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Octafish

(55,745 posts)
9. On Vultures and Red Wings: Billionaire Gets New Sports Arena in Bankrupt Detroit
Sat Aug 3, 2013, 02:13 PM
Aug 2013

Dave Zirin
The Nation, July 29, 2013

The headline juxtaposition boggles the mind. You have, on one day, “Detroit Files Largest Municipal Bankruptcy in History.” Then on the next, you have “Detroit Plans to Pay For New Red Wings Hockey Arena Despite Bankruptcy.”

Yes, the very week Michigan Governor Rick Snyder granted a state-appointed emergency manager’s request to declare the Motor City bankrupt, the Tea Party governor gave a big thumbs-up to a plan for a new $650 million Detroit Red Wings hockey arena. Almost half of that $650 million will be paid with public funds.

This is actually happening. City services are being cut to the bone. Fighting fires, emergency medical care and trash collection are now precarious operations. Retired municipal workers will have their $19,000 in annual pensions dramatically slashed. Even the artwork in the city art museum will be sold off piece by piece. This will include a mural by the great radical artist Diego Rivera that’s a celebration of what the auto industry would look like in a socialist future. As Stephen Colbert said, the leading bidder will be “the museum of irony.”

They don’t have money to keep the art on the walls. [font color="red"]They do have $283 million to subsidize a new arena for Red Wings owner and founder of America’s worst pizza-pizza chain, Little Caesar’s, Mike Ilitch, whose family is worth $2.7 billion dollars. (“Friends! Romans! Countrymen! Lend me your pensions!”)[/font color]

SNIP...

There is a right-wing narrative about Detroit that the city is in peril because of some combination of the 1967 “race riots” and greedy unions. The reality is that black and brown residents of Detroit made Motown and those “greedy unions” built a stable working class that could realistically dream of a better life for their own children. The breaking of Detroit should be seen, in the words of David Sirota, as an indictment of right wing economic orthodoxy. Instead, the bankruptcy has been used as a warning to other cities that unions, pensions and a culture of resistance are roads to ruin.

CONTINUED...

http://www.thenation.com/blog/175467/vultures-and-red-wings-billionaire-gets-new-sports-arena-bankrupt-detroit#axzz2avgCW0Gd

PS: Thanks for grokking, Catherina. I Why so few DUers, of all people, seem to give a damn is a real mystery to me.

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Are these the rotten banks ceonupe Aug 2013 #1
Banks deserve bashing. FED found $16 trillion to bail out the banksters, including foreign-owned. Octafish Aug 2013 #6
So that's why I advocate ceonupe Aug 2013 #8
What makes you the mstinamotorcity2 Aug 2013 #27
no just giving my 2cents ceonupe Aug 2013 #28
more like mstinamotorcity2 Aug 2013 #35
They are coming for everything. Not just every last nickel and dime, but DirkGently Aug 2013 #2
When a bank goes belly up, the regulators come and take everything. Igel Aug 2013 #3
No. Stripping pensions in this context means de-prioritizing a debt DirkGently Aug 2013 #5
There is another article today that says the pensions are 90% funded. nt Mojorabbit Aug 2013 #26
detroit's pensions are 90% funded, according to a recent report. so you're wrong. HiPointDem Aug 2013 #30
Disaster Capitalism, Chicago-style Octafish Aug 2013 #7
It's far more radical then anything supposed "socialists" are seeking. DirkGently Aug 2013 #14
It's like witnessing a bank robbery and running to the police station to report it... Octafish Aug 2013 #15
No, this is going to take massive, sustained public pressure. DirkGently Aug 2013 #24
But they'll get a new hockey arena & billionaire Mike Ilitch gets an entertainment district Catherina Aug 2013 #4
On Vultures and Red Wings: Billionaire Gets New Sports Arena in Bankrupt Detroit Octafish Aug 2013 #9
To a man who wasn't even paying the taxes! Catherina Aug 2013 #10
Incredible story! NOTHING about that in the local media. Octafish Aug 2013 #13
Thank you Octafish! n/t Catherina Aug 2013 #20
whoa. nashville_brook Aug 2013 #16
Well there's a few debts to be pursued in the bankruptcy. DirkGently Aug 2013 #25
catherina, i made an op from your post here: HiPointDem Aug 2013 #31
I'm grateful you did. I'm sure there's much more of that out there Catherina Aug 2013 #33
Ilitch is the Murderer of Tiger Stadium. navarth Aug 2013 #21
It goes much deeper than what is happening now mick063 Aug 2013 #11
Zen Throat-Cutting in Detroit Octafish Aug 2013 #22
Pillaging for modern times suffragette Aug 2013 #12
If Detroit's re-org goes well Bunnahabhain Aug 2013 #17
Yes mick063 Aug 2013 #19
We will see what happens Bunnahabhain Aug 2013 #23
There are many black hats & few white ones. Detroit was deliberately destroyed. And now it's HiPointDem Aug 2013 #32
Are for real? Bunnahabhain Aug 2013 #34
Detroit's median household income is now LESS THAN HALF what it was in 1970 Catherina Aug 2013 #18
Kicked and recommended. Uncle Joe Aug 2013 #29
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