As everyone knows, it is now official that Detroit is bankrupt.
Reading this demagogic editorial in today’s Detroit Free Press convinces me that the city’s leading newspaper is also bankrupt. Intellectually bankrupt, and hopelessly so.
There’s no comparison between retirees — many of whom live in the city and are familiar with its troubles — and the bankers who lent an insolvent city money, enabling and hastening its decline.
So it’s “the bankers” who are responsible for Detroit’s plight. Imagine for a moment if the evil bankers had refused to lend Detroit any money. They would have been excoriated in the Detroit Free Press, charged with “redlining,” and blamed for Detroit’s financial problems for their very refusal to help.
Unbelievable as it is in its utter shamelessness, if we assume for a moment that it is evil to lend money to an insolvent city, then all Detroit bondholders (not just bankers) become immoral, right? Never the issuer of the bonds. Why is it that government is not seen as the greater culprit by far?
According to the same logic wouldn’t it be immoral to give any more money to Detroit, ever?
Comments
3 responses to “The bankers did it!”
Journolist is working hard on Detroit.
I’ve seen it blamed on the GOP and now bankers.
Nobody will mention that Detroit has been one-party gov’t for decades.
It’s all about a failure of some people who won’t let the gov’t do its job.
If you cannot identify the cause of a problem you can never fix it.
Thanks Veeshir. You’re absolutely right.
The government it seems does not have to do anything productive with the money it receives.
Potholes? Or union members? Potholes don’t vote. Besides they are good for auto repair shops and used car dealers.
MOTOR CITY!
http://youtu.be/756onPAD_cY