Why hasn't Detroit ever owned up to its urban planning blunders?

[Retroit]

Well, let's get back to basics, shall we? You said that industry declined in Detroit, but Detroit was never a financial center. [[How can you have just learned that Detroit had a stock exchange and then say something like that? Come on!) Then you say that, well, yeah, Detroit had a stock exchange, but it just wasn't as big as New York as a source of economic-industrial-residential staying power. [[That's quite a list of things to add on after your simple statement gets flipped on you, but, fine, we'll work with that.)

How important does the wealth and trading be for a city to have a stock market like that? It has to be monumental. There has to be so much concentrated wealth, frantic buying and selling and profits galore to, well, to set up a stock exchange. It's not like Lucy Van Pelt just went out to Larned and Griswold and set up a cardboard box that said STOCK MARKET. The wealth in Detroit was [[and, to a large extent, is) massive.

I don't deny that Detroit was much more economically significant back then. But how did "urban planning blunders" destroy the stock market? If Detroit's Stock Exchange had equal significance to New York's and if Detroit had a similar equality in all other businesses, would Detroit's "urban planning blunders" have had a detrimental affect on those exchanges and businesses?

The big question is what happened to that wealth. Why did Detroit experience capital flight? Why did the industry leave the city? Why didn't the residents stay?

The answer is in those dirty dozen problems.

The wealth was tied to the auto industry. Factories were moved out of the city. Nothing replaced them. People with capital have no use for abandoned factories [[generally). The factories were outdated and there was not enough clear land to expand. White residents left because they didn't want to live near blacks and it was cheap and easy to built new homes in the suburbs. Black residents left because they didn't want to live near bad blacks and it is cheap and easy to buy homes in the suburbs.