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It Begins: Detroit Neighboring City Of Hamtramck Asks For Permission To File For Bankruptcy

Tyler Durden's picture




 

From Detroit News:

The
city of Hamtramck, desperate for cash, has asked the state for
permission to take an unprecedented step: filing for bankruptcy. City
Manager Bill Cooper said the city of roughly 20,000 people is staring
at a $3 million deficit, fueled by a dispute with Detroit. Unless
Hamtramck files for bankruptcy, it won't be able to pay its nearly 100
employees or 153 retirees, he said.

The city sent a letter to the state Department of Treasury last week asking for approval to seek bankruptcy protection. It has not received a reply, Cooper said.

"I'm going to run out of money Jan. 31," Cooper said. Bankruptcy would allow the city wants to stave off creditors and force its unions to consider concessions.

Many Michigan municipalities are under severe financial pressure following a crippling recession that has seen tax revenues plummet. The Detroit Public Schools considered bankruptcy last year but opted against it.

"I'd much rather find another way," Cooper said. "It's not Option 1."

A spokesman for the Department of Treasury said, under state law, a municipality can't file for bankruptcy without first having an emergency financial manager appointed.

Caleb Buhs, a Department of Treasury spokesman, said the department received the letter Monday and officials are studying it. Under a 1990 law, only an emergency financial manager appointed by the state can take a city into bankruptcy, he said. No Michigan municipality has declared bankruptcy before or since the law was passed, he said.

The city of Hamtramck has an annual budget of just under $18 million. A substantial portion of its revenues come from a tax-sharing agreement with Detroit that centers on General Motors' Poletown plant. Detroit has withheld payment for a number of months, arguing that it had overpaid previously. Hamtramck has sued its bigger neighbor, but a court resolution could take months or even longer — not soon enough, Cooper said.

Well, post its IPO, GM should at least make the IPO flippers a little richer. Too bad the city below is not one of them.

 

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Tue, 11/16/2010 - 18:27 | 732560 Spalding_Smailes
Spalding_Smailes's picture

Detroit has tax/debt/money issues nooooooooooooooooooooooooooooo ..........

Tue, 11/16/2010 - 19:01 | 732669 Minion
Minion's picture

Parasites die if they kill the host.

Tue, 11/16/2010 - 19:41 | 732774 tip e. canoe
tip e. canoe's picture

unless they're successful at jumping to another host...think virus.

Tue, 11/16/2010 - 19:47 | 732785 shortus cynicus
shortus cynicus's picture

unless they are no more hosts left, in financial terms think about no more 'grather fools'

Tue, 11/16/2010 - 23:27 | 733178 Fish Gone Bad
Fish Gone Bad's picture

You know, I was thinking that things appear to be getting pretty shitty.  I have thought this a few times before, and some how, some way, they pull out a new and clever trick to extend and pretend a little longer.  That town is small potatoes.  California going bankrupt will be the problem no one can seem to fix.  California's financial woes are actually pretty easy to solve compared to the other 49 states in the union.  If anyone in the administration wants to solve it, have Dick Cheney come and visit me. 

Wed, 11/17/2010 - 01:28 | 733347 doolittlegeorge
doolittlegeorge's picture

that's "the Big One."

Wed, 11/17/2010 - 09:02 | 733607 johngaltfla
johngaltfla's picture

It isn't just California....

 

http://www.youtube.com/watch?v=fZs5AQE8Z-8

Wed, 11/17/2010 - 08:34 | 733559 Popo
Popo's picture

grather?

Wed, 11/17/2010 - 09:44 | 733703 MachoMan
MachoMan's picture

spell it like it sounds?

Tue, 11/16/2010 - 21:57 | 733041 NOTW777
NOTW777's picture

or they serve under the obama umbrella

Tue, 11/16/2010 - 22:45 | 733127 New_Meat
New_Meat's picture

which is a "grather fool" lol

Tue, 11/16/2010 - 22:42 | 733121 themosmitsos
themosmitsos's picture

Was is Robocop 2 or 3 that I'm think abooot, that involved Detroit?

That guy had a GOOD idea  ;P)

Tue, 11/16/2010 - 18:28 | 732562 doomandbloom
doomandbloom's picture

granted...next..!

Tue, 11/16/2010 - 19:07 | 732679 Thanatos
Tue, 11/16/2010 - 19:23 | 732727 LiquidBrick
LiquidBrick's picture

http://www.vistawallpaper.org/vista-wallpapers/mushroom-cloud.jpg

 

The middle cloud looks like a clown smiling with its eyelids closed. Or a bald/old Ronald McDonald.

Time to Short MCD?

Wed, 11/17/2010 - 07:54 | 733528 fredquimby
fredquimby's picture

That's creepy for sure!

Tue, 11/16/2010 - 18:28 | 732564 Gone Full Retard
Gone Full Retard's picture

Only 42 homes under $1000 in Detroits? That's all?

http://www.realtor.com/realestateandhomes-search/Detroit_MI/price-1-1000

Looking goods!

Tue, 11/16/2010 - 18:35 | 732584 Spalding_Smailes
Spalding_Smailes's picture

The first one... for $1,000 is being dump'd by fannie Lol'

So the rmbs is marked to what ?Lol'

Tue, 11/16/2010 - 19:02 | 732672 goldmiddelfinger
goldmiddelfinger's picture

There used to be thousands under $1000. Really. In 2008. The mayor has been bulldozing them.

Tue, 11/16/2010 - 19:05 | 732675 Spalding_Smailes
Spalding_Smailes's picture

How is the lake property market ? My uncle had a place on the water 1 block from an apple orchard the area was nice.

