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detroit declares bankruptcy

  1. moondoong

    19,487 posts.

    http://www.news.com.au/business/detroit-becomes-largest-us-city-in-history-to-file-for-bankruptcy/story-e6frfm1i-1226681727792

    If Australia continues to suffer under the madness of the ALP and Greens, we will be next.

  2. jantimot

    16,015 posts.

    That's stretching it a bit, moon. There are thousands of other municipalities worldwide in a worse state than Aussie ones. We have a long way to go to get down to that level.

  3. gofish100

    1,407 posts.

    Give labor a couple more terms in government and we will get there.

  4. Vistica

    5,771 posts.

    I don't live in other parts of the world.
    however,i do live in Australia,and no,i don't want labor
    in government.labor has opened the borders,as result 1100
    drowned,$300 bill.debt,they lie,stuffed every policy brought out.
    Australia CAN NOT afford labor for another 3 years.
    vistica

  5. This is what a recovery looks like these days.

  6. moondoong

    19,487 posts.

    We're spending more than we earn as a nation, privately and via the government.

    Sooner or later, the Pied Piper must be paid.

  7. Glug

    5,578 posts.

  8. moondoong

    19,487 posts.

    There was no nett debt at the end of the Howard term.

    That is the point.

    None. Nil. Nada.

    Actually nett assets.

    Now all gone.

    Blown.

  9. Glug

    5,578 posts.

  10. darryle

    3,163 posts.

    Did Rudd run Detroit?
    After September he will be free to save the city.

  11. moondoong

    19,487 posts.

    GLug,

    Although they relied on Treasury advice I believe that Rudd & Co panicked.

    We sailed through the GFC almost unscathed because of China demand and the mining construction boom.

    It's a moot point now, the debt is what it is.

    Justified or not.

    The problem now is the ALP are pushing a budget surplus into the never-never.

    All debt + interest MUST be paid of in full, some time in the future.

    Or we default like Detroit.

  12. benbradley

    12,288 posts.

    Detroit is the result of some 50 years of democrat mayors and of course massive union control of the economy...

    Cash disappering seems to be the inevitable when you have the nexus of democrats and union-thugs, very similar to our labor/green socialists and our own union-thugs in control of our government currently...

  13. Glug

    5,578 posts.

  14. RM

    3,879 posts.

    The collapse of manufacturing and especially the auto industry has decimated Detroit, this large metropolis has had its population steadily decrease. The city is physically quite large but with the decrease in its population it has not been able to sustain the cost of maintaining a city that was once the 10th largest in America.

    The GFC finally smashed the city thankfully in Australia under the Labor government the stimulus packages such as buildings for schools prgram saved our bacon.

    The same stimulus program that the Liberals vehemently opposed. With the retroscope on we now know in hindsight with 100% clarity that the Liberals opposition to stimulus would have been a devastating mistake.

    Australia would have entered s recession with massive job losses and a collapsed housing market. We dodged a bullet when the Liberals were defeated in the polls and now enjoy a thriple A rated credit rating from the 3 major firms.

    The first time in Australias history this was achieved and of coarse not the best Liberal government or their most prominent treasurer was able to achieve this or gain status as the worlds best treasurer during their time like the Labor government has achieved with economic management.


    Thankfully we had an adult Government in place and avoided the fate of places like Portugal, Italy, Greece, Spain and cities like Detroit.

    some wiki facts.

    Between 2000 and 2010, Detroits population fell by 25%, from the nation's 10th largest city to 18th. In 2010, the city had a population of 713,777, more than a 60% drop down from a peak population of over 1.8 million at the 1950 census, indicating a serious and long-running decline of Detroit's economic strength

    Regards RM

  15. The Ace

    9,085 posts.

    Kevin Rudd should be more accountable.

    The coalition are yet to fire a shot, Kevin07 knows they have a campaign ready to go that will destroy him.

    He will find refuge in a 747 flying rubber dog shit out of Hong Kong.

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