Detroit bouncing back from bankruptcy

[KamaAina]

http://news.yahoo.com/detroit-bounces-back-from-bankruptcy-211308136.html

It was the city on the verge of collapse, perhaps the ultimate example of how a one-time metropolis turned into a sad memory. For the past four decades or so, Detroit, once a mecca for immigrants and the heart of America's industrial revolution, not to mention pop culture, turned into a virtual ghost town. Businesses shut their doors and residents fled by the masses, from a peak of 1.8 million to around 700,000 today. The rapid decline of the auto industry, which the city once so proudly called its lifeline, unearthed a catastrophic failure. One of the nation's major cities relied solely on a single source of economic growth. And not only that, but that one source failed at its primary job: competing for customer loyalty at a time of expanding global competition.

And boy, did Detroit pay the price. First, the extremely unpopular auto bailouts, then the inevitable: the entire city asking for a bailout. It was Detroit's darkest hour. In 2013 the city made history by filing the largest municipal bankruptcy in U.S. history, to the tune of $17 billion.

But that was then — and Yahoo is there now, on the day when the city is finally turning over a new leaf. The day Detroit successfully exited bankruptcy, and it sure does seem that it has learned its lesson. The Detroit of the future and even today resembles nothing of its recent past. Business is on the rebound. Remember those $200 houses? They are long gone as well. In fact, builders can't keep up with residential demand in the heart of the city, at least. Downtown, once a ghost town, looks like a mini version of New York City.

And the people — they are young, vibrant, eager to reclaim a city many considered gone. Technology is the future now, with companies once found only in Silicon Valley setting up shop. New infrastructure, including a modern rail system, is in the works; investors are coming back, and so is morale.

[msongs]

1. this is an editoral focusing on a few trendy blocks. auto bailout was 'extremely unpopular"? nt