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.”
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
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.