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TrueTiger
North Texas Fan
Chicken's most valuable
Member since Sep 2004
15302 posts
Online

Detroit shakes up muni-bond fundamentals

quote:

Emergency Manager Kevyn Orr’s plan to suspend payments on $2 billion of Detroit’s debt threatens a basic tenet of the $3.7 trillion municipal market: that states and cities will raise taxes as high as needed to avoid default.


Ruh-Rho

What if there is no one left to tax?


Detroit recovery plan threatens Muni-Market Underpinnings


wegotdatwood
Member since Aug 2009
17094 posts

re: Detroit shakes up muni-bond fundamentals
I don't know why anyone would live there.


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Zach
LSU Fan
Member since May 2005
70673 posts

re: Detroit shakes up muni-bond fundamentals
On Coast to Coast radio this morning I heard an interview with Les Gold, the star of Hardcore Pawn, located in Detroit.

Les said that Detroit has become a major destination for tourists.

Really?

Image: http://i.cdn.turner.com/trutv/trutv.com/graphics/shows/hardcore-pawn/sub/bio-les-gold.jpg


wegotdatwood
Member since Aug 2009
17094 posts

re: Detroit shakes up muni-bond fundamentals
What do they have there?


TrueTiger
North Texas Fan
Chicken's most valuable
Member since Sep 2004
15302 posts
Online

re: Detroit shakes up muni-bond fundamentals
quote:

What do they have there?


Ancient ruins?


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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
32135 posts

re: Detroit shakes up muni-bond fundamentals
quote:

What do they have there?


Guns, hookers and blow.


ThaBigFella
LSU Fan
baton rouge
Member since Apr 2006
2043 posts

re: Detroit shakes up muni-bond fundamentals
lots of empty factories,poor black people and sub $50,000 homes to see.

Eh Miguel Cabrera is on the brink of back to back triple crowns and calvin johnson is fun to watch



cjared036
Alabama Fan
Houston, tx
Member since Dec 2009
7681 posts

re: Detroit shakes up muni-bond fundamentals
Detroit is fascinating. I remember going to a Detroit tigers game and while they have an amazing stadium it was wild to look into downtown and know that half of the buildings there were completely vacant.


dewster
Vanderbilt Fan
Pittsburgh
Member since Aug 2006
10134 posts

re: Detroit shakes up muni-bond fundamentals
People are leaving some pretty amazing architecture behind.

It's sad and shocking to see.


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skidry
LSU Fan
Member since Jul 2009
985 posts

re: Detroit shakes up muni-bond fundamentals
A very serious consequence to this, IMO, is if local governments lose their ability (our it becomes too costly) to borrow money because of a trend like this, a HUGE amount of power will again be shifted upward toward Washington because that will be the only source of long term funding. That is very bad.


Fat Bastard
LA-Lafayette Fan
Paradise
Member since Mar 2009
18929 posts

re: Detroit shakes up muni-bond fundamentals
armpit of america.


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evil cockroach
LSU Fan
27.98N // 86.92E
Member since Nov 2007
5126 posts

re: Detroit shakes up muni-bond fundamentals
quote:

A very serious consequence to this, IMO, is if local governments lose their ability (our it becomes too costly) to borrow money because of a trend like this, a HUGE amount of power will again be shifted upward toward Washington because that will be the only source of long term funding. That is very bad.
yep, Washington can print money to pay the bills, Detroit cannot


RollTide4Ever
Alabama Fan
Nashville
Member since Nov 2006
10030 posts

re: Detroit shakes up muni-bond fundamentals
There's a new sheriff in town, and he's even talking about cutting property taxes. He.Gets.It.

Decades from now, Detroit will be robust once again. There is some nice housing stock on the cheap, and it's geography is in a prime location.


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battscave
LSU Fan
Member since Apr 2013
253 posts

re: Detroit shakes up muni-bond fundamentals
quote:

Detroit has become a major destination for tourists.
Everybody wants to see the biggest toilet in the world.


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