City Council: Detroit needs $10-billion bailout

City Council: Detroit needs $10-billion bailout

www.freep.com

Council President Pro Tem JoAnn Watson sponsored the resolution to use the money for public service employment, to fund mass transit plans and to place a moratorium on home foreclosures for two years

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[edit: fixed title]

[edit on 13-11-2008 by 12m8keall2c]

Where is this going to end . . . the list of those lining up to request 'bailout' funds is simply serving as a barometer of how bad things really are.

We're facing financial issues at every level of government, every level of busines and at every segment of our socio-economic strata.

There just isn't enough to go around . . . there can't be . . .

www.freep.com
(visit the link for the full news article)



[edit: fixed title]

[edit on 13-11-2008 by 12m8keall2c]

The thing is that the government made the mistake of agreeing to bail out one sector of the economy.

Now that they have done that, every sector, state, town, and municipality is going to be lining up wanting their share.

The illusion of "personal responsibility" is now gone and people, companies, and local and state governments are looking for their handouts.

[edit on 11/13/2008 by skeptic1]

Do not forget to let the economy run it self, and your not turning socialist, hmmm.

I wonder how long printing endless amounts of dough will last.

At least capitalism is totally gone now, but alot of americans, will rationalise this and say it is something that needs to be done, and they will claim it is not socialism.

I do not see many stubborn capitalists out there now.

[edit on 11/13/2008 by andy1033]

And so it continues, perfectly according to plan. I give it 6 months before most of the country is begging the government to take control and change something. That change will obviously come in the form of a new currency, new trade partnerships and further government intrusion into our everyday lives.

I love how everyone is acting like the government didn't see this coming, didn't plan this and has no idea of how to get out of it.

Detroit can not be salvaged in its current form. Perhaps someone who lives there can better speak to the issue than I, but my impression of the situation there is complete hopelessness. I would imagine that full federal control of Detroit and other cities will not be too far in the future.

Failures need to happen, and they should be allowed to happen. Bailout mania will simply lead to further misery as people continue to chase lost dreams and unsustainable ways of life.

The U.S. needs harsh rehabilitation. Instead we continue to give heroin to the addicts.

more coming...

Los Angeles, along with several big cities, is asking U.S. Treasury Secretary Henry Paulson for a piece of the $850 billion Wall Street and bank bailout.

Los Angeles Mayor Antonio Villaraigosa wrote to Paulson along with New York Mayor Michael Bloomberg, San Francisco Mayor Gavin Newsom, Phoenix Mayor Phil Gordon, Chicago Mayor Richard Daley and Philadelphia Mayor Michael Nutter. They are asking Paulson to use the bailout funds to provide $50 billion for cities to invest in construction and public works projects. They also want bailout money to deal with cash flow and pension fund issues.

www.bizjournals.com...

this problem HAS to be an engineered problem with a pre-planned solution.