Saturday, July 20, 2013

Detroit official says bankruptcy only option

This is frightening and I am very curious of what will happen next. Declaring bankruptcy: okay, but still persisting on paying off all the creditors by taking away pension funds? Fighting for pennies by laying off people and slashing union contracts?
I do not believe in this way. I predict that the debts will not get repaid anyway while more harm will be done. As I started: this is frightening.

Al Jazeera discussion on Youtube with William Black, professor of Economics and Law at the University of Missouri:
Interesting notes:
"So as Detroit goes, so does much of the Midwest."
"We should have bailed out the people, not the auto industry."
"By appointing these emergency managers, democratic powers are removed from the city of Detroit and 15 other cities in Michigan." 



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