DETROIT Files For Bankruptcy…AGAIN (Fox)

The title of a recently released Fox News article is “Detroit files for LARGEST municipal bankruptcy in US history” (Web-site/URL: http://www.foxnews.com/politics/2013/07/18/detroit-files-for-largest-municipal-bankruptcy-in-us-history/).

“Detroit filed for THE LARGEST municipal bankruptcy in U.S. history Thursday (July 18, 2013) after steep population and TAX BASE declines sent it TUMBLING TOWARD INSOLVENCY. Right off the bat, that (“tumbling toward insolvency”) DOES NOT sound good.

“Kevin Orr, a bankruptcy expert, was hired by the state (Michigan) in March (2013) to lead Detroit out of A FISCAL FREE FALL and made the filing Thursday (July 18, 2013) in federal bankruptcy court”. Again, another “fiscal free fall” is THE LAST THING DETROIT needs right now.

“In a letter to Orr”, Gov. Rick Snyder wrote: ONLY ONE FEASIBLE path offers a way out,” and that “path” is DECLARING BANKRUPTCY AGAIN. “The citizens of Detroit NEED AND DESERVE a clear road out of the cycle of EVER-DECREASING services“. Unfortunately, this is what we’re dealing with. “The city’s creditors, as well as its many dedicated public servants, deserve to know what promises the city can and will keepIF ANYWe know for a fact that POLITICIANS are infamous for NOT “keeping promises”. The only way to do those things is to RADICALLY restructure the city and allow it to reinvent itself WITHOUT the burden of IMPOSSIBLE obligations“. This is exactly how WEIMAR GERMANY collapsed. It was “impossible” for them to make those reparation payments.
 
“In a statement Thursday (July 18 2013)”White House spokeswoman Amy Brundage said”: “The President and members of the President’s senior team continue to CLOSELY MONITOR the situation in Detroit”. POLITICIANS always say they’re “monitoring” situations with MIXED results AT BEST. “While leaders on the ground in Michigan and the city’s (Detroit’s) creditors understand that they MUST find a solution to Detroit’s serious financial challenge, WE REMAIN COMMITTED TO MAINTAINING A STRONG PARTNERSHIP WITH Detroit as it works to RECOVER and REVITALIZE and maintain its status as one of America’s GREAT CITIES (?)” There are THREE things to note here. First, people only seem to have “a strong partnership with” people they AGREE with. Secondly, Detroit is still TRYING TO “recover and revitalize” from the economic slump. Detroit and Michigan as a whole have been left behind in the economic recovery. On top of this is Detroit still “one of America’s great cities?” Again, this is open to INTERPETATIONS (Web-site/URL: http://www.youtube.com/watch?v=NgnAY_eXYbI).
 
“Sen. Carl Levin, D-Mich., REMAINED POSITIVE about Detroit’s outlook IN SPITE OF THE MAJOR BLOW that BANKRUPTCY delivered“. “bankruptcy” is a BIG word. IT IS INDEED “a major blow” to a city and indeed a state which is still STUMBLING and STAGGERING through its financial woes caused by the financial crisis. So for Levin to “(remain) positive…in spite of” BANKRUPTCY, he must be AN ETERNAL OPTIMIST. “I know firsthand, because I LIVE IN Detroit, that our city is ON THE REBOUND IN SOME KEY WAYS (?) and I know deep in my heart that the people of Detroit will face this latest challenge with the same DETERMINATION that we have always shown”. “determination” is ONLY ONE thing/factorLUCK is quite another and Detroit and Michigan certainly HAVEN’T had a lot of luck, at least not since the financial crisis started back in 2007.
 
“In a press conference Thursday evening (July 18, 2013), Orr stated that bankruptcy is the FIRST step toward restoring the city” and promised that “nothing changes from the ordinary citizen’s PERSPECTIVE“. “perspective” is another INTERPRETATION (Web-site/URL: http://www.youtube.com/watch?v=NgnAY_eXYbI).
 
“In the same conference, Detroit Mayor Dave Bing said he didn’t want the city to go bankrupt, but now that it’s happened, the people of the city “have to MAKE THE BEST OF IT“. This is what we must do in ANY situation.
 
So, Detroit IS ON THE BRINK OF FINANCIAL RUIN/COLLPASE ONCE AGAIN.
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