Saturday, July 20, 2013

Detroit Is Not Fucked

The GTO was the ultimate Detroit muscle-car. GM had banned sponsored racing, so John deLorean focused on a V8 street monster with a 389 cubic inch displacement to compete with Ford's Mustang. GM's production leader saw 'the Goat' as a loss and never allowed more than 5000 manufactured per year. Narrow-minded decision such as this doomed GM and the downfall of GM, Ford, and Chrysler in the 70s doomed Detroit. Whites fled the city after the 1967 Uprising and the population steadily feel from 1.8 million to 700,000. The loss of tax base burdened Detroit with increasing debts and whole neighborhoods were abandoned by the remaining inhabitants. This week Detroit filed for bankruptcy citing $18 billion in longtime commitments to pensions and salaries as a major cause of the default. The governor has suggested that the city sell off its assets such as the art at the Museum to pay creditors. Chrysties's auction house had expressed interest in the collection which includes Bruegel, Caravaggio, Rembrandt and van Gogh. Some art dealers assess the worth at $2 billion. Not enough to wipe out the debt, but the rich don't care about Detroit. They only want more and the GOP governor said the move towards bankruptcy would reverse decades of decay. This is not about paying pensioners or employees. This is about paying off the banks. Better for Detroit to write off its debt and tell the investors to go fuck themselves. "We're broke." Tough luck for the banks, for fucking the banks means that Detroit is not fucked. Only starting anew. "Little GTO you really turn me on."

No comments: