General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNo one mentions New York City got bailed out in 1975.
Shoot, a measley $2.3 billion (about $10 billion in today's dollars) probably seems like chump change to chiselers like Donald Trump.
http://www.propublica.org/special/government-bailouts
I understand NYC paid back its loan, unlike The Donald.
Benton D Struckcheon
(2,347 posts)where it showed a pic of Ford on the cover, and said "Ford to City: Drop Dead". He refused to do anything first time around, but after that he saw the light, as it were.
Ah, the good old days.
No chance of anything happening today, not with the bunch we now have in Congress. Detroit, unfortunately, is on its own.
Octafish
(55,745 posts)Judy Lynn posted on LBN that Uncle Sam sent $323 million vs $108 million respectively last year:
http://www.dailystar.com.lb/Business/International/2013/Aug-01/225834-bankrupt-detroit-receives-less-us-aid-than-colombia.ashx#ixzz2af918dlg
leftstreet
(36,081 posts)Citigroup = $280billion 2009
AIG= $180billion 2008
I wonder how much Detroit would need compared to the Bankster monies
liberal_at_heart
(12,081 posts)a fraction of what they gave the banks. The banks get billions but as far as many are concerned the auto industry, cities, and anything else that helps the people can fail. It's disgusting.
Octafish
(55,745 posts)Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, has published a new book, Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street. It presents a damning indictment of the Obama administrations execution of the TARP program generally, and of HAMP in particular.
By delaying millions of foreclosures, HAMP gave bailed-out banks more time to absorb housing-related losses while other parts of Obamas bailout plan repaired holes in the banks balance sheets. According to Barofsky, Treasury Secretary Tim Geithner even had a term for it. HAMP borrowers would foam the runway for the distressed banks looking for a safe landing. It is nice to know what Geithner really thinks of those Americans who were busy losing their homes in hard times.
CONTINUED w VIDEO and links and more letters...
http://washingtonexaminer.com/video-geithner-sacrificed-homeowners-to-foam-the-runway-for-the-banks/article/2502982
People in Detroit have foamed the runway for centuries, from volunteering to fight in the Civil War to striking for fair working conditions to busting their chops as the Arsenal of Democracy to showing the world people of all races, religions and creeds could live and work together.
ellenfl
(8,660 posts)countmyvote4real
(4,023 posts)Way back before Teabag terrorists and obstructionism.
Octafish
(55,745 posts)...at home and overseas. Shocked to see so many Democrats rushed to join them.
Gov. Don Siegelman remains falsely imprisoned, thanks largely on Holder and Kagan's recommendation.
NSA must have something on everybody.
NCarolinawoman
(2,825 posts)zeemike
(18,998 posts)NYC is where the elite live and play...you can't expect them to do without services can you?
Detroit is full of little people and you know what they say about feeding stray cats don't you?
1StrongBlackMan
(31,849 posts)Detriot is full of little negro people and union retirees ... big difference!
bigwillq
(72,790 posts)when Detroit filed for bankruptcy a few weeks ago.
Octafish
(55,745 posts)Corporate McPravda, not so much.
RudynJack
(1,044 posts)close to seeing 10 billion. He's skated on the (high) edge his whole life.
Egalitarian Thug
(12,448 posts)TV money is how he finally made it.
Heywood J
(2,515 posts)Spider Jerusalem
(21,786 posts)Detroit is in a death spiral; the major industries have mostly left and gone elsewhere, the ones that are left employ a fraction of the workers they formerly did, and the population has declined by over 60%. The infrastructure is crumbling because, with the population exodus, there's too much city for the reduced tax base to support. More people will probably leave. Detroit shouldn't be left to go under, but at the same time there are questions about how it may be made viable. The demolition and relocation plans that have gotten underway are a good start on reducing the size of the physical city to one more commensurate with its population (and thus better able to have infrastructure and crtical services funded by the existing tax base); whether that will work remains to be seen.
The population of NYC declined by nine hundred thousand people between the 1970 and 1980 census, by the way; the largest single population shift in an American city's population over a decade, in absolute numbers, even with the bailout.
hack89
(39,171 posts)with massive budget cuts and a severe erosion of social programs and public services. It also ushered in a generation of pro-business leaders. Remember Ed Koch, who described himself as a "liberal with sanity"? His first act when elected in 1978 was to cut spending and taxes in addition to cutting 7,000 from the city payroll.
NY made some very hard choices to reduce their budget. I don't see where Detroit even attempted to make those decisions.
I have no problem bailing out Detroit - I am just not under any illusions that it won't be painful to the city and its residents. A bail out is a life ring, nothing more. Without fundamental changes the city will never recover.