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Yamato

The United States is One Printing Press Away

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From the United States of Detroit.

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The People's Repulic of America?

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The average house value in Detroit a few years back was something like $11,000. Maybe it's $9,000 or $10,000 now, which would be a $9.000 or $10,000 money hole if anyone wanted a hole to throw their money into.

Schiff even alerted us to go to Zillow and see the houses in Detroit on sale for under $500. Of course that doesn't include the back taxes that are due on the definitely foreclosed bank/government-owned property that are probably an order of magnitude higher than that. And then it still costs tens of thousands of dollars to bring the house up to code, and tens of thousands more than that to have a reasonably comfortable place to live, with iron bars, security systems and bore-sighted radar-guided shotguns pointed at the entryway. But if you refuse the security or aren't living there to occupy your new "investment", then someone breaks into the only nice house in a five mile radius and your house winds up worth less than the $500 you bought it for after they vandalize it, rob it, cut the copper pipes out, steal the hot water tank and the central heating and A/C.

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Posted (edited)

I had heard they were talking about bulldozing large areas of Detroit, but didn't have the money to do it.

eta: Iirc, there's even a sign when you come into Detroit (probably more than one of course for all the entrances) saying "Enter at your own risk".

Edited by Gummug
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I had heard they were talking about bulldozing large areas of Detroit, but didn't have the money to do it.

I don't doubt it if they can't fight crime or even run the traffic lights, what can they do? I wouldn't expect them to put out fires or bring an ambulance in a timely fashion either. Every government-provided service is going to be degraded if it exists at all.

What makes this so ridiculous is as Schiff said, President Obama promised that he wouldn't let Detroit go bankrupt. One year later Detroit is bankrupt. And is he going to bail the city out now? He'd only need $20 billion. That's less money than the automaker bailouts, but of course Detroit is just a city, the automakers are corporations.

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I don't doubt it if they can't fight crime or even run the traffic lights, what can they do? I wouldn't expect them to put out fires or bring an ambulance in a timely fashion either. Every government-provided service is going to be degraded if it exists at all.

What makes this so ridiculous is as Schiff said, President Obama promised that he wouldn't let Detroit go bankrupt. One year later Detroit is bankrupt. And is he going to bail the city out now? He'd only need $20 billion. That's less money than the automaker bailouts, but of course Detroit is just a city, the automakers are corporations.

Apparently, "too big to fail" doesn't apply to major American cities. I wonder what happens when the city in question is Chicago or L.A.? I'm still wondering what will replace this current financial system. The current one is toast.
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Apparently, "too big to fail" doesn't apply to major American cities. I wonder what happens when the city in question is Chicago or L.A.? I'm still wondering what will replace this current financial system. The current one is toast.

If Chicago needed a bailout I wouldn't bet against Obama giving one, the tool.

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Good point, AT. Any way you slice the pie it looks like Detroit is just a big money sinkhole. As an aside, I hadn't watched this Peter Schiff that much before. Thanks for introducing him (to me at least), I think I'm going to have to start watching him!

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Good point, AT. Any way you slice the pie it looks like Detroit is just a big money sinkhole. As an aside, I hadn't watched this Peter Schiff that much before. Thanks for introducing him (to me at least), I think I'm going to have to start watching him!

If my Econ professors were half as knowledgeable as Peter Schiff I probably would have majored in it. What other CEO imparts more information than this guy? Not sure if you're a Youtube member but his Youtube channel is worth subscribing to.

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I am a YouTube member, I may look into this. Thanks again.

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The US isn't bankrupt because it has the magic printing press that Detroit does not. That said, the country's economic health is hardly hanging tough when we start seeing how we measure up.

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