Detroit Abandoned-- Anadolu Agency-Getty Images from 2-22-14 WSJ article
The state government enforced bankruptcy of Detroit now has its plan to pay down its debt. Many were its despoilers--most have left town. But those with the most money want to be paid back the most.
There is need for clarification of information in our 2-22-14 Times Herald article, “Detroit files plan to fix debt, exit bankruptcy“ and deficiencies in the similar article in the same day’s Wall St. Journal.
From Wall St Journal article, “Detroit files debt-cutting plan”
Who are these “secured bondholders” who get 100% of their money back, while all the rest, the local pensioners, unions and investors, get only a third or less? Could these bondholders be Bank of America, and other megabanks, those of favored fiscal status, once again guaranteed not to fail, even a little bit in their profits—off of their primrose path deals with ex-Mayor Kilpatrick, that were part of the fiscal damage to Detroit in the first place? The identity of the 100 percenters is not reported.
o get some of the history of this latest sad episode in this city and our nation's dominant winner-takes-all politics please read Bill Wylie-Kellermann's article in the Jan-Feb 2014 issue of the Catholic Worker newspaper, "Detroit: Is Your City Next?" {call 212 677 8627 to be sent a copy--the C.W.'s not online} Local democracy is under attack. Racism is an underlying theme. As Bill informs, "at this point every major black city in the state but one is under emergency managers. Over half the African American population of the state of Michigan is under non-elected governments."
And didn't the Governor Snyder imposed Emergency Manager, who will foreclose this bankruptcy plan on Detroit, previously work for the law firm that is now paid to legalize this bankruptcy, and whose major client is also Bank of America? Shame on the State Government of Michigan. Bring back public servants of Governor Miliken’s character who exercised some belief in in civility, and fairness.
Also see previous McWeekly articles --
http://mccarthysweekly-paxvobiscum.blogspot.com/2013/07/the-plantation-ization-of-detroit.htmlhttp://mccarthysweekly-paxvobiscum.blogspot.com/2012/05/emergency-managers-law-democracy-denied.html
Illumination by Kathy Brahney
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