Can Michigan Save Detroit?

[Meathead]

Or does it go Third World?

"Michigan Gov. Rick Snyder announced Friday that the state will take over the operations of Detroit's city government due to its long-standing financial problems.

The takeover is short of a formal bankruptcy, but it will include appointing an emergency manager who would have many of the same powers as a bankruptcy judge. It could mean throwing out contracts with public employee unions and vendors that the city can't afford, and could lead to further cutbacks in already depleted city services."

State set to takeover Detroit city government - Mar. 1, 2013

 

[Obamanation]

Democratic Mayer to Repulican Governer "Yeah, I think we've screwed this thing up so bad it's not fixable. We quit!"

Republican Governer "Well, you really have screwed it up, why don't you let us try to salvage something out of this mess."

That is EXACTLY what America is going to say one day. I just hope all of America isn't as screwed up as Detroit when it happens!

 

[waltky]

"It’s time to say we should stop going downhill." - Michigan Gov. Rick Snyder...

Detroit is largest US city targeted for state takeover
March 03, 2013 - Michigan Gov. Rick Snyder has cleared the way for a state takeover of the city of Detroit.

Snyder declared a financial emergency on Friday, pushing the city closer to becoming the largest in the U.S. to have a state control its finances. Snyder says an Emergency Manager is Detroit’s best chance for navigating a fiscal emergency, Reuters reports. He has identified a top candidate to assume its management, but would not identify the top candidate to run Detroit or say whether the person was from Michigan.

Detroit, the birthplace of the country’s automotive industry, faces a $327 million budget deficit, more than $14 billion in long-term debt and persistent cash flow issues. Friday's announcement was all but guaranteed after a review team reported to Snyder on Feb. 19 that Detroit was in a financial emergency and needed the state's help to emerge from it. Detroit Mayor Dave Bing has been alerted to a March 12 hearing date, Synder said.

Bing, a former professional basketball player and steel executive, said he did not favor an emergency manager but would try to work with the state of Michigan. "It’s time to say we should stop going downhill," Snyder told a forum of residents hand-picked by his office, at a Detroit public television station, according to Reuters. "There have been many good people who have had many plans, many attempts to turn this around. They haven't worked," he said.

Detroit, once the fifth largest city in the U.S., now ranks No. 18 with a population of about 700,000 people. According to Reuters, as Snyder made his announcement on the campus of Wayne State University, protesters gathered about two miles away at city hall, holding signs that read "Snyder, Go Home!" and "This is a takeover!" Detroit officials now have 10 days to request a hearing with the governor about his decision.

Read more: Detroit is largest US city targeted for state takeover | Fox News