OT: Detroit files for bankruptcy

[DylanSensFan]

The reason our economic models don't work is because we live in a socialist state rather than a capitalist one. Everyone hates on "rich" people but they fail to realize that it's the rich that invest their money and create jobs that the "poor" ultimately take. If you don't like it, become an entrepreneur. Trouble is, it's harder than it looks.

Either way, I think the demise of Detroit can be largely attributed to the Unions. Their demands made auto workers overpaid vs. the market and ultimately drove away all their manufacturing jobs.

At the end of the day, whenever **** hits the fan, you can be sure that Unions and the Gov't are not far behind.

You think it is socialism that is the problem? We saw "pure capitalism" at work with regards to the mortgage crisis in the US. We saw people trading into something that was non existent. The autoworkers were trying to earn a living while there was continuous inflation, and costs were continually going up and up. You see the problem is, the rich want to be richer... GREED is ultimately what drives them. If we want to talk hockey, we could use Alfredsson as an example... or Yashin or any of the other greedy buggers in sports or not. Bernie Madoff shows you how crooked investment is. If those who created the jobs truly cared about the people they were employing, then they would pay them what they need to earn to make a living.

This is like the Billionares in the NHL having a pissing match with the millionares that people go to watch play hockey.

 

[GoAwayDanCleary]

Leaves high income luxury neighborhood to raise family in city that went from over 2m people to 700k. A city where they only have enough drivers for 1/3 their ambulances and they dont even put out fires, just keep it from spreading from one desolate building to the next. I cant see why you wouldnt want to expose your kids to the extreme crime and absolute poverty.

There are plenty of high-income neighborhoods near Detroit including some of the highest in the US like Birmingham. A lot of the Wings players live in or around Novi which is another good suburb.

 

[Nabokov20]

You think it is socialism that is the problem? We saw "pure capitalism" at work with regards to the mortgage crisis in the US. We saw people trading into something that was non existent. The autoworkers were trying to earn a living while there was continuous inflation, and costs were continually going up and up. You see the problem is, the rich want to be richer... GREED is ultimately what drives them. If we want to talk hockey, we could use Alfredsson as an example... or Yashin or any of the other greedy buggers in sports or not. Bernie Madoff shows you how crooked investment is. If those who created the jobs truly cared about the people they were employing, then they would pay them what they need to earn to make a living.

This is like the Billionares in the NHL having a pissing match with the millionares that people go to watch play hockey.

I beg to differ. Freddie Mac and Fannie Mae ('Murica's version of the CMHC) securitized billions worth of subprime mortgages that buyers entered with the false notion that they'd be able to flip in a couple years and make a tidy profit. The Gov't helped create the bubble that ultimately burst in 2008. This was/is socialism through and through. And for the record, the Ben Bernanke is doing it all over to the tune of $85 billion a MONTH. Don't believe me, look the SnP 500 index from 1975 to now. 2000, 2008, 201X...

Greed drives everyone.

 

[StayThirstyMyFriend]

I beg to differ. Freddie Mac and Fannie Mae ('Murica's version of the CMHC) securitized billions worth of subprime mortgages that buyers entered with the false notion that they'd be able to flip in a couple years and make a tidy profit. The Gov't helped create the bubble that ultimately burst in 2008. This was/is socialism through and through. And for the record, the Ben Bernanke is doing it all over to the tune of $85 billion a MONTH. Don't believe me, look the SnP 500 index from 1975 to now. 2000, 2008, 201X...

Greed drives everyone.

Wait, you're saying that the banking de-regulation that led to that mess was socialist driven? REALLY? The de-regulation that allowed a lot of people to make a ton of money upfront with these unsustainable mortgages was purely capitalist driven. I can assure you that the motivating factor wasn't founded in equality and that everyone should be entitled to own a home.

 

[Nabokov20]

Wait, you're saying that the banking de-regulation that led to that mess was socialist driven? REALLY? The de-regulation that allowed a lot of people to make a ton of money upfront with these unsustainable mortgages was purely capitalist driven. I can assure you that the motivating factor wasn't founded in equality and that everyone should be entitled to own a home.

The only reason the banks allowed these risky "home" buyers to leverage themselves up was because Freddie Mac and Fannie Mae backed each and everyone one of them; therefore, the Gov't created the bubble by artificially inflating the market with the notion that everyone could/should be a homeowner. The risks were transferred from the banks' balance sheets to the taxpayer. Privatized profits and socialized losses sure doesn't sound like capitalism to me.

 

[Stylizer1]

The only reason the banks allowed these risky "home" buyers to leverage themselves up was because Freddie Mac and Fannie Mae backed each and everyone one of them; therefore, the Gov't created the bubble by artificially inflating the market with the notion that everyone could/should be a homeowner. The risks were transferred from the banks' balance sheets to the taxpayer. Privatized profits and socialized losses sure doesn't sound like capitalism to me.

Bush and Socialism are synonymous?

 

[DylanSensFan]

The only reason the banks allowed these risky "home" buyers to leverage themselves up was because Freddie Mac and Fannie Mae backed each and everyone one of them; therefore, the Gov't created the bubble by artificially inflating the market with the notion that everyone could/should be a homeowner. The risks were transferred from the banks' balance sheets to the taxpayer. Privatized profits and socialized losses sure doesn't sound like capitalism to me.

How about the bailout afterwards? Now that was pure socialism. The people bailing out the rich. There should have been a lot more banks fail and a lot more crooks on wallstreet go to jail. You talk about car unions being a problem. At least they get up off their arses to try and make a living.

 

[FunkySeeFunkyDoo]

How about the bailout afterwards? Now that was pure socialism. The people bailing out the rich. There should have been a lot more banks fail and a lot more crooks on wallstreet go to jail. You talk about car unions being a problem. At least they get up off their arses to try and make a living.

Most hardcore conservatives (ie capitalists) were against the bailouts.

 

[DylanSensFan]

Most hardcore conservatives (ie capitalists) were against the bailouts.

I think most tax payers were against the bailouts, on either side. Who wants to foot the bill while some billionare gets a multi-million or billion dollar bonus for basically screwing up. Most normal people get fired for their jobs over much smaller screw ups then that. Pure BS. Detroit needs to start working on tourism, clean up their lake and use it, etc etc etc.

 

[Nabokov20]

http://fullcomment.nationalpost.com/2013/07/26/charles-krauthammer-how-socialism-killed-detroit/

 

[BankStreetParade]

http://fullcomment.nationalpost.com/2013/07/26/charles-krauthammer-how-socialism-killed-detroit/

The sad part is how close Ontario is to being in the same situation.

 

[Do Make Say Think]

http://fullcomment.nationalpost.com/2013/07/26/charles-krauthammer-how-socialism-killed-detroit/

Krauthammer is a complete idiot

It isn't socialism that killed Detroit

It's bad management: bad management doesn't care if your liberal or conservative, it only cares if your stupid