So you'd think Leftists would at least wait a couple weeks before they'd start trying to pin the disaster that is Detroit on a) Republicans b) Mitt Romney c) the banks d) Governor Snyder.
Let's look at it.
There ARE no Republicans in Detroit administration so a) is out.
Mitt Romney is yesterday's news and hasn't been around Detroit for a while so b) is out.
Now we come to the mostly widely selected answer of c).
Yes! We've got it! It's the banks who've loaned the money to Detroit to perpetuate their abysmal record of promising, spending, stealing and borrowing for the benefit of a few in the Democrat machine.
Over at Bloomberg in an article entitled "Only Wall Street Wins in Detroit Crisis Reaping $474 Million Fee," a couple of cheeseball Leftist "journalists" write this:
The only winners in the financial crisis that brought Detroit (9845MF) to the brink of state takeover are Wall Street bankers who reaped more than $474 million from a city too poor to keep street lights working.
The city started borrowing to plug budget holes in 2005 under former Mayor Kwame Kilpatrick, who was convicted this week on corruption charges. That year, it issued $1.4 billion in securities to fund pension payments. Last year, it added $129.5 million in debt, 9.3 percent of its general-fund budget, in part to repay loans taken to service other bonds.The article goes on to specify which banks are owed what money, conveniently laying the groundwork for a path of remediation for the errant companies.
( Of course, it goes without saying that Governor Snyder's been blamed repeatedly. The recent traffic slowdowns inspired by Sharpton's NAN and numerous protests have been directed at intimidating Snyder into backing off the appointment of an emergency manager which has happened for a number of Michigan's urban cities; today Snyder appointed Kevyn Orr as emergency manager of Detroit, an action that many activists on Detroit City Council also protested up until recently.)
This week it was discovered that a previously undisclosed $7.1 billion is owed to city retirees.
Mead on the scandal:
Democrats are shocked, shocked by the news that there is gambling going on in America’s blue cities. They do their best to avert their eyes from the close political ties between corrupt urban political machines and exploitative Wall Street banks. In the lame progressive mindset that characterizes these decadent times, Wall Street is bad, and urban politicians are good. There can’t possibly be some sort of symbiotic relationship between them. How could something so good, so honest, so dedicated to serving the poor as the Detroit Democratic machine be engaged in a vicious conspiracy with Wall Street to bleed the poor and suck the city dry?Other cities are suffering from their Democrat overlords' mismanagement and corruption.
In fact, in New York City, the lower and middle classes are being pushed out of the city because of the enormous costs of living in an over regulated, overpriced, many-state government by rich folks who can afford all the fancy things that poor and middle class people can't.
Who knows what's in store for them? As Mead says, numerous other cities are headed the same way as the result of blue policies and regulations.
As usual, Democrats take care of their own, eh?