Detroit just filed for Ch. 9 municipal bankruptcy.

[live love laugh]

How long before we "sell" Detroit (and other cities to follow in Detroit's footsteps) to the highest bidder?

[woo me with science]

1. Shock doctrine murder of a city.

More to follow.

[Egalitariat]

4. More like a suicide than a murder

[live love laugh]

6. Why do you call this a suicide? I am curious, I don't have a lot of background on this issue. nt

[TampaAnimusVortex]

22. I'm assuming because they put themselves into debt?

One may not like how they are handling things now, but the real question is how things got so far out of whack.

[Egalitariat]

23. When it comes to corruption and political mismanagement, Detroit

has been a model for badness for a couple of decades.

[woo me with science]

2. Remember, they were considering selling off the contents of the art museum.

Van Gogh, Matisse, Renoir. Our country is being eaten alive by vultures.

http://www.npr.org/2013/05/28/186948386/proposal-to-sell-detroits-art-to-save-the-city-draws-outrage

http://www.npr.org/2013/06/02/187545463/detroit-museum-not-the-first-to-consider-selling-out

[pa28]

5. Oh, I'm not sure we've heard the last of this issue.

The state AG ruled the collection could not be sold for purposes other than buying more art. Encouraging but we'll see if the emergency manager lists the artwork as an asset in federal BK court anyway.

It was the manager and not the creditors who originally put this on the table and I have a nagging feeling that he gave them enough leverage to use with a bankruptcy judge if they want to push.

[FarCenter]

21. Unlike most museums, which are separate legal entities, the museum is owned by the City of Detroit

Therefore, the creditors of Detroit can lay claim to the museum.

Whether they can actually get something out of the museum is up to the bankruptcy courts. And many will and gifts would have strings attached so that the museum cannot sell them. They would revert to other heirs.

[Rex]

3. Robber Barons wanted it, so they got it.

I guess we should start naming cities after the biggest corporation to buy them out.

[live love laugh]

7. I don't think it will be long before we are able to travel to Walmartville. nt

[Sen. Walter Sobchak]

9. I seriously doubt anyone who might be referred to as a "Robber Baron" wants Detroit

[Rex]

14. We shall see.

nt.

[reformist2]

8. What rises from the ashes is going to be a Fascist Monstrosity.

[roamer65]

10. Where's OCP?

[Boom Sound 416]

11. Beat me to it!

[SomethingFishy]

15. Omni Consumer Products.. Good business is where you find it.

"Take a close look at the track record of this company You'll see that we've gambled in markets usually regarded as nonprofit.

Hospitals. Prisons. Space exploration.

I say, good business is where you find it."

OCP is now known as OmniCorp:

http://www.omnicorp.com/

[Boom Sound 416]

12. What is the precedent?

Was it San Bernardino that filed a year ago or so?

Obviously city pensions will be the first to go. But what really happens. Cops, transit workers, sanitation.

Does it affect Michigan's credit rating?

[roamer65]

13. I am betting the muni bond insurers get a Fed bailout.

Watch...not one dime for Detroit but the bastards will probably bailout the municipal bond insurance companies.

[Boom Sound 416]

16. That's for sure...then what

[roamer65]

17. That will be it.

Pensioners, workers, residents all will get screwed. Usual playing of a broken record, I hate to say.

[Boom Sound 416]

19. I guess I'm just imagine this

WW2 Johnston Atoll type of relocation

[NightWatcher]

18. how much do you think a fire truck and a cop car would cost me?

If they liquidate assets I'd really like a firetruck and a cop car.

[Boom Sound 416]

20. "It's got everything

Cop motor, cop tires, cop suspension"

"Get the cigarette lighter fixed"