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Obama Begins Bailout Of Detroit With $100 Million

From the Associated Press:

Ahead of talks, feds find $100M for broke Detroit

By COREY WILLIAMS | September 27, 2013

DETROIT (AP) — The federal fingerprint in efforts to fix Detroit is growing larger as the Obama administration has found millions of dollars in grant money to help the bankrupt city hire more police and firefighters, and clear out blighted neighborhoods.

So while we are being distracted by the Obama-Care debate, and Syria, the federal taxpayer bailout of Detroit begins. In fact, it’s probably been underway for some time. And this is just the first time we are being told about it. But you can be damn sure this $100 million of taxpayer dollars is only the beginning.

But considering the Motor City is at least $18 billion in debt, it will take a far larger infusion of cash or historic deals with bond holders, insurance companies and other creditors to correct the problem.

Baby steps. Baby steps. Rome wasn’t burned in a day.Still, we thought Obama saved Detroit? Why do they need any kind of a bailout?

By the way, "Historic deals with bond holders" means that the poor slobs who were foolish enough to invest their heard earned savings in Detroit are going to take a massive haircut. After all, we can’t cut government union employee’s lavish benefits or pensions.

Four high-ranking White House officials will discuss federal efforts and other opportunities Friday during a closed-door meeting at Wayne State University with Gov. Rick Snyder, state-appointed emergency manager Kevyn Orr, Mayor Dave Bing and community and business leaders.

The federal money being directed Detroit’s way by the U.S. government totals more than $100 million and will be augmented with about $200 million more in resources from foundations and Detroit businesses, but it falls far short of a the wider bailout some in the city had sought…

Gene Sperling, chief economic adviser to President Barack Obama, said the administration scrounged through the federal budget and found untapped money that "either had not flowed or had not gotten out or not directed to the top priorities for Detroit."

So where exactly is this money coming from? Obama’s stash?

Sperling and three other top Obama aides — U.S. Attorney General Eric Holder, Transportation Secretary Anthony Foxx and HUD Secretary Shaun Donovan — will meet with state and local officials Friday.

Well, Holder has to protect ‘his people.’

The Obama administration repeatedly had signaled it would not offer a massive federal bailout like the one credited with helping rescue Chrysler and General Motors.

You mean the Obama administration lied?

"There is not going to be a bailout," Democratic U.S. Sen. Carl Levin told The Associated Press on Wednesday. "We have enough problems with the federal deficit. We need to be creative and look at existing programs. There are still some funds there."…

Isn’t it amazing how the Democrats can always find a few hundred million when they want to?

This article was posted by Steve Gilbert on Friday, September 27th, 2013. Comments are currently closed.

13 Responses to “Obama Begins Bailout Of Detroit With $100 Million”

  1. I hope this story gets posted in every classroom across the country, so all those kids whose field trip to the White House that got canceled due to pres. Dumbo wanting to punish the american people because he didn’t get his way on spending, can learn what a complete liar he is.

    This punk president’s arrogance will be his downfall. Pride before the fall. The reckoning will be so delicious.

  2. Astravogel

    $300 Million would rent a lot of bulldozers and debris removal trucks.

  3. Why are we spending money on Detroit? Who cares about Detroit? Even people who LIVE in Detroit don’t care about Detroit. Let the Democrats in Detroit preside over the controlled downsizing of Detroit without giving them a dime of our money. Like my father used to say… If you can’t afford it, you don’t need it.We can’t afford Detroit.
    It’s time for those lifesaving liberal policies to get them out of the hole they have dug for themselves, and leave the rest of us OUT OF IT.

    I can dream can’t I?

  4. So .. the message is, if your municipality is well run, a balanced budget and free of collusion with political forces that drive out jobs and taxes you … get nunya. Zip. Squat. De Nada.

    If you run your municipality into the ground from sweetheart deals with economic dead weight and sweetheart deals Washington will step in and bail you out with MY EFFING MONEY.

    The key component here is you have to screw the pooch so hard it dies.

    Hell of a lesson for future city managers.

  5. mr_bill

    Remember when New Orleans was so “blighted” that Mother Nature tried to erase it from the face of the earth? Then we spent billions rebuilding it and giving tens of thousands to its “residents.” We rebuilt their houses, infrastructure, buildings, schools, fire stations, businesses, etc. Untold billions were funneled into the city. Now, just a few years after, the city is just as “blighted” as it was before the hurricaine, maybe moreso. There are some problems money cannot fix. The root of Detroit’s problems is not its finances.

    • Correctamundo.

      And I note that the two places in our slice of Western civilization where voodoo and other satanic practices are either accepted or celebrated are New Orleans and Haiti.

      Nature tried to erase New Orleans and then struck Haiti soon after. Did anyone make the connection? Nope. They’re right back at it.

    • OH….and Detroit has ‘Devil’s Night’.

    • You’d have to know what I know about Boulder, CO and the Front Range but it has more covens and witches (not making this up) than anywhere else but New Orleans or the Bay area. That whole area which just got devastated is worse than Berkley By The Mountains. And what have they experienced lately? A beetle infestation which is killing all the forests. Massive forest fires. Epic floods and a catastrophe of STDs which is totally unreported. Amongst other things .. again, I wonder if they’ll ever catch on ..

    • You can’t open the eyes of those who refuse to see. 2 Corinthians 4:3-4

  6. yadayada

    So where exactly is this money coming from? Obama’s stash?

    “The federal money …will be augmented with about $200 million more in resources from foundations and Detroit businesses…”

    and maybe elsewhere.

    English to Chinese
    Detroit = 底特律

    now chevys and dodges will be chinese

  7. canary

    “…Obama administration has found millions of dollars in grant money to help the bankrupt city hire more police and firefighters, and clear out blighted neighborhoods.”

    O administration found 100 million in grant money to hire police and firefighters to clear out blighted diseased neighborhoods?

    This may be a Marshall Law test run since we know who the blighted are in the neighborhoods.

  8. canary

    It wasn’t til the end I recognized the mysterious driver.

    Chrysler Eminem Super Bowl Commercial – Imported From Detroit
    http://www.youtube.com/watch?v=SKL254Y_jtc

    Beats the ad that keeps you guessing about the black car roaming empty streets of Detroit and you are waiting for a body to get thrown out to the curb. It could have been a GM but it had the black fist too.


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