Originally Posted by
corktownyuppie
Well, first because a drawn out bankruptcy will likely cripple the credit ratings of every municipality in our vicinity. Translation: Higher taxes for suburbanites. And why should they pay the extra cost for a fire that we refused to put out. Yes, I agree that the state made decisions that were harmful for us. But, so much of what we're going through has been preventable for years. Just like what was going on with GM and Ford. My employer at a SELL rating on the Big 3 back in 1998. Second -- and I subscribe to this -- the sooner we get through the pain, the sooner we can get to the rebuilding.
Now I'm open to hearing why a bankruptcy would better for Detroiters. I haven't heard anyone make that argument...not even those who are most vocally against an EM/EFM/Consent Agreement.
It's my opinion that a bankruptcy is like a long, drawn out, bloody war...where no one ends up getting what they want. The EM will be hard, harsh, but quick...with many more survivors.