What has Bing done so far?

[stinkbug]

Honest question. Admittingly, I have had zero faith in him since day one, he never impressed me, and strikes me as arrogant and self-aggrandizing, while having little grasp or interest in local government. Other than being black, he seems to me to have absolutely no connection with most of the residents of this City.
He promised to end the corrupt business-as-usual politics and then shit like this surfaces:
http://www.freep.com/article/20090615/NEWS01/90615065/
While not a crime, it smacks of the old system of cronyism and favoritism.

On a practical level, can he point to any accomplishments? All that seems to be coming from the mayors office is silence. Now with the bridge company further embroiled with the state, his office still has no comment?

I'm starting to get really, really angry and frustrated. He appears to be doing absolutely nothing. Yes, he has only been in office for 2 months but is there ANYTHING he's done or taken initiative on? Is there plan in place for anything??

[Fnemecek]

A better question to ask is: what has he done that most residents will care about?

He has spent much of his time working on a deal for Cobo. However, if one were to spend a few minutes in any of this city's neighborhoods, you would quickly realize that Cobo is a very low priority for most Detroiters.

It looks like he has his Cobo deal. Congrats to him and his team. http://www.freep.com/article/2009062...n-deal-at-hand

Now it's time for him to either start focusing on the neighborhoods or start updating his resume. If he doesn't get something accomplished soon, he won't be in office much longer.

[Stosh]

A better question to ask is: what has he done that most residents will care about?

He has spent much of his time working on a deal for Cobo. However, if one were to spend a few minutes in any of this city's neighborhoods, you would quickly realize that Cobo is a very low priority for most Detroiters.

It looks like he has his Cobo deal. Congrats to him and his team. http://www.freep.com/article/2009062...n-deal-at-hand

Now it's time for him to either start focusing on the neighborhoods or start updating his resume. If he doesn't get something accomplished soon, he won't be in office much longer.

He's been laying too low for a politician that needs to prove that he's the man for the job. It may be his style though. And really, Cobo may not be big on the radar of the average, Detroiter, but it's high visibility, and needed to keep downtown vital.

I'd like to see him work for the neighborhoods too ,but that's just a little hard to do when you don't have a dime to work with. Cobo is doable for free.

And I thought all along that Bing was your guy. My, how things have changed...

[Fnemecek]

I'd like to see him work for the neighborhoods too ,but that's just a little hard to do when you don't have a dime to work with. Cobo is doable for free.

And I thought all along that Bing was your guy. My, how things have changed...

First, the City of Detroit has a whole bunch of dimes to work with. We have a general fund budget of $3.2 billion. If one adjusts for the current $300 million deficit, that still leaves $2.9 billion to work with.

I don't know about you, but I can accomplish a heck of a lot with $2.9 billion.

As for Bing being my guy, I don't really have a guy. I'm focused on what the mayor does rather than who occupies the office.

This past May, we had a choice: continue with a mayor who wasn't getting things done [[Cockrel) or roll the dice on new guy [[Bing). We as a community decided to roll the dice and take Bing for a test drive. He still has some time before the election to get to work, but things aren't looking good for him at the moment.

[Stosh]

First, the City of Detroit has a whole bunch of dimes to work with. We have a general fund budget of $3.2 billion. If one adjusts for the current $300 million deficit, that still leaves $2.9 billion to work with.

I don't know about you, but I can accomplish a heck of a lot with $2.9 billion.

As for Bing being my guy, I don't really have a guy. I'm focused on what the mayor does rather than who occupies the office.

This past May, we had a choice: continue with a mayor who wasn't getting things done [[Cockrel) or roll the dice on new guy [[Bing). We as a community decided to roll the dice and take Bing for a test drive. He still has some time before the election to get to work, but things aren't looking good for him at the moment.

Deficit spending only means one thing. You are spending more than you are taking in. Which, of course, means that your 2.9 million is not there to work with. Not a workable premise in my book.

[Fnemecek]

Deficit spending only means one thing. You are spending more than you are taking in. Which, of course, means that your 2.9 million is not there to work with. Not a workable premise in my book.

A budget deficit is the difference between what we intend to spend and what we actually have. If we didn't really have $2.9 billion, then we would have a deficit of $3.2 billion instead of $0.3 billion.

We have $2.9 billion in the general fund for FY 2009.

[jerrytimes]

Wow, you sure seem to be extremely critical of a guy who hasn't had much of a chance to do anything yet. The Cobo deal is a top priority, and from what it sounds like, it's done so I think he's off to a fine start.

[Fnemecek]

Wow, you sure seem to be extremely critical of a guy who hasn't had much of a chance to do anything yet. The Cobo deal is a top priority, and from what it sounds like, it's done so I think he's off to a fine start.

