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

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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.

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