:45:31 GMT -6
This Detroit story continues to fascinate me. I think we may be witnessing a microcosm of the future of the US of A; unchecked spending, liberalism, and unionism, which leads to flight of the tax base, which leads to decreasing revenues, which leads to increasing tax rates, which leads to more flight.... it's a vicious circle that can only end in total collapse. I keep thinking of Dagny and Rearden driving cross-country to find nothing but abandoned factories and interstate highways overgrown with weeds......
Anita, you are from that area, aren't you? Do you have any insights that can explain this stupid, stupid state of affairs?
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Post by Tex on Jul 29, 2013 6:45:58 GMT -6
Chicago is headed that way too. Cash reserves have plummeted and the bond rating cratered.
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Post by Tex on Jul 29, 2013 7:38:50 GMT -6
Economist Herbert Stein: If something cannot go on forever, it will stop.
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Post by Chicago Jake on Jul 29, 2013 9:25:48 GMT -6
Chicago is headed that way too. Cash reserves have plummeted and the bond rating cratered. Except that Chicago doesn't look like a Mad Max movie yet. |
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Post by New Mama on Jul 29, 2013 11:35:29 GMT -6
I saw this coming decades ago. What I don't understand is what took it so long to officially file bankruptcy. Mayor Coleman Young destroyed Detroit starting in the 60’s. White flight began at that time as more and more assistance was given to the poor in the City and the racial rioting scared the bejesus out of the middle class that still lived in the City limits. A time will come when big business in Chicago will leave due to the dead weight of the nonworking population. I left Chicago and Cook County because of taxes almost 19 years ago. I still work in the City but would never live here again. Big business left Detroit as I did in 1979 and business will eventually leave Chicago too. Jake you can get a preview of Chicago by cruising the former US Steel on Chicago’s south side. One home to 20,000 workers it is now the largest abandoned parcel of land in the City. It has stood vacant since the early 90’s.
Adding additional stress to the big D were the unions. They became too powerful and went out of control with demands that strangled the auto industry which trickled down to the smallest ma and pa business.
Detroit will not revive in my lifetime.
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Post by Robin Hood on Aug 17, 2013 20:51:23 GMT -6
Chicago is headed that way too. Cash reserves have plummeted and the bond rating cratered. Except that Chicago doesn't look like a Mad Max movie yet. They have the violence now... give it a few years for the rest to catch up... |
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