I simply disagree with you on Cobo being a top priority.

[jerrytimes]

I simply disagree with you on Cobo being a top priority.

Do you not agree that by losing the auto show and other events that happen there that it takes alot of money away from Detroit? There aren't many things that happen here that attract that many people from out of town.

[KOMPOST]

Wow, you sure seem to be extremely critical of a guy who hasn't had much of a chance to do anything yet. The Cobo deal is a top priority, and from what it sounds like, it's done so I think he's off to a fine start.

The Cobo deal is a nice bold headline for the avid readers of such esteemed publications as the News and Free Press. Bing knows this. He's a business man. That is why it is such a high priority.
What about real issues for real people in real Detroit neighborhoods?
We'll see if Mayor Bing understands or cares soon enough.

[Novine]

"Do you not agree that by losing the auto show and other events that happen there that it takes alot of money away from Detroit?"

Jerrytimes, as you only have 14 posts here, you're excused for not understanding where Fnemecek is coming from on Bing and the other Mayoral candidates. In his view, focusing on issues like the Auto Show and Cobo is like discussing what kinds of curtains to put on the windows of a burned-out crack house. If you can't get the basics like neighborhood services done right, what happens at Cobo is pretty much irrelevant to the survival of Detroit. It's hard to argue with that point. As long as most of Detroit is considered a no-man's land to the majority of people in the area, no amount of money pumped through Cobo is going to save the city.

[DetroitBill]

I think its highly unfair to expect Bing to have the neighborhoods all figured out and the city back on its feet in a matter of a couple of months. Its taken 30 years to destroy and the economy has collapsed . I think the fact that he has gotten the Cobo deal back on its feet is enough of an accomplishment, he certainly is in the process of trying to figure out this mess called the Detroit City Government. Do you homework first and then plan your strategy and try to implement. This all takes alot of time, A 5 month term is a only a feather in the nest. I think hes doing fine. Give the guy a chance. At least he isnt parading around in City luxury cars, flashing tons of gold and accompanied by 5 thugs everywhere he goes. Sounds like some progress here.

[apbest]

stink bug,

cronyism implies that the apointee is underqualified for his/her post. That doesn't seem to be the case, he actually seems like a promising apointee and I kind of like the route Bing went on this one

[Fnemecek]

I think its highly unfair to expect Bing to have the neighborhoods all figured out and the city back on its feet in a matter of a couple of months. Its taken 30 years to destroy and the economy has collapsed.

No one in their right might would expect to have all of these problems solved in a couple of months. It will likely take several years to get it all done.

The things is, after two months, I would at least expect to see the preliminary steps being taken. Unfortunately, we're not even seeing that.

There's still another 5 weeks until the primary and a little over 4 months until the general election. There's still time for Mayor Bing to start delivering the change that he promised during the campaign.

It's time for him to get started.

[Novine]

Wasn't Bing bringing a posse of experts who were going to let him hit the ground running? Wasn't he going to revamp city government completely? How much of the old structure do you need to learn if you're going to root it all out and start over from scratch?

[allaboutthed]

I haven't been paying "full" attention to the Monica story yet [[damn meetings), but has Bing made a formal statement yet?

[MIRepublic]

Anyone see Bing's weak-assed comment on the Conyers guilty plea? The woman is now a known felon and he's still playing it safe when he doesn't even have to. It's more sad than anything else. She'll be in prison and he'll still be walking on eggshells. He's like a timid turtle.

[firstandten]

Anyone see Bing's weak-assed comment on the Conyers guilty plea? The woman is now a known felon and he's still playing it safe when he doesn't even have to. It's more sad than anything else. She'll be in prison and he'll still be walking on eggshells. He's like a timid turtle.

The only thing I can come up with is maybe Bing doesn't want to upset John, knowing their could be some fallout at the federal level in term of Detroit getting funds. Otherwise I can't see a reason why he wouldn't be more forceful about Monica's guilty plea.

[Gistok]

The only thing I can come up with is maybe Bing doesn't want to upset John, knowing their could be some fallout at the federal level in term of Detroit getting funds. Otherwise I can't see a reason why he wouldn't be more forceful about Monica's guilty plea.

I have to agree... I'm sure that Bing is fully aware of CCK's vindictiveness by voting against John Dingell [[and for California's Henry Waxman) for control of the House Energy & Commerce Subcommittee. Dingell was one of the folks who wanted Kwame gone, and his mother got her revenge on him.

I'm sure that fact has not been lost on Bing, and his actions and comments about MonCon are based in part on John Conyers proximity to the situation.

And as for you impatient folks... Bing was not afforded the luxury of having 2 months as Mayor-elect to build a new administration, as other mayors in the past had. So rather than sounding naiive about the political process, you might want to cut him some slack. He inherited a mess, and he's knee deep in that mess right now. Plus add to that intransigent unions, empty city coffers, and a city council where the majority are nitwits.

