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Response to HiPointDem (Reply #8)

Wed Jun 19, 2013, 05:39 PM

10. The banks made the city run up $15 billion in debt?

 

In a declining tax base? How did they do that? I always thought the elected officials had to approve any borrowing by the city.

Better question: Why would they do that? Property values (the banks' collateral) have gone down the crapper and the banks took losses when they foreclosed on worthless property. They are also going to have write off a substantial portion of Detroit's debt in bankruptcy court.

Maybe you can explain what their upside is.

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Fire Walk With Me Jun 2013 OP
sigmasix Jun 2013 #1
HiPointDem Jun 2013 #5
Fire Walk With Me Jun 2013 #9
Cal Carpenter Jun 2013 #20
dixiegrrrrl Jun 2013 #2
Mosby Jun 2013 #3
HiPointDem Jun 2013 #6
Sgent Jun 2013 #17
1gobluedem Jun 2013 #29
WinkyDink Jun 2013 #4
badtoworse Jun 2013 #7
HiPointDem Jun 2013 #8
LineLineLineReply The banks made the city run up $15 billion in debt?
badtoworse Jun 2013 #10
HiPointDem Jun 2013 #11
badtoworse Jun 2013 #12
HiPointDem Jun 2013 #13
badtoworse Jun 2013 #14
HiPointDem Jun 2013 #16
badtoworse Jun 2013 #18
Proud Liberal Dem Jun 2013 #15
badtoworse Jun 2013 #19
Proud Liberal Dem Jun 2013 #21
badtoworse Jun 2013 #22
Proud Liberal Dem Jun 2013 #23
badtoworse Jun 2013 #24
ShadowLiberal Jun 2013 #26
HiPointDem Jun 2013 #25
FrodosPet Jun 2013 #27
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