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MMM MMMM...Obama needs to bailout detroit cuz day voted fo heem..:UPDATE:DETROIT IS FUCKED
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Anonymous Coward 29017763:MV8yMjMxNDEzXzM3ODQ4MDgzX0RCQTlFNTEx] [quote:Anonymous Coward 38225835:MV8yMjMxNDEzXzM3ODQ1MDAwXzc4MTNFNjdF] The combination of a high concentration of blacks and unfettered liberal policy is one of the most deadly combinations known to man. Will destroy any society within 2 generations. [/quote] Too many of the blacks have such a racial hatred that they prefer a black thief over an honest white. A few years ago, there was a scandal in a small school district where the black superintendent was stealing large amounts of money. The schools were crumbling. The black community was enraged that the state sent an "uncle Tom" to clean things up. One lady said the black super was their man, their choice. I've seen this type of thinking before. Where blacks say things like, " at least one of ours got something out of the system" They would actually prefer a black thief stealing from them rather than a honest white superintendent. Of course , when the money is gone, then you get calls for an Obama bailout..... It's the same thinking about the OJ murder trial. Most blacks I worked with cheered his acquittal. Some were honest with me, and said they knew he was guilty, but after all their race endured 100 years ago, it was good to see one of their own get off.. [/quote]
Original Message
[
link to www.foxnews.com
]
Detroit is broke and faces a bleak future given the precarious financial path it's on, according to a new report out by the city's state-appointed emergency manager.
The report was released late Sunday by bankruptcy attorney Kevyn Orr and is his first on Detroit's finances since officially taking the job in March.
Under state law, the report was due within 45 days of Michigan's newest emergency manager law taking effect. Orr's spokesman Bill Nowling had warned last week that the report was an early look at Detroit's fiscal condition and would not be glowing.
The summation is the latest blow to the city which came under state oversight in March when Gov. Rick Snyder selected Orr to handle Detroit's finances. Then, the city estimated its budget deficit to be about $327 million. Detroit also has struggled over the past year with cash flow, relying on bond money held by the state to pay some of its bills.
But Orr reports that Detroit's net cash position was negative $162 million as of April 26 and that the projected budget deficit is expected to reach $386 million in less than two months.
FLASH BACK TO DECEMBER 2012
He also warns that the city's financial health might change as more data is collected and analyzed.
"What is clear, however, is that continuing along the current path is an ill-advised and unacceptable course of action if the city is to be put on the path to a sustainable future."
Detroit is the largest city in the country under state control and the city's wallet is now Orr's to command. He dictates how Detroit spends its money, something that had been the responsibility of first-term Mayor Dave Bing and the nine-member City Council.
The Associated Press was unable early Monday to reach Bing's office for comment on the report.
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