Tue, 11/16/2010 - 19:45 | 732782 waylon153
waylon153's picture

And the back taxes were unreal.  You could buy 1500-2000 square foot homes for $5-6K but the property taxes would total $20K+.  Entire neighborhoods have been bulldozed due to high unemployment and dilapidated single family residences.  Better to scrape the homes and offer opportunities for developers (commercial or residential) to meet market demands.....

Tue, 11/16/2010 - 20:08 | 732846 snowball777
snowball777's picture

You mean like a grocery store that doesn't require a two-bus ride to fucking Grosse Point?

Tue, 11/16/2010 - 23:56 | 733221 RafterManFMJ
RafterManFMJ's picture

Ah Detroit, returning to farmland and fen; China gets the jobs, CEOs get the sweet bonuses...and the people can begin growing wheat and churning butter.

America has come full circle.

Wed, 11/17/2010 - 00:39 | 733284 snowball777
snowball777's picture

When do we start digging the moats?

Feudalism, ho!

Wed, 11/17/2010 - 15:03 | 734958 tip e. canoe
tip e. canoe's picture

great observation.   the question is who's gonna own the land as the circle turns once again?

Tue, 11/16/2010 - 20:13 | 732862 Blano
Blano's picture

Bing was going to bulldoze 3,000 a year, so far in 2010 I believe they've only torn down about 500.

I do think a lot of them were sold.  For a couple years the median price in Detroit/Wayne County was ridiculously low.  It's been creeping up the last 6 months to a year. 

Wed, 11/17/2010 - 09:34 | 733682 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

i saw my first rolling stone concert in detroit, in the 60's. i remember it well, B I G impact on my life. i sorta did not want to eat meat any more†

i feel really sorry for these people in michigan.

Tue, 11/16/2010 - 18:53 | 732646 I am more equal...
I am more equal than others's picture

Urban renewal - the brutal kind.

Tue, 11/16/2010 - 19:32 | 732752 Lucius Corneliu...
Lucius Cornelius Sulla's picture

Why buy forestland when you can chainsaw a perfectly good home for kindling?

Tue, 11/16/2010 - 22:34 | 733108 RockyRacoon
RockyRacoon's picture

A 50 X 100 foot plot makes a perfect garden -- if you can keep the 2-legged varmints out.

Tue, 11/16/2010 - 19:42 | 732779 Miss Expectations
Miss Expectations's picture

Check out the last listing for $1.00

Property Details GREAT INVESTMENT! PROPERTY HAS COMPLETE FIRE DAMAGE.

http://www.realtor.com/realestateandhomes-detail/6368-Beechton-Street_De...

 

Wed, 11/17/2010 - 04:18 | 733431 samseau
samseau's picture

WHAT A SWEET DEAL!  I ALWAYS WANTED A HOME OF MY OWN

Tue, 11/16/2010 - 18:28 | 732565 treemagnet
treemagnet's picture

Sooo, GM doesn't pay income or property taxes....where can I get that deal?

Wed, 11/17/2010 - 00:40 | 733286 snowball777
snowball777's picture

Congress.

Tue, 11/16/2010 - 18:31 | 732572 vote_libertaria...
vote_libertarian_party's picture

Every city in Illinois is waiting for the State of Illinois to give them their revenue payments.  Months and months behind.  Wait until a couple hundred of them start filing for bankruptcy once the state fesses up about the money will never be sent.

Tue, 11/16/2010 - 18:33 | 732578 Leo Kolivakis
Leo Kolivakis's picture

Detroit and its neighboring cities are utter shitholes! Why in the world anyone would want to live in a place where disgusting fried chicken is considered fine dining is beyond me! (They're all going to get bailed out, even California...watch!)

Tue, 11/16/2010 - 18:37 | 732590 Spalding_Smailes
Spalding_Smailes's picture

Leo how bad is your ass bleeding today? Those solars must have been blowtorched ...Lol

Tue, 11/16/2010 - 18:46 | 732616 Leo Kolivakis
Leo Kolivakis's picture

Spalding,

My ass is fine, sold some after earnings, and bought more today. Options expire this week. Do yourself a favor and buy some of these Chinese solars. I'll even spoonfeed you some tickers to keep an eye on: SOL, LDK, TSL, YGE, JASO, and SOLF. If you're not in solars, you're missing the ride of your life! Solar bitchez all the way! LOL!

Tue, 11/16/2010 - 18:52 | 732629 Spalding_Smailes
Spalding_Smailes's picture

Leo easy .....

 

15 years those will be like gold your right. William Blair thinks the same thing ... a friends dad is a principal /global equity

But China is going down next year, book it. Then I will go all in on China after her market tanks.

Tue, 11/16/2010 - 18:56 | 732651 Leo Kolivakis
Leo Kolivakis's picture

15 years?!? Try 15 months...GOLD!!!!

Tue, 11/16/2010 - 19:01 | 732668 Spalding_Smailes
Spalding_Smailes's picture

What other fields in green energy will china be a leader ? I know they pour'd a ton of cash into this any other tips or thought ?

I had a coal mine i fuck'd up and sold. YZC or something ....

What about India ?

Tue, 11/16/2010 - 19:17 | 732693 tmosley
tmosley's picture

They (edit: I mean China here, not India) are excelling in wind turbine technology.  Hell, they even pulled ahead of the West with some of their tech.

Focusing on the sector ignores a lot of structural problems.  While I like China in general, I would rather be starting my own business there than trying to invest in someone else's, especially given that I don't speak the language, know the customs, etc.  It's easy to get bamboozled.  Just like the USA was for a good time period.

Tue, 11/16/2010 - 19:41 | 732777 Shameful
Shameful's picture

Big incentive to learn Mandarin :)  Have to agree with Jim Rogers, it's going to be an Asian century.  Though I expect a major crash in China in the coming years and more problems later in this century with their demographics.

Tue, 11/16/2010 - 22:07 | 733066 Non Passaran
Non Passaran's picture

IIRC it will start in as soon as 2015.

