Friday, July 19, 2013

We Almost Lost Detroit.

I've been to Detroit before. Used to have in-laws there. All jokes about wise cracking city councilwomen, crippled Benihana-loving struggle rappers, and disaster pRon aside, it's a lovely city. I wouldn't live there myself, because I love DC and don't particularly enjoy shoveling snow, but I wouldn't dissuade anyone else from either. Especially when you can get a pretty large house for less than the price of a used Accord in many parts of the city.

Correction: make that a used Taurus.
Michigan Governor Ricky Snyder and Detroit's emergency manager Kevyn Orr sought on Friday to assuage residents' concerns over the city's bankruptcy proceedings while acknowledging that a lengthy court battle awaits.

"We're the comeback state in Michigan, but to be a great state we need… Detroit on the path to being a great city again," Snyder, a Republican, said at a press conference.

On Thursday Detroit, a former manufacturing powerhouse and cradle of the U.S. automotive industry, filed for Chapter 9 bankruptcy protection, making it the largest municipal bankruptcy in American history.

Snyder acknowledged that the bankruptcy would be seen as a new low point for the city, but said "this is the day to stabilize Detroit."

Detroit has tens of thousands of creditors and the city already faced a number of lawsuits before filing for bankruptcy and experts expect the court case could last years and cost tens of millions of dollars.

Orr acknowledged that the court battle could be protracted and difficult, saying that straight off the bat the city will "have an eligibility fight, I suspect" over his right to file bankruptcy.

News of Detroit's bankruptcy, meanwhile, sent prices tumbling across the $3.7 trillion municipal bond market, which has been on a weak footing for weeks thanks to uncertainty about the future of the U.S. Federal Reserve's massive stimulus program.
I can't add anything to this story that hasn't already been said, so I'll just drop the song this post is titled after here.[1]

Question: Would you move to Detroit?

[1] Can you name the most notable hip-hop song to sampled this? Should be easy if you know your stuff.

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