Detroit Is Bust

[DJ123]

http://www.bbc.co.uk/news/world-us-canada-23369573

Quite worrying that a city can go bust. Unsure how the US runs their cities in comparison to the UK, not a good sign though if more is yet to come.

[Owenski]

What would worry me is if you work for the state ie the police etc who is going to pay your wages?
And if police are not getting paid I find it unlikely that they'll give two hoots about risking getting shot at...Marshall law?

[Wideboy]

I believe most of their plod force is on the take anyway.

[L3nny]

And if police are not getting paid I find it unlikely that they'll give two hoots about risking getting shot at...Marshall law?

It's okay. they've got it covered

http://img.tapatalk.com/d/13/07/19/yhemuvas.jpg

[M65]

Robocop!!

[_Stretchie_]

M65 you beat me to it

[M65]

If some sort of robotic ED-209 style "cop" comes out soon I will seriously do a sex wee!!

[timwilky]

It is actually a good point re cops. If the city is broke and not paying. Would cops risk it? Is their insurance being paid etc?

chapter 9 is from what I remember a protection to enable a bankrupt organisation to keep running. So then it is an admin decision who to pay. Put OCP to the top of the list.

[ClunkintheUK]

American Municipalities (Muni Bonds) have a different default process. They can only go bankrupt as a going concern, and I assume it does things like free up assets which can only be sold when they are in administration.

Employees are the highest rated unsecured creditors in the list. Mortgage lenders and machinery finance (think car loans in terms of personal finance) lenders get their money back from the sale of their securing assets only, any left over goes into the pot. Employees are paid first out of this pot. If the sale of these assets is not enough to cover the secured lenders, they come after the Employees on the sale of other assets. Two people who will do well out of this though, Liquidators and Lawyers.

[ChrisCurvyS]

IIRC the police have already stopped covering significant parts of Detroit - the predominantly derelict bits but you've still got some people living/squatting there. The general deal is that you go into them at your own risk and can't expect any protection.

Funny how this sort of thing is generally accepted in the US but there would be a national outcry if anything similar happened in the UK.

[_Stretchie_]

If some sort of robotic ED-209 style "cop" comes out soon I will seriously do a sex wee!!

He's doing money lending adverts now

[jambo]

So, can we just, like, buy Detroit now? They have those sales where repossessed stuff gets sold cheaply? I've never figured I've got a high chance of coming to power through democracy and this seems to open up a more direct method to having my own city.

Jambo

[keith_d]

I suspect there are big chunks of Detroit that you could buy for cents on the dollar already. But you have to reckon on some fairly big local tax rises in the near future.