Detroit requests $10 billion in bailout

City Council: Detroit needs $10-billion bailout | Freep.com | Detroit Free Press

The Detroit City Council passed a resolution today calling for a $10-billion bailout for the city of Detroit.

Council President Pro Tem JoAnn Watson sponsored the resolution to use the money for public service employment, to fund mass transit plans and to place a moratorium on home foreclosures for two years.


The resolution specifically requests the council meet with Mayor Ken Cockrel Jr., Gov. Jennifer Granholm, the state’s congressional delegation, U.S. House Speaker Nancy Pelosi and officials from President George W. Bush’s office and President-Elect Barack Obama’s transition team.

Watson said she fully supports mayors from Warren, Sterling Heights, Livonia and Dearborn meeting with representatives from Granholm’s office, the state’s congressional delegation, the Michigan Economic Development Corp., the Southeastern Michigan Council of Governments and the Michigan Municipal League, seeking federal redevelopment funding for communities facing huge losses in property tax revenue affected by looming plant closures.


But, she said, “The city of Detroit has got to be leading the way on this.”

The city recently received $47 million from the U.S. Department of Housing and Urban Development to help stabilize neighborhoods hit hard by the nationwide foreclosure crisis. Officials with the city’s Planning and Development have prepared a plan the city council is expected to vote on in a week.

 

Fix the auto industry and Detroit will fix itself.

 

Fix it by letting it die. It doesn't make what we want, it costs too much for it to make what it makes. What good is it if Toyota, Honda, and BMW can build cars in the US that are BETTER and CHEAPER at the same time. If the "Big Three" disband the UAW they might have a chance. Let those workers work under the same conditions all other American workers works under. The GOING rate, a 401k vs a Pension and $350/mo for their own family health insurance premiums in a high deductible plan.

 

Detroit needs to be cleaned up in both the local government and the streets. Only then will businesses invest in the city again.

 

This is getting ridiculous, the government opened up Pandora's Box when they began bailing out bad businesses.

FindLaw: Cases and Codes: U.S. Constitution

It's time for more people to read the Constitution.

 

It's getting so ridiculous that 10 Billion is starting to sound cheap now, isn't it?

 

Well compared to what we've been seeing asked for, $10 billion is cheap. But you can't look at it by itself. You've got to look at all the bailouts together, and we're looking at well over $1 trillion. So $10 billion on top of the $1 trillion is an enormous sum of money.

 

How could we possibly ever go back to the gold standard....does this much Gold even exist? lol We just keep on printing it......

 

It would be a long and difficult process to return to a 100% gold standard.

 

It would've been infinitely more effective a bailout if it had been distributed to local governments to soften the blow of the crisis for millions of working people instead of giving it to failed business executives.