Lew quashes thoughts of Detroit bailout


"Detroit’s economic problems have been a long time in developing. We stand with Detroit trying to work through how it approaches these issues… I think Detroit’s going to have to work with its creditors on this." - Treasury Secretary Jacob Lew, on ABC’s This Week

SC Sen. Lindsey Graham has tweeted against a federal bailout. And on Thursday, Texas Sen. John Cornyn filed an amendment that would ban the federal government from bailing out financially troubled cities. Meanwhile, the AFL-CIO has called for the federal government to infuse Motown with cash.

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Detroit carmakers: F, GM, FIATY.PK

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Comments (8)
  • Thud
    , contributor
    Comments (272) | Send Message
     
    Lew to Detroit: Drop Dead!
    Shades of Gerald Ford/NYC.
    28 Jul 2013, 02:58 PM Reply Like
  • wyostocks
    , contributor
    Comments (9114) | Send Message
     
    Chicago is next.
    28 Jul 2013, 03:03 PM Reply Like
  • rubber duck
    , contributor
    Comments (194) | Send Message
     
    Not a chance. Chicago has a much bigger and diversified tax base than Detroit had.
    28 Jul 2013, 04:22 PM Reply Like
  • Tdot
    , contributor
    Comments (8704) | Send Message
     
    Be interesting to see if those trade unions, which re-elected the Clown In Chief, have any real influence over The Regime, or if they wasted all that money they collected as membership dues and distributed to their favorite pro-union politicians.
    28 Jul 2013, 05:00 PM Reply Like
  • SoldHigh
    , contributor
    Comments (991) | Send Message
     
    Get the BK over with so the people can see what happens when they are bribed with their own money. The people need to understand how this plays out as well - the results of bribes and mismanagement.

     

    Economically-illiterate, ignorant fools elect politicians who make such promises.
    28 Jul 2013, 07:26 PM Reply Like
  • Tdot
    , contributor
    Comments (8704) | Send Message
     
    The consensus seems to be that the Detroit Bankruptcy case could last more than a year, unlike the "quick rinse" pre-packaged federally-sponsored bankruptcies of GM and Chrysler. And the lawsuits from the aggrieved parties, like union pensions and such, could go on for years after that.
    28 Jul 2013, 07:51 PM Reply Like
  • Hubert Biagi
    , contributor
    Comments (847) | Send Message
     
    The civil rights movement has mayored Detroit for the last 40 years, where are they now?
    28 Jul 2013, 10:33 PM Reply Like
  • Chudnoff
    , contributor
    Comments (9) | Send Message
     
    Not too surprising to see the Afl-CIO call for the fed to continue paying the absurd and unaffordable pension plans that helped sink Detroit. Garbage collectors, meter readers, office workers etc should retire at 50 and the rest of the country should pay them up to 80% of there salary. I guess working 40 hour weeks in the winter and 35 hours because there air conditioned offices are too warm in the summer is so demanding. The rest of America should not bail out sloth like government workers in Detroit, New York, Chicago etc. Retire at 65 like the rest of us and try to be somewhat productive.
    29 Jul 2013, 09:16 AM Reply Like
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