Tue, 11/16/2010 - 19:46 | 732783 New_Meat
New_Meat's picture

sorry tm:

"... excelling in wind turbine technology. ..."

that technology's best is none too good.  We can go back and forth if you'd like.  I go back to "Gossamar Albitross" and U.S. Windpower and Jimmah Cahtah and the fricken DoE subsidies that have failed.

starting a business there?  property rights, and, well, you have the rest.

we just recovered a manufactuing line and placed it back in the U.S.  I'm kinda happy about that.

- Ned

Tue, 11/16/2010 - 20:50 | 732927 tmosley
tmosley's picture

I don't really know much about it.  I just ran across it when I was looking for data to refute some fool's assertation that no-one in China had invented anything in the last 1000 years.

But I would definitely prefer to open a new business there than here.  I've played that game here, and it is an utter nightmare, especially if plan to deal with any sort of controlled substance.

Tue, 11/16/2010 - 21:52 | 733031 New_Meat
New_Meat's picture

good 'nuff, but, from my (very limited) experience, well, kinda' tough to establish a new enterprise when you're not local.

- Ned

Tue, 11/16/2010 - 23:51 | 733213 tmosley
tmosley's picture

Not as big of a problem as you would think.  Especially when you know the right people.  A good friend of mine is Chinese, and has offered to help me and several of my friends out with starting a business over there if we ever feel so inclined.  Swoop in, build a business that to produce high-value exports (medical device and pharmaceuticals in my case), preferably in something that can be consumed by the Chinese as well (like my stuff).  $100K in startup costs should build a business that can serve a sizable portion of the world (first export would be permanently antimicrobial bandages that are just as cheap as regular bandages--very useful in low regulation countries).  Profits from one product drive the development cycle of others, and the whole thing builds on itself until my company is recognized around the world.

Not saying their wouldn't be challenges, but I couldn't even think of doing it here.  It would cost millions, and would likely be destined for failure or stymie.

Wed, 11/17/2010 - 06:11 | 733485 i-dog
i-dog's picture

China would be ideal for you. In the US you'd run headlong into big pharma (ie. the FDA protection racket).

Wed, 11/17/2010 - 09:46 | 733710 ColonelCooper
ColonelCooper's picture

+1 tablet every four hours as needed for rectal bleeding.

Wed, 11/17/2010 - 02:02 | 733376 Oh regional Indian
Oh regional Indian's picture

It's all about finding the right partner. 

Big big caveat though. I say this as an Indian sitting in India, the slope is slippery.

Starting a business here (and in China) almost requires local participation, because without some, ehem, contacts in the right places and the ability for those contacts to bribe the right people, you cannot be successful. Not in any meaningful way anyways.

Thing to remember is that both China and India were always primary agricultural countries. So they have a lower, worker class (hard working farmers) and a huge, shady trader class. Said trader class specializes in ripping both ends of any deal off.

Such are the folks you have to deal with.

I say, start small, very small wherever you are. Any large capex business right now is a surefire death wish.

ORI

http://aadivaahan.wordpress.com

Wed, 11/17/2010 - 09:43 | 733700 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

ORI, i remember seeing a short documentary on requirements involved in opening a business in India. very frustrating to the business owner with ALLLLLL the red tape, takes years.

Wed, 11/17/2010 - 15:00 | 734948 Oh regional Indian
Oh regional Indian's picture

Kathy, thanks for the art appreciation earlier.

And yes, terribly frustrating. And bribery is not just rampant, it's in the DNA, way of life.

But the wait is down to months now, not years :-)

ORI

http://aadivaahan.wordpress.com

 

Tue, 11/16/2010 - 19:14 | 732702 Leo Kolivakis
Leo Kolivakis's picture

I am clueless about India's stock market, much to my embarassment.

Wed, 11/17/2010 - 13:39 | 734602 akak
akak's picture

Rest assured, Leo, that your cluelessness is by no means limited to the Indian stock market --- economics, monetary theory, ethics and moral courage are all equally beyond your ken as well.

Tue, 11/16/2010 - 19:18 | 732710 Fred Hayek
Fred Hayek's picture

 . . . bitches!

God, Leo, it's like forgetting a mantra or something.

But, quite seriously, more solar panels everywhere only drives demand for silver.  So, Leo, should you be saying, "Buy solars and crash JPM!"?

Tue, 11/16/2010 - 20:41 | 732908 realitybiter
realitybiter's picture

Leo

How much of solar's future relies on the largesse of govt?  At some point, choice will have to be made.

Can solar pencil without its rich uncle govt footing the bill?

Wed, 11/17/2010 - 00:42 | 733293 snowball777
snowball777's picture

Pre or post peak oil?

Tue, 11/16/2010 - 20:43 | 732915 realitybiter
realitybiter's picture

Leo

How much of solar's future relies on the largesse of govt?  At some point, choice will have to be made.

Can solar pencil without its rich uncle govt footing the bill?

Tue, 11/16/2010 - 20:53 | 732931 I am a Man I am...
I am a Man I am Forty's picture

Don't waste your time, Leo doesn't know.

Wed, 11/17/2010 - 02:08 | 733380 Oh regional Indian
Oh regional Indian's picture

Reality, if you add a small twist to the equation, Leo's Chinese SOlars suddenly do look excellent.

And that is of course the rare earth story. Solar Cells = Rare Earths.

Without them, the efficiency is not even worth mentioning.

In that light, China has the renewable energy market by it's balls. Likewise for motors and conversion equipment in wind turbines.

Food for thought.

ORI

http://aadivaahan.wordpress.com

Tue, 11/16/2010 - 18:53 | 732643 wake the roach
wake the roach's picture

And yet others may ask, who would want to live in any city? Overpopulated by definition, completely dependent upon importing all vital resources and exporting the waste. 

