Motown goes bust!

Detroit has filed for chapter 9!
(heard on the news just now)
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Ineptocracy

(in-ep-toc’-ra-cy) – a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.
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On 18/07/2013 21:39, The Natural Philosopher wrote:

I heard it on the grapevine...
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On 19/07/2013 07:57, The Medway Handyman wrote:

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Cheers,

John.
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On Friday, 19 July 2013 08:57:40 UTC+2, The Medway Handyman wrote:

Quality!
Seriously though, there are loads more waiting in the wings to suffer the s ame humiliation - among them, New York, no less! And as usual, European ban ks are exposed to these worthless municipal bonds, so it looks like once ag ain, we are all on the hook for this madness. How come it's always *us* tha t ends up forking out for someone else's greed and incompetence? :(
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On Friday, 19 July 2013 08:57:40 UTC+2, The Medway Handyman wrote:

Quality!
Seriously though, there are loads more waiting in the wings to suffer the same humiliation - among them, New York, no less! And as usual, European banks are exposed to these worthless municipal bonds, so it looks like once again, we are all on the hook for this madness. How come it's always *us* that ends up forking out for someone else's greed and incompetence? :(
Our worthless politicians are in the pockets of the rich. All of them.
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On Mon, 22 Jul 2013 07:27:34 +0100, "harryagain"

Nail ---> Head.
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What the whole town, surely somebody has stolen the dosh then.
Brian
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On 19/07/13 08:28, Brian Gaff wrote:

as in the city administration.

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On 19/07/13 09:06, The Natural Philosopher wrote:

More here http://www.telegraph.co.uk/news/worldnews/northamerica/usa/10189529/Detroit-files-for-bankruptcy.html
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Ineptocracy

(in-ep-toc’-ra-cy) – a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.
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yep, the whole town
(I assumed from the OP that he was talking about the record company and I guess that's what you thought too)

probably caused by legacy pension payments that now far exceed its income.
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On Fri, 19 Jul 2013 09:24:07 +0100, "tim....."

+1
And Motown records relocated ages ago, IIRC.

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On 19/07/2013 08:28, Brian Gaff wrote:

While there have been accusations of corruption and mismanagement, I rather doubt anybody has managed to squirrel away $18bn. The city has suffered very badly in the recession. Despite the population falling by 25% between 2008 and 2012, unemployment has risen from 15% to 18% in the same time.
Filing for bankruptcy means that the city can liquidate assets to pay off its debts and has more freedom to get rid of inefficient operational practices. The unions, who defend many of those practices, say it is simply an attempt to break their power.
Colin Bignell
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On 19/07/13 10:28, Nightjar wrote:

the problem is they have a social and government policy built to support the largest car manufacturing town in the USA, that no longer makes cars. It is largely a ghost town, except for millions of unemployed ex car workers on welfare.
Successive governments considered GM was 'too big to fail' so instead of winding it down, they pumped cash into it. Now its gone bust, sold off the worst, destroyed its workers pensionvalues and is slowly becoming slightly sane.
http://www.theatlanticcities.com/jobs-and-economy/2013/07/general-motors-came-back-after-bankruptcy-can-detroit-do-same/6257/
gives some more info. .
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GM was probably the worst example of what happens when a company manages workers' pensions *itself*. Falling sales and an increasing pension liability, and head-in-the-sand unions. The same may well be true for Detroit itself and similar issues in public-sector California.
The *only* way it should be legal for pensions to be managed is via entirely separate entities [1] so that when times are bad, they pay out less, and when times are better, they pay out more. This "defined benefits" stuff is just for the birds.
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Wonderful pics here:
<http://www.guardian.co.uk/world/gallery/2013/jul/19/detroit-goes- bankrupt-in-pictures>
<http://www.guardian.co.uk/world/gallery/2013/jul/19/detroit-goes- bankrupt-in-pictures>
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Sorry, second link should have been:
<http://www.guardian.co.uk/artanddesign/gallery/2011/jan/02/photography- detroit#/>
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On Saturday, July 20, 2013 1:37:42 AM UTC+12, Mike Tomlinson wrote:

I had a look at Detroit with Google Maps and Streetview and I suggest you a ll do the same. I looked at half a dozen randomly chosen parts of Detroit. I think it looks quite nice and well laid out. It looks much nicer than say Croydon. Where's a nice place to live in the UK that's a reasonable price? I'll have a look at your suggestions.
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On 20/07/2013 06:25, Matty F wrote:

bankrupt-in-pictures>

detroit#/>

If UK is a guide, anything that's next to water will be re-generated eventually.
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On 20/07/2013 06:25, Matty F wrote:

bankrupt-in-pictures>

detroit#/>

A HELL of a lot nicer than most of suburban Britain by the look of it. Shame about the social problems
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I had a look too - massive suburban sprawl which looks OK, with some dodgy-looking inner city and industrial areas. Pictures suggested they were from 2008, so much may have happened since. One thing it isn't really possible to gauge from Streetview is if somewhere is a no-go area because you risk being shot/mugged/whatever.
The other thing is there seems to be very limited public transport, so if you live in the suburban sprawl and can't afford to run a car, you're stuffed.

Try west/southwest Wales. Rural and miles from the nearest job.
City-wise, try northern like York, Edinburgh or Inverness. But everywhere has less-nice areas to a greater or lesser degree.
Theo
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