The Detroit bankruptcy and the assault on democratic rights

[Bunnahabhain]

17. If Detroit's re-org goes well

there are going to be a bunch of disappointed conspiracy theory and other folks.

There are no white hats and black hats here. One side is not "the good guys" and one side is not "the bad guys." Crooked city politicians, led by Coleman Young for 20 years, raped the city for themselves and handed out egregious contracts to unions so they would stay in power. It's called "moral hazard" and I suggest people go understand what this is.

Because all this was going on a blind eye was turned to all the corruption. Has anyone tabulated the number of felons already convicted and those currently under indictment? The billions lost?

And then while all this was going on no one with any sense was putting the brakes on irresponsible lending, because after all, it takes money to do the first two things and it has to come from somewhere. The banks were certainly complicit in this and should take a major haircut.

This all happened in front of the backdrop of the US auto industry losing it oligopoly grip on the US car market which had concentrated impact on the Detroit area.

No, a perfect storm, from both the left and the right, that has raged for decades and the levies finally burst.