Friday, March 15, 2013

Michigan Takes Over Detroit After Decades of Democrat Govt Runs into the Ground

Look at any state or city run by Democrats for decades and you’ll find a city filled with blight and red ink. 

Michigan Governor Rick Snyder on Thursday announced a state takeover of Detroit's finances and appointed as manager a corporate bankruptcy expert who took a can-do attitude toward turning around the destitute city, calling it the "Olympics of restructuring."
Kevyn Orr, an attorney who worked on the restructuring of Michigan-based automaker Chrysler, said as the city's emergency financial manager he hoped to avoid a bankruptcy filing by Detroit, something that would rank as the biggest municipal bankruptcy in U.S. history.

"Let's get at it and work together because we can resolve this, people of good faith. Don't make me go to bankruptcy court," Orr told a news conference, where he was introduced by Snyder and flanked by Detroit Mayor Dave Bing.

Snyder's move amounts to the biggest state takeover of an American city in over two decades. Orr, who was officially approved by a committee of state officials on Thursday, is expected to assume financial management of Detroit on March 25.

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