Oh, and careful now Leo, your elitism is showing...

Tue, 11/16/2010 - 19:01 | 732670 tmosley
tmosley's picture

In a free society, a city is where you go to maximize the specialization function.  Almost everything is supplied from outside, but only because they have chosen to specialize in making a few things so well, almost no-one bothers to compete with them, and people elsewhere clamor to trade the fruits of their labors for those goods.  Detroit used to be like this.  No longer.

I would have loved to live in New York in 1910.  That was the time and the place to live the Randian Dream (production with minimal or no interference), a corollary to the American dream (the ability to work hard and move from the absolute bottom of the social strata to the absolute top, or wherever you care to stop along the way).

Tue, 11/16/2010 - 19:27 | 732740 wake the roach
wake the roach's picture

In a free society, a city is where you go to maximize the specialization function.

 

Very true... But the facts remain the same. Cities are unsustainable. A product of mans temporary ability to exploit high net energy gain resources.

I would have loved to live in New York in 1910.

 

Sure, but much of what made cities so productive for the owners of capital was their exploitation of the great impoverished labor "commodity", including child labor. Much like the developing industrial economies and their cities today don't you think? I tend not to view such times with the same sense of romantic nostalgia ;-)...

Tue, 11/16/2010 - 19:50 | 732793 tip e. canoe
tip e. canoe's picture

Cities are unsustainable.

excuse me bro? 

On first glance, however, some modern cities aren't as bad as many may think. Take New York, for example: Its 2005 carbon emissions were 1 percent of the country's total (79 percent coming from energy-hogging buildings), while on a per capita basis its emissions represented less than a third of the national average, according to Environmental News Service.

"If it were granted statehood, New York City would rank 51st in per-capita energy use."

cities are not necessarily unsustainable, they just choose to be out of laziness.  this will change soon.


Tue, 11/16/2010 - 20:18 | 732868 wake the roach
wake the roach's picture

cities are not necessarily unsustainable, they just choose to be out of laziness.  this will change soon.

 

Yes, I agree... They will have to change...

If global civilization exists into the next half of this century, I believe almost everyone will live in cities as the population density will make them far more energy and resource efficient. 

Those who live  outside of city communities will be the on site  technicians, engineers and scientists that research/build/maintain our energy, environmental and food production tecnology etc. But don't take my word for it, the UN has it all planned out on their web sites. Its no conspiracy, just practical necessity ;-)...

Wed, 11/17/2010 - 00:08 | 733239 goldsaver
goldsaver's picture

Why does the word sustainability always has to devolve to the eco-religion of mother Gaia. Shit. Cities are unsustainable because all critical supplies have to be imported en mass. There is so much specialization that when the supply chain breaks, they die. Look at LV for example. Great city, even now in the downturn. But cut off the supply chain and watch the city die of thirst, diseases from lack of running toilets and hunger. There is no way they can survive with the high concentration of people per square mile without huge influx of petroleum based energy. Compare to small town USA. Yes, most sheeple cant farm or can, but at least there is a chance. Not so with LV, LA, San Fran, Chicago, NY...

Not everything is about carbon credits and cow farts, bro.

Wed, 11/17/2010 - 10:08 | 733777 tip e. canoe
tip e. canoe's picture

not farts, FARTS -- Forced ARTificial Scarcity:

http://www.cracked.com/article_18817_5-reasons-future-will-be-ruled-by-b...

carbon credits are a perfect example.

Tue, 11/16/2010 - 20:59 | 732942 tmosley
tmosley's picture

That is a severe misunderstanding of the industrial revolution.

Prior to the industrial revolution, ALL children worked 16+ hour days doing backbreaking labor.  Moving into factories was a huge step up.  Also, you must undersatnd that ~100% of the horror stories about child labor came from government run work houses for orphans.  It was the governments who treated children like chattel, not private industry.

Further, by 1910, child labor had largely disappeared, as accumulated capital allowed the parents to produce enough to support their families on their own.  When child labor was outlawed, it was already pretty well gone.

Where children go to work, it is out of neccessity.  Without the income provided by those industries they must either break their backs on farms, resort to prostitution, or starve.

Tue, 11/16/2010 - 22:24 | 733093 Vendetta
Vendetta's picture

but thanks to globalization, factory labor is back to pre-1910 standards in 'emerging economies'

Wed, 11/17/2010 - 00:07 | 733243 tmosley
tmosley's picture

You don't seem to get it.  They are simply going through the same process we went through.  Prior to those factories arriving there, they had to do backbreaking labor all day every day without rest for enough rice to survive.  No savings.  Everything that was produced was consumed.  Now, with the arrival of industry, they are able to leverage their labor more.  They are able to save.  Their children will be able to go to school (rather than prostituting themselves on the streets, much to the sex tourists dismay).  

Understand that those nations were not lifted up by our industrial revolution.  They have been toiling under serfdom just as we were three hundred years ago.  Globalization has done nothing but improve their lives, save in those few situations where the people were kept as slave labor (a situation that is already remedying itself in China).  As the workers become more and more skilled, the companies that provide the capital for them to use to create will go to greater and greater lengths to keep them happy.  This means shortening work days, cutting child labor, raising salaries, providing benefits.  And they will get their money's worth from greater and greater productivity.  That is, assuming the government doesn't step in and start running people out of business, or placing chains around worker's necks.

Globalization is not the villain you make it out to be.  Globalization means you get to consume even though you did not produce.  If globalization had never come about, our economic policies would have left us all digging through the dirt with our fingernails looking for worms and insects to eat decades ago.  Free markets make everyones lives easier.  All globalization is is a global free market.  But then, people tend to just see red when they see that word, and turn off their minds entirely.  People never seem to want to blame the people who are truly at fault for their problems.  They would rather blame some poor factory worker on the other side of the world than the politicians who shut down the factories that they used to work at because they didn't hire enough lobbyists to line thier pockets.

