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Detroit files chapter 9 bankruptcy

dDave

Well-Known Member
V.I.P.
Detroit | TheBlaze.com

I heard about this on the news last night and didn't think much of it. The more I thought about it though, this is quite important and deserves to be discussed.

Detroit has just become the largest city in U.S. history to file for chapter 9. It hadn't even crossed my mind that a city that large could possibly even file for bankruptcy.

What does this mean?
 

Hilander

Free Spirit
Staff member
V.I.P.

CaptainObvious

Son of Liberty
V.I.P.
This is a long time coming. I place the majority of the blame on economic policies that were good in the short term but really bad in the long term. Policies that created wages above the market rate, price ceilings, rent controls, borrowing much more than what was coming in. In other words, Keynesian economic policies that in the long run don't work.

It's foreshadowing of what is to become of the country if we don't change course very very soon.
 

dDave

Well-Known Member
V.I.P.
This is a long time coming. I place the majority of the blame on economic policies that were good in the short term but really bad in the long term. Policies that created wages above the market rate, price ceilings, rent controls, borrowing much more than what was coming in. In other words, Keynesian economic policies that in the long run don't work.

It's foreshadowing of what is to become of the country if we don't change course very very soon.
It's true, it does foreshadow what could happen to America as a whole. It's happened to other countries before, are we so blind as to think that it couldn't ever happen to us? (if so, we're basically asking for it)

After researching a bit more, it's true, it was a long time coming. Detroit has been suffering immensely for a while now. With the struggle of the auto industry over the past 7 years it really shouldn't be that surprising. I wonder if any American cities are to follow in the footsteps of Detroit, will anyone else file for bankruptcy soon?
 
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