We all know that Detroit's in big trouble.
With Detroit still in wonderland, here is how deep the rabbit hole goes...
17-20 BILLION!!!
Interest included.
http://youtu.be/7j9QxyjoOnE
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We all know that Detroit's in big trouble.
With Detroit still in wonderland, here is how deep the rabbit hole goes...
17-20 BILLION!!!
Interest included.
http://youtu.be/7j9QxyjoOnE
Not surprising if true. Recall all the audits that could not be processed under Kilpartrick administration...
http://www.wxyz.com/dpp/news/region/...-at-20-billion
Have no fear; Sharpton's here. He knows exactly how not to do it.
Crain's Nancy Kaffer has CRC's Bettie Buss noting that Detroit's collections are eligible for sale under an EFM. I wonder if Bettie will be able to get a good number for Detroit's most valuable asset -- its DIA art collection. With $20 billion dollars in debt, Detroit's net worth might be less than zero -- but I seriously doubt it. 60,000+ museum-quality objects has got to sum to a pretty significant height. If I had to guesstimate, I'd say $60 billion dollars of total assets, DIA included, leaving Detroit with only a net worth of $40 billion. Fortunately, I don't have to guesstimate. Bettie Buss is the one who's talking numbers.Quote:
Originally Posted by Tig3rzhark
Yep, TCIF!!Quote:
Originally Posted by Coaccession
When this is all over, this city will be truly privately own, from the government, to each department. I wouldn't be surprised if I see Mike Illich, as council president next year.
Odd that CRC is being quoted as saying it's $20 billion when they put out a report last month saying it's $14 billion.
http://www.crcmich.org/PUBLICAT/2010s/2011/rpt373.pdf
There is no conspiracy. There is no takeover plan. Work toward giving the residents a return on their investment rather than trying to get face time on TV for one’s self. Just get your shit together like every other city in the United States and everything will be OK. It really is not that difficult. If only Detroit would realize they are decades behind equivalent sized cities throughout the world, maybe something productive would happen.
How much of this debt belongs to the largely independent and largely regionally funded DWSD? I don't get why distinction aren't made about the overall debt when these are distinctions with differences. The only debt that matters as far as the immediate and middle-term deficit is concern is directly bonded debt by the city proper. DWSD debt, being spread and leveled out at a regional level is much more manageable and much less of an immediate concern.
DWSD's share is at least $5 billion. Billions more is in pension obligations although the pension funds are actually in pretty good shape so the likelihood of the city having any immediate big obligation is pretty low. Even much of the direct debt isn't due immediately because those bond payments are spaced out over decades. But that doesn't make for good headlines so you won't see anyone explaining those differences.
The separatist climate and education deficiencies in Metro Detroit are textbook ingredients for the application of disaster capitalism.Quote:
Originally Posted by Novine
Apparently there are many city services and assets that are attractive [[and presumably able) to turn a profit. The citizens choice to hire [read elect] 2 respected CEO's, in my mind, was for them to do just that but on our behalf... we the stock holders [read citizens].
17 to 20 Billion dollars, that's more than U.S. Congress Debt Ceiling limit! Now that's too much borrowing and less pay back.
Are you sure about that?Quote:
Originally Posted by Danny