Wed, 11/17/2010 - 00:17 | 733255 goldsaver
goldsaver's picture

A few years ago I went to the dole plantation tour in Honolulu. The tour guide, clearly a native Hawaiian, was narrating the history of the farm as having started with back breaking manual labor, to machine assisted stoop labor (dawn to dusk), to industrialized farming. The farm is now just a tourist trap. The tour guide, a 20 something woman, narrated the story with so much venom and anger in her voice I had to laugh out loud. When she asked why I laughed, I pointed out how she missed the whole story. In 5 generations they had gone from subsistence farming, to manual labor, to stoop labor to industrial labor to tour guides. And yet, she resented the irony.

Wed, 11/17/2010 - 09:59 | 733748 MachoMan
MachoMan's picture

They still don't see themselves as part of america...  we're just the white tourist devils that show up and don't "respect" their land.  Basically, they've never reconciled the fact that they produce little of value but at the same time desire western products. 

Was on a helicopter tour on kauai a couple of weeks ago...  one of the songs on the tour was talking about how all of the highways, improvements, etc. have ruined hawaii...  it was like the hawaiian version of charley daniels (south will rise again).  My wife and I looked at each other like, wtf?  Why is this idiot playing this shit...  (in a helicopter no less)...  the irony is certainly amusing.

Wed, 11/17/2010 - 09:56 | 733740 ColonelCooper
ColonelCooper's picture

"Globalization means you get to consume even though you did not produce."

And you wonder why I see red when I hear the word?

"All globalization is is a global free market."

If that were truly the case, then non-producers would either starve or live at the whim of producers.  Instead, globalization as it has become is a means of wealth transfer in order to sustain a ridiculous population growth.

Wed, 11/17/2010 - 02:24 | 733391 Oh regional Indian
Oh regional Indian's picture

Moving into factories was a huge step up? I think maybe not tmos.

Working in a field might have lead to strong, healthy adults, able to care for themselves.

Factories specialized them in meaning, industrial, machine-managing tasks.

Read this for a taste of how it was...

http://www.independent.co.uk/news/uk/home-news/revealed-industrial-revol...

 

ORI

http://aadivaahan.wordpress.com

Tue, 11/16/2010 - 19:09 | 732686 Leo Kolivakis
Leo Kolivakis's picture

Montreal is hardly a rich city by US standards. We have our share of problems here, including traffic and corrupt municipal politicians giving their construction buddies some sweetheart deals in return for big kickbacks. But at least you can find decent food at modest prices. Healthy food, not fast food garbage which has completely overtaken most US inner neighborhoods. I'd ban all that crappy food from your poor neighborhoods. Problem is that nothing would be left for the poor to eat. I'm not an elitist, just disgusted with the gross inequalities that still permeate the ''richest and most glorious nation on earth''. Even typing that phrase makes me sick to my stomach.

Tue, 11/16/2010 - 19:37 | 732766 geminiRX
geminiRX's picture

A share of problems including the fact that the rest of Canada is subsidizing Quebec's IVF treatments. Glorious Quebec - the province with the lowest marriage rate while trying to increase the separatist population.....only destined to become further dysfunctional on this continent. You American's think you got problems with freeloaders on your health system, have a look at ours.

Tue, 11/16/2010 - 19:53 | 732805 New_Meat
New_Meat's picture

Leo, c'mon, let us know your real problem.

Les Habitants really suck ;-) Has the hockey season started yet?

And it is killing every able bodied Que'becker on the island.  How can this be?

But really, you do have the Que'becker's arrogance:

"I'd ban all that crappy food from your poor neighborhoods."

You and Mouchelle.

- Ned

Tue, 11/16/2010 - 19:56 | 732814 tahoebumsmith
tahoebumsmith's picture

Montreal is home of the French mafia...Corrupt is an understatement. Growing up in VT, I forked over alot of cash to the police just to get out of the city. Charged us with everything they could think of but always left us with enough gas money to get home. We always went back though because Montreal is really fun and it has some of the hottest chicks on the planet.

Tue, 11/16/2010 - 20:02 | 732833 wake the roach
wake the roach's picture

I'm not an elitist, just disgusted with the gross inequalities that still permeate the ''richest and most glorious nation on earth''.

Yeah, sorry... Just trying to wind you up haha...

But anyway, I'm not ready to write off cities such as Detroit just yet. Strange as it may seem, it could very well become the model of transition by which many other cities may have to follow in the future. The worlds first post industrial type city communities are forming in the suburban and industrial wastelands, and not the zombie kind.  

Tue, 11/16/2010 - 21:14 | 732962 Cathartes Aura
Cathartes Aura's picture

. . . as often happens, artists, musicians & other creative thinkers move to cities "abandoned" by the monied classes, taking over warehouses that normally would not be "zoned" within their reaches, making living costs minimal so as to maximise "free" time. . .

Brother Rick Samyn got the idea to start an urban farm in the 1990s, while he was working at the Capuchin Soup Kitchen in Detroit. To supply the kitchen, he began growing vegetables and food on a small plot of land and, two years later, the farm had expanded onto multiple lots. It's now a fully functional 1.5-acre farm with a 1,300 square foot greenhouse and a 30-hive apiary.

http://www.re-nest.com/re-nest/marketplace/earthworks-urban-farms-sustai...

there are some very cool community-oriented things happening in Detroit. . .

Tue, 11/16/2010 - 20:24 | 732876 Nikki
Nikki's picture

Malaka, Poutine ce n'est pas haute cuisine...

Wed, 11/17/2010 - 06:34 | 733491 i-dog
Wed, 11/17/2010 - 00:32 | 733269 goldsaver
goldsaver's picture

Leo, you miserable slut! You know what happens when you ban fast food and chicken joints in an area? The black people take the fooking bus to where the fast food and chicken joints are! Love that chicken from Popeye's!!!

