Detroit unemployment means that nearly 3 in 10 in Detroit need a job. Pause for a moment, and imagine what local life would be like if nearly 3 in 10 needed a job in Boston, or Lowell, or Springfield. It may be that part of the … [Read more...]
The $100.00 per house neighborhood arrives – in Detroit
First, remember, Detroit tried to save itself with Casinos and slots. Did not work. last I heard, at least one of those casinos was in bankruptcy court. Next I heard, houses are going for $100-$2000.00. These are … [Read more...]
Throw the bums under the bus
News came last night (December 11) that the Senate had rejected the House-approved plan to keep the US auto industry in business while it worked out its long-term challenges. According to the Wall Street Journal, "Rescue Bid for Detroit … [Read more...]
Romney might be right. (AAAAGGGHHH!!! It burns!! It burns!!)
Much as it pains me to say it, Mitt Romney's op-ed in today's NY Times is not only a deft political move (drawing on his childhood in Detroit and his father's success in the auto industry as well as his own business turnaround experience), … [Read more...]
NY Times “Dealbook”: Chapter 11 with US-sponsored DIP financing for GM. Is there an echo in here?
First, let's recognize that G.M. doesn't need life support. What it needs is Chapter 11. The bankruptcy process is not a bad thing - indeed, it should be embraced. Bankruptcy allows companies to do tough things they could never do in the … [Read more...]
What Detroit’s own newspapers have to say about bailing out the big three, with links.
Here are some good articles to start with: "Could Bankruptcy Judges save Detroit - or your house?" http://www.freep.com/article/2... "Shared Sacrifice is the way to sell auto bailout" http://m.freep.com/news.jsp?ke... "Further Give Backs … [Read more...]
More on bailing out Detroit: why not Chapter 11, with a federal guarantee of DIP financing?
The Chapter 11 argument has some appeal, because (a) that's what everyone else has to do under these circumstances, so it's not really fair to other struggling businesses to hand mountains of cash over to GM just because GM seems prepared … [Read more...]
Safe Surrender – an idea worth copying here?
So this could be a win-win here. Checking in with colleagues in the area, when this is done, temporary courtrooms are set up, and the benefits are large for both the law enforcement community and those with outstanding traffic related … [Read more...]
Calling Ed Markey: Tell auto companies where to get off.
Just unbelievable: The chief executives of General Motors, Ford and Chrysler met with Senate lawmakers today, less than a week before Democrats plan a vote on a sprawling energy bill, and asserted that the bill?s proposed increase in … [Read more...]