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So it appears a successful businessman and NBA Hall of Famer has said no mas to Detroit. Can't say I blame him who wants to spend their golden years running Detroit?
Cutting the budget and lowering the taxes won't work. Detroit is basically broke and could very well go into bankruptcy soon.
So, if the city goes into bankruptcy, then what? Would it surrender its charter & revert to being an unincorporated part of Wayne County? "Detroit Township"? (or maybe break it up into more than one township).
Probably not likely. More likely bankruptcy would mean some form of recievership.... and who would the recievers be?
This could get interesting.
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I should say I'm not really interesting in the macro level discussion on what casued the fall (the usual suspects and finger pointing), but I AM interested in how one would manage a drastically declining and depopulated city with shrinking tax revenue. The technical and fiscal challenge.
Detroit did not put all it's eggs in one basket. The auto industry was based there for nearly 100 years. Other businesses existed there, but one by one, they either left or went bankrupt. The auto industry was the only mass employer left after many decades.
Detroit's fatal flaw was that it was managed in such a poor fashion. As businesses left or went bankrupt, they failed to attract any other business development to fill the vacuum. You can buy land for pennies on the dollar today, yet there is little hope of making any money on such an investment.
What I meant by "eggs in one basket" is this. Pittsburgh realized that its days as the steel city were numbered. It went through hard time. It decided to do something else. It has attracted some new innovation, with robotics and electronics. Detroit tried to hold on. And so much of Detroit's companies were somehow involved with the automobile industry. When the automobile industry went down, other things went along with it. Things like the companies that made other things related to the automobile industry. Detroit didn't do a good job re-inventing itself.
I never said Detroit wasn't managed poorly. I'm saying heavy dependence on the automobile industry and failing to re-invent was costly to Detroit.
Your posts speak to your relative lack of life experiences. People invest to get a return. If investors thought they could get a return trust and believe investment would pour in and in fact some investment has materialized. The founder of Quicken Loans owns about a dozen downtown buildings.
I disagree. The point of my post is that many people won't invest in Detroit because they feel they won't get anything out of it. Some investment might have materialized, but very little of it has helped Detroit.
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