Tue, 11/16/2010 - 19:13 | 732694 Bob
Bob's picture

Hey, Leo, I junked you for talking like an ignorant asshole. 

An Ex-Hamtramck resident

Tue, 11/16/2010 - 19:33 | 732759 Free Money for all
Free Money for all's picture

Hi Kolivakis 

Have a look at Grosse Pointe Farms before you go round saying the neighboring  cities are utter shitholes.

Tue, 11/16/2010 - 20:01 | 732831 Boilermaker
Boilermaker's picture

He's a fucking idiot....leave it alone.

Tue, 11/16/2010 - 20:01 | 732826 Boilermaker
Boilermaker's picture

Go eat a bag of shit, Leo.  I live here in Detroit and in one of the 'shitty' suburbs called Troy.  You are fucking moron.  Not only are there opulent 'neighboring cities' but there are plenty of affulent persons in the city.

My fucking god...you are truly a piece of ignorant shit.

Tue, 11/16/2010 - 20:26 | 732886 Blano
Blano's picture

I thought he was just referring to the city of Detroit surrounding it.  Sorry, my bad.

Tue, 11/16/2010 - 22:49 | 733134 Leo Kolivakis
Leo Kolivakis's picture

Of course there are affluent people in the upscale neighborhoods surrounding Detroit. But don't forget Flint...

Wed, 11/17/2010 - 00:13 | 733251 SoCalBusted
SoCalBusted's picture

Hey Michael!

How about making a sequel?

You can call it "Barack and Me"

Tue, 11/16/2010 - 23:32 | 733186 Occams Aftershave
Occams Aftershave's picture

Drive around Franklin, a suburb of Detroit, and you will think you are in Beverly Hills.

Tue, 11/16/2010 - 20:16 | 732866 Blano
Blano's picture

You're right about the shitholes, but I gotta tell ya, some of that chicken is to die for.

Tue, 11/16/2010 - 20:44 | 732916 Real Estate Geek
Real Estate Geek's picture

Literally.

Wed, 11/17/2010 - 00:13 | 733252 hbjork1
hbjork1's picture

Leo,

You have to know where to go to eat. 

Hamtramick has been dancing around bankruptcy for about 10 years.  Lifelines from the city (Detroit) and the state have prevented that.  A bankruptcy now will let the city get tough with the unions.  Expectations must be reset.

Truth is, the people that can afford it have moved North of 8 mile (city boundry) or West to the suburbs.  Those little WWII era houses (1200-1600 sq ft), that have not been maintained,  are being taken down.  

Go North young man, go North

 

Tue, 11/16/2010 - 18:32 | 732579 Mad Mad Woman
Mad Mad Woman's picture

Harrisburg PA will be doing the same thing soon. Harrisburg is having trouble meeting weekly payrolls.

Tue, 11/16/2010 - 18:38 | 732594 greenewave
greenewave's picture

To find out more about the Imminent Collapse of the Global Economy, watch the YouTube video "Wall Street Thieves, Bailouts Galore, Broken America" at (http://youtu.be/I93dzfs8WIc).

The United States economy is rotten at the core and has been stolen from the American people by the Wall Street Thives that drove the Titanic into the iceburg in the first place!!

32 minutes ago

KA-BOOM! Crash will be any day now! It is going to be like nothing else ever seen? here or anywhere else in history. God bless!

-Anonymous

Tue, 11/16/2010 - 18:45 | 732615 Spalding_Smailes
Spalding_Smailes's picture

Can you post your video's from late august early september. You missed a bull run again. How much money did your snake oil cost the sheeple ?

You have been a perma bear over the last 12 months ...Next.

 

Tue, 11/16/2010 - 18:38 | 732595 AbandonShip
AbandonShip's picture

It's sooooo on!

Tue, 11/16/2010 - 18:56 | 732655 Gone Full Retard
Gone Full Retard's picture

Weeeeee!

My dogs is on the trampoline?

http://www.youtube.com/watch?v=Hly0vuXPG-M

We're going full retard!

Tue, 11/16/2010 - 18:38 | 732596 Logans_Run
Logans_Run's picture

Hamtramck is the armpit of Detroit! It is a race to the bottom in that area. Let the Canadians have it!

Tue, 11/16/2010 - 18:58 | 732660 Bob
Bob's picture

Hamtramck is an intense melting pot for wave after wave of immigrants, the original Polish "settlers," bohemian yuppies and artists.  Not especially violent, nice low cost rentals close to the Detroit cultural centers (seriously.) Fifteen years ago Hamtrack had Rolling Stone's top rated club in America, very hip scene. 

I didn't appreciate the 1% income tax, especially in a city that does not clear streets of snow, but it's still a hip place even today. 

Tue, 11/16/2010 - 20:04 | 732841 tip e. canoe
tip e. canoe's picture

birthplace of techno baby. 

http://www.youtube.com/watch?v=UAagkcFHzOs&feature=related

little do most know but Hamtramck is the bleeding edge of the future.

way ahead of the curve that place.  but the curve is catching up...

Tue, 11/16/2010 - 20:30 | 732879 Spalding_Smailes
Spalding_Smailes's picture

The godfather Chicago house ....

http://www.youtube.com/watch?v=UauMoUy1fso

Listen to all 10 minutes the best of the best.^^^

http://www.youtube.com/watch?v=PBn9lhrwIF0&feature=related

Tue, 11/16/2010 - 20:34 | 732901 tip e. canoe
tip e. canoe's picture

i take your bad boy bill and raise you one moodymann:

http://www.youtube.com/watch?v=eOdaUEFnDG4&feature=related

gotta embrace the blues, brother.

otherwise, it's just machine language.

Tue, 11/16/2010 - 23:52 | 733215 Bolweevil
Bolweevil's picture

Frickin genius, thanks for those!

Tue, 11/16/2010 - 19:53 | 732802 CPL
CPL's picture

Fuck no, we have the strip mall known as Toronto.

Tue, 11/16/2010 - 18:39 | 732599 John Law Lives
John Law Lives's picture

Maybe the good citizens of Hamtramck should adopt an old tradition from Detroit.  It was known as Devil's Night!

Burn, bitchez...

http://en.wikipedia.org/wiki/Devil's_Night

 

 

Tue, 11/16/2010 - 18:41 | 732604 bob_dabolina
bob_dabolina's picture

Detroit is like Nigeria

http://tinyurl.com/35bmhbo

Tue, 11/16/2010 - 18:43 | 732613 Logans_Run
Logans_Run's picture

I've lived in both. Detroit is more dangerous.

Tue, 11/16/2010 - 23:29 | 733180 hedgeless_horseman
hedgeless_horseman's picture

'cause there be more....

Tue, 11/16/2010 - 18:40 | 732606 Rainman
Rainman's picture

It will be this way as we enter phase 2 of the taxable revenue squeeze. Big cities steal from little cities, counties steal from all the cities, states steal from counties, states go deadbeat on Uncle Sugar, etc.

Obviously, little burgs at the bottom of the food chain will be first eaten. 

Tue, 11/16/2010 - 19:14 | 732703 ToNYC
ToNYC's picture

 

Ghost Towns in the West in the 19th Century, Ghost Towns in the East in the 21st. The Golden goose went away, the promises not far behind.

Wed, 11/17/2010 - 07:40 | 733523 Ricky Bobby
Ricky Bobby's picture

+1

Tue, 11/16/2010 - 18:45 | 732619 cougar_w
cougar_w's picture

More retirees than employees? Can you say "wither and die"?

They don't need bk, they need to give up. No longer viable.

And in the same fashion, about half of America.

Tue, 11/16/2010 - 19:19 | 732713 Jendrzejczyk
Jendrzejczyk's picture

"More retirees than employees?"

Excellent observation.

Tue, 11/16/2010 - 21:24 | 732982 cranky-old-geezer
cranky-old-geezer's picture

Pensions are history, either by malinvestment (management screwups) or by depreciating dollar (Bernake screwups). Pension funds might get bailed out but the dollars paid out won't buy much.

Tue, 11/16/2010 - 18:48 | 732628 Thorny Xi
Thorny Xi's picture

Lampoon Detroit all you want, but remember Herr Bernanke's famous line about how the sub-prime crisis wouldn't effect the overall economy...  Eagle County, Colorado (Vail) - not generally considered as a home of sub-prime real estate - is already downsizing it's sheriff's department and cutting its budgets in every area but one - debt repayments.  If Detroit is an armpit, sub-prime, or whatever, it's not likely the debt problems it faces are really a lot different than in your home city/county, given Bernanke's inability to contain anything else...

Tue, 11/16/2010 - 18:56 | 732652 Robslob
Robslob's picture

RELAX

GM IPO Thursday...all will be fixed after that...move along...nothing to see here people...

Wed, 11/17/2010 - 07:42 | 733525 Ricky Bobby
Ricky Bobby's picture

LOL

Tue, 11/16/2010 - 18:57 | 732657 The Alarmist
The Alarmist's picture

The next civil war will between the urban areas and the hinterlands. They're going to be starving, and they're coming for your food and gold.

 

Tue, 11/16/2010 - 19:03 | 732673 tmosley
tmosley's picture

I think they'll go after the government first.  Once that is gone, food and gold will flow freely again.

Wed, 11/17/2010 - 03:57 | 733424 StychoKiller
StychoKiller's picture

My God!  They're cannibals!

Tue, 11/16/2010 - 18:57 | 732661 Gloomy
Gloomy's picture

Ten-year, top-rated tax-exempt yields, which move inversely to prices, climbed to a four-month high as California led states and local governments issuing $16.3 billion this week, the most in at least seven years.

“We’re going to need a bigger boat,” Tony Shields, a principal in the public-finance department at Williams Capital Group in New York, said in an e-mail. “New supply is close to unmanageable.”

Tue, 11/16/2010 - 19:27 | 732734 Yophat
Yophat's picture

....bigger boat doesn't make up for crappy repair jobs and growing leaks!  Just means a bigger bubble after the boat capsizes!

Of course Ben thinks he owns this boat -

http://dvice.com/archives/2010/11/the-perpetually.php

But we all know how the story goes -

http://www.eyewitnesstohistory.com/titanic.htm

Tue, 11/16/2010 - 21:58 | 733032 cranky-old-geezer
cranky-old-geezer's picture

"The pumps will only buy you minutes."  -- Mr. Andrews.

Bernanke hopes the pumps will keep the doomed American financial system afloat, but he's only buying time, it's sinking, just not as fast.  Only the rich elite get life boats, rest of us are steerage. 

They sat in life boats and watched everyone else drown.   Bernanke and friends will do the same.

... and they were responsible for hitting the iceberg.

Tue, 11/16/2010 - 19:09 | 732684 DollarDive
DollarDive's picture

GM IPO 465mm share at $35.00.....  Talk about PONZI.

Tue, 11/16/2010 - 19:09 | 732687 Fraud-Esq
Fraud-Esq's picture


"Two regional Fed bank presidents said they expect the central bank to buy the entire $600 billion of Treasuries that policy makers authorized Nov. 3 in a bid to reduce unemployment.

“Given my forecast, I fully anticipate we will purchase the entire amount,” Boston Fed PresidentEric Rosengren said today in an interview with Bloomberg News. James Bullard of St. Louis said in a separate interview the Fed would buy less than planned only after a big improvement in the economy.

