Detroit requests $10 billion in bailout

[DavidS]

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.

 

[editec]

Fix the auto industry and Detroit will fix itself.

 

[Zoomie1980]

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.

 

[RoadVirus]

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

 

[Kevin_Kennedy]

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.

 

[GigiBowman]

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

 

[Kevin_Kennedy]

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.

 

[GigiBowman]

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......

 

[Kevin_Kennedy]

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.

 

[Epsilon Delta]

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.

 

[Kevin_Kennedy]

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.

It would have been more effective if there hadn't been any bailouts at all.

 

[Paulie]

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

That was probably the idea. 700B was a tough one, but they got it through. Now it's easy to hand out a measly dime to all your cronies who can't run a business properly.

 

[DavidS]

That was probably the idea. 700B was a tough one, but they got it through. Now it's easy to hand out a measly dime to all your cronies who can't run a business properly.

They got it through to buy up bad debt. Now they're not buying up bad debt. So what the hell are they doing with that $700B?

 

[Annie]

Fix the auto industry and Detroit will fix itself.

If the auto industry fixed itself, Detroit wouldn't be today's Detroit. It didn't, so it is.

 

[Paulie]

They got it through to buy up bad debt. Now they're not buying up bad debt. So what the hell are they doing with that $700B?

In case you haven't noticed, so far it's been going to board room bonuses and other crony handouts.

I highly doubt they were ever planning on buying the debt. But they got their approval, so now they can pretty much do whatever they want as long as the rest of the fat lazy citizens sit on their fucking asses and do nothing but complain about it before they watch Don't Forget the Lyrics.

 

[Annie]

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

It wouldn't make a real dent in the city's problems, they are just hoping to get some, coming from Chicago I'd say it might be for friends and cronies, but heh, I'm cynical.

 

[xsited1]

Let us never forget the people who made this all possible. Here are a few:

George W. Bush
Barack Obama
John McCain
Nancy Pelosi
Harry Reid
Hillary Clinton

And they are still in power.

 

[Annie]

Let us never forget the people who made this all possible. Here are a few:

George W. Bush
Barack Obama
John McCain
Nancy Pelosi
Harry Reid
Hillary Clinton

Silly, the problems with the auto makers go back to 1970 or earlier. Probably earlier as the muscle cars took years to develop and bring to fruition. The minivan was under Iocca. Enough said.