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Detroit Announcement Tomorrow – THE STATE IS TAKING THE CITY OVER!


Detroit Mayor Dave Bing says he spoke by phone with Michigan Governor Rick Snyder today. He says the governor will announce his decision regarding the possible appointment of an Emergency Financial Manager for the city of Detroit on Friday.

The mayor said, “Everybody’s got a pretty good idea of what the announcement is going to be.”

http://www.wxyz.com/dpp/news/region/detroit/detroit-mayor-dave-bing-says-governor-rick-snyder-will-announce-a-state-takeover-on-friday

Usually, when the administration needs a distraction from just how broke and insolvent in reality the country is, it sends the stock market soaring higher. As such it is beyond ironic that as the S&P is set to hit an all time high, Detroit – that shining symbol of the Obama administration’s bailout of General Motors – effectively goes broke.

  • MICH. GOV SNYDER TO ANNOUNCE STATE TAKEOVER OF DETROIT

 

http://www.zerohedge.com/news/2013-02-28/detroit-be-taken-over-state

The money-strapped municipality, the state’s largest city, has been running deficits since 2005, and a state-appointed review team determined last week the city is in a financial emergency. The dire situation includes more than $14 billion in long-term debt and underfunded pensions.
“Too many people think the city can come out of this by itself,” Bing told the conference Thursday. “I’ve never been one who’s thought like that. I’ve never fought help. I’ve never pushed back. I’m a team player.”
A state-appointed emergency financial manager would work to come up with a plan to pull the city out of financial distress.

Read more:

http://www.nydailynews.com/news/national/mich-gov-announce-detroit-takeover-friday-article-1.1276199#ixzz2MEzuBMnA

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  • the tin man

    But they were doing so well to…

  • parrots_abound

    Many more will follow. Underfunded PENSION PROGRAMS, like the article says.

    Government workers = Government Debt = We’re all broke because of MORE GOVERNMENT.

    You can’t apply heavy Statist/Socialist principles to an economy and expect to come out unscathed. I’m surprised it took 8 years of deficit spending for them to finally collapse.

    Detroit = America = We’re screwed

  • unclezip

    Too many tax feeders, and not enough food..

  • paris

    I thout CCP was taking the city private? (Robocop)