Tue, 11/16/2010 - 19:13 | 732697 RobotTrader
RobotTrader's picture

Hilarious...

More and more spinning plates which are now starting to wobble....

And some of you guys think they are going to "abolish the Fed?"....

Good luck with that.....

Tue, 11/16/2010 - 19:22 | 732724 Yophat
Yophat's picture

the Fed will only grow stronger.....imagine only one bank offering new credit (new money)....and that bank wearing a government license plate!

Can you say IRS wage garnishment for credit card debt?

Happened to GM!

Tue, 11/16/2010 - 19:55 | 732812 New_Meat
New_Meat's picture

one bank to rule them all, one bank to bind them....

Tue, 11/16/2010 - 22:53 | 733129 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Robo, here are some boobs.  Move along.

Wagoner or Rattner:

http://www.cnbc.com/id/15840232?video=1646964951&play=1

wow Mandy is becoming very popular, maybe I will watch more cnbc?  Na.  More boobs for you robo!

Stop Trading, Listen to Cramer!:

http://www.cnbc.com/id/15840232?video=1647008404&play=1

Wed, 11/17/2010 - 01:23 | 733320 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Robo I came across more boobs, and silver too!  I know we can agree on the former, but the latter is sexy.

MrsSilverQueen's 42oz Silver Porn:

http://www.youtube.com/watch?v=dqhEW7AsMPM&feature=player_embedded

Tue, 11/16/2010 - 23:23 | 733173 Sabibaby
Sabibaby's picture

Some of us are hoping the fed will start feeding on itself.

Wed, 11/17/2010 - 01:53 | 733367 doolittlegeorge
doolittlegeorge's picture

abolish?  i was thinking a "simple knock by various men in suits with questions of a personal nature" and PRESTO "instant cooperation."  to paraphrase Colonel Jessup "you may now have all the Federal Reserves you want."

Tue, 11/16/2010 - 19:16 | 732708 High Plains Drifter
High Plains Drifter's picture

Popular bumper sticker in Houston , circa 1975

 

Last person out of Michigan turn out the lights.

Tue, 11/16/2010 - 23:35 | 733189 hedgeless_horseman
hedgeless_horseman's picture

Popular bumper sticker in Houston, today, is a Texas flag that says, "Secede."

http://www.texassecede.com/

Tue, 11/16/2010 - 19:20 | 732720 Fraud-Esq
Fraud-Esq's picture

Everything's unraveling, even nuclear treaties. John Kyle is shaking down the prez. $4B for nuclear bombs is not enough.... http://www.huffingtonpost.com/2010/11/16/obama-russia-nuclear-pact-fades...

Shakedowns and kickbacks. The Gov.

 

Tue, 11/16/2010 - 20:34 | 732900 chet
chet's picture

Nothing is going to happen for the next two years.  Policy is dead.  The Dems are incompetent, and the GOP are both incompetent and willing to burn the country to the ground as long as it means that Obama isn't reelected.

That's why their bleating about reining in the Fed will go nowhere.  Because if the Fed doesn't keep making all the economic policy, then that responsibility becomes the politicians' turd sandwich, and that's the last thing they want.

 

Tue, 11/16/2010 - 22:33 | 733104 Vendetta
Vendetta's picture

Indeed.  The farce called our political system and the manufactured divisiveness ensures the country will burn while the political elite play good cop/bad cop when, in fact, there are no cops in charge .. just criminals and zombies.

Tue, 11/16/2010 - 19:26 | 732739 Burnbright
Burnbright's picture

We built this city on ROCK N' ROLL!

Wed, 11/17/2010 - 09:37 | 733690 Dr. Sandi
Dr. Sandi's picture

We built this city on ROCK N' ROLL!

2010 lyric revision with apologies to Bernie Taupin:

We built this city on COCK N' BULL!

Tue, 11/16/2010 - 19:30 | 732747 bugs_
bugs_'s picture

First we got the Harrisburg IOU

Now we got the Hamtramck Request

Tue, 11/16/2010 - 21:30 | 732997 Cathartes Aura
Cathartes Aura's picture

. . . and you got the Blackwater/Xe logo as your "face" here. . .

Tue, 11/16/2010 - 19:35 | 732748 DollarDive
DollarDive's picture

Latest News:   The demand has been soooooo strong for GM's new IPO that the size of the the offering has just been increased to 2,000,000,000 share at an even price of 99.99 per share.  The demand has been staggering, stupendous, stunning.......errr for the stock that is.  Nobody has been buying the  Government Motors' cars though.  Once the IPO is complete then Ford can declare Bankruptcy and stick it to all of their suppliers, just like GM.  Government can only handle one at a time without crashing the currency even more.....Freaking Banana Republic this country has become.

 

As an aside - Isn't it ironic that in this nation of debt the largest IPO ever in the history of the country is VISA. Lol.  The second largest will be GM.  That speaks volumes right there.

Tue, 11/16/2010 - 19:46 | 732778 Spalding_Smailes
Spalding_Smailes's picture

GM is the number one car maker in China. China had more car sales than the USA over the last 12 months. I think only 15-20% of people even own a car ...

GM will be ok.

Tue, 11/16/2010 - 19:56 | 732790 DollarDive
DollarDive's picture

They can only afford to spend $100.00 though.

I say Fuck GM and all the bullshit bailout that goes along with them and their government motors.  I'd never spend a penny on them.  I'd much rather reward a company that makes it on their own.  They're now in the same class as Chrysler.  Just keep failing and bailing.  Airlines are no different.....Fail and Bail.  Think of all the creditors that got it tucked to them.  That's wrong.  It's happening with the banks now too.  Creditors are being forced to take huge haircuts on the reorgs.  The bonds are just equity in disguise.  Really silly stuff.

That's not capitalism.  I really hope they fail again. 

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