Under those circumstances, he'd have to be a miracle worker to get that much done early on. The Cobo deal may not make that many folks in the community happy, but it will make headlines, and something to show for his short time in office. Ditto for if he gets the city out of the dismal lighting business. If folks can get their streetlights back on, then he'll have another accomplishment.

As for additional police officers... that will cost money that the city currently doesn't have.

[Detwa]

But do Detroiters deserve to have a 'fraidy cat' mayor? He's afraid to even voice his opinion because of possibly angering someone else? What kind of leadership is that? Sounds like the same old cronyism. All he has to do is issue a statement asking her to step down for the good of the people. And if John Conyers is going to punish him for even saying that, then JC doesn't belong in office either. If Bing doesn't speak up now, he doesn't deserve a second term in office.

[Gistok]

But do Detroiters deserve to have a 'fraidy cat' mayor? He's afraid to even voice his opinion because of possibly angering someone else? What kind of leadership is that? Sounds like the same old cronyism. All he has to do is issue a statement asking her to step down for the good of the people. And if John Conyers is going to punish him for even saying that, then JC doesn't belong in office either. If Bing doesn't speak up now, he doesn't deserve a second term in office.

I'm sure that Bing's group of advisers [[many of whom are respected folks)... is giving him the best advise available... vengance is likely not good advice.

John Conyers [[for whatever merits or lack thereof) is now a powerful chairman in Washington. No reason for Bing to "cut off the city's collective nose to spite their face".

[Buy American]

So far Bing is a wuss. Playing it "safe" shows he knows nothing about Detroit politics and is in WAY over his head.

[Fnemecek]

Novine:
Thanks for jumping in to explain things.

Stosh:
Regarding my idea to refinance our collective debt, I should disclose that, once upon a time, I used to work as stock broker - first for Merrill Lynch and then for Prudential Securities - before leaving to take my job that I actually enjoy. Bond deals like this are generally syndicated among a number of investment firms who, in turn, sell the bonds to retail and institutional investors. I've seen deals get put together - even during a recession - for borrowers whose credit rating was worse than Detroit's currently is.

Regarding our litigation costs, since I'm not an attorney I can only go into so much detail. All that I know is that we're spending a boat load of cash; we're spending more than most other cities in Michigan even when you adjust for our larger population; and several attorneys have told me that we should be able to reign in those expenses - even though their explanations as to exactly how we do it pretty much went over my head.

[Stosh]

Novine:
Thanks for jumping in to explain things.

Stosh:
Regarding my idea to refinance our collective debt, I should disclose that, once upon a time, I used to work as stock broker - first for Merrill Lynch and then for Prudential Securities - before leaving to take my job that I actually enjoy. Bond deals like this are generally syndicated among a number of investment firms who, in turn, sell the bonds to retail and institutional investors. I've seen deals get put together - even during a recession - for borrowers whose credit rating was worse than Detroit's currently is.

Most municipal bonds that I have seen issued have had a fixed date that is set in stone for their redemption. That being said, the COD is currently offering bonds now. Effective yields higher than their previous issues. I wonder why? You can buy bonds offered previously in the aftermarket as well.
http://michigan.municipalbonds.com/b...ate:2009-06-26

[Fnemecek]

Most municipal bonds that I have seen issued have had a fixed date that is set in stone for their redemption. That being said, the COD is currently offering bonds now. Effective yields higher than their previous issues. I wonder why? You can buy bonds offered previously in the aftermarket as well.
http://michigan.municipalbonds.com/b...ate:2009-06-26

There are many things to point out so let's get started.

Most bonds, municipal and otherwise, have two key dates that you need to be aware of - a maturity date and a call date. The maturity date is when the bond holder gets his or her money back in full and the borrower stops making interest payments. The call date is a date after which the borrower has the right to buy the debt back at a pre-determined price and bond holder has to sell it at said price. If one looks at the hyperlink above, you'll notice a column labeled "yield to call" and that half of the bonds have a call date. [[The other half have a maturity date of 10 years of less from their issuance so they usually don't have a call date.)

The call date is especially relevant because - if I recall correctly - CoD and DPS have a lot of debt that is currently callable and thus very easy to refinance.

Next, the bonds that were linked to above weren't new issuances. Those are bonds available for purchase in the open market. [[Click the name of each issuance and you'll be taken to a new screen with a lot more data, including the bond's first coupon date - which gives you a pretty good idea of when they were first issued.)

As for your question about why the effective yield has gone up, that's because the price for the underlying bond has gone down in the open market. Investors are still getting the same coupon or interest payment, but they're able to get it at a cheaper price. Hence, the effective yield on the bond has gone up.