Article

2009-10-26 Economy

Detroit house auction flops for urban wasteland

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Posted by Steve White 2009-10-26 00:00|| || Front Page|| [6 views ] Top

#1 The coming grand show (read nationwide) writ small: Local gummint sez your lot is worth X (assessment) You can't sell it for a fraction of X and you can't pay the taxes on X. Gummint ~~gets~~ seizes the property, which is now really worth less than squat. They offer to sell it for a stupidly large amount of "back taxes" (an imaginary number) or to the highest bidder. Turns out there are no bidders, or none high enough on bad drugs, to bid. On to the "land bank" where the worthless property is touted as "potentially valuable." Please donna busta you gut laughin...

Posted by M. Murcek">M. Murcek 2009-10-26 00:17|| 2009-10-26 00:17|| Front Page Top

#2 PAKISTANI DEFENCE FORUM/PKPOLITICS > MARKET WATCH > DEATH OF THE "SOUL OF CAPITALISM": TWENTY REASON WHY CAPITALISM IS DEATH/AMER HAS LOST ITS SOUL AND [US, Western Nation-Econ-Society] COLLAPSE IS INEVITABLE.

Gaaawd, its too early after lunch to remember News' long titles.

Posted by Josephmendiola">Josephmendiola 2009-10-26 00:45|| na]">[na] 2009-10-26 00:45|| Front Page Top

#3 Capitalism works just fine. It's the "modifications" that the DemoPublican Party (see The Third Wave has made over the years that have gotten us to the brink...

Posted by M. Murcek">M. Murcek 2009-10-26 01:24|| 2009-10-26 01:24|| Front Page Top

#4 Oops, open paren error... (see The Third Wave)

Posted by M. Murcek">M. Murcek 2009-10-26 01:26|| 2009-10-26 01:26|| Front Page Top

#5 detroit shows that labor unions plus racial politics can not only destroy govt honesty but can also destroy entire cities

Posted by lord garth 2009-10-26 05:07|| 2009-10-26 05:07|| Front Page Top

#6 These bozos need to erase the back taxes.

Posted by Zhang Fei 2009-10-26 08:12|| http://timurileng.blogspot.com]">[http://timurileng.blogspot.com] 2009-10-26 08:12|| Front Page Top

#7 .. and intractable problems for the urban poor.

Adding substance to the adage - the more you subsidize something, the more you get. Remember the scene just days ago where people in Detroit were lined up for 'free' money?

It's been estimated that over 7 trillion dollars has been spent since Lydon Johnson's War on Poverty was launched in the 60s to address poverty in America. It's been as effective as the TARP and Obama Stim Package in solving their respective declared problems which is minimal to none. Human free will undermines the best laid plans of the 'best and brightest'. Punishing the productive and rewarding the non-productive doesn't work well in the end for the majority.

Posted by Procopius2k 2009-10-26 08:17|| 2009-10-26 08:17|| Front Page Top

#8 P2K, during the Congressional debates on welfare reform in the early '90s, one of the Demo congress critters complained that welfare needs to be expanded not reduced. His reasoning? The poor had expanded from 9% in 1964 to 20% in 1994(?)! The poor shlub never realized he was making the argument for the reduction!

Posted by AlmostAnonymous5839">AlmostAnonymous5839 2009-10-26 09:11|| 2009-10-26 09:11|| Front Page Top

#9 ..The 'back taxes' shtick is actually an acknowledgement that there is no more money to be extorted from the locals or the state (the other 95% of the state of Michigan literally HATES Detroit, and whatever you do don't bring the matter up with someone from the UP), and that the local government is SO toxic that not even the Feds are going to bail them out.

Detroit is like a junkie who hasn't quite hit bottom yet, except their drug of choice is money. And like a junkie, they will do anything to keep the drugs going.

And never, ever forget what a junkie will do when they're backed into a corner.

Mike

Posted by Mike Kozlowski 2009-10-26 10:19|| 2009-10-26 10:19|| Front Page Top

#10 Might be better to bulldoze the city and ~~rebuild anew~~ return it to agricultural usage.

fixed it for you.

Posted by Jish Speaking for Boskone5552 2009-10-26 13:36|| 2009-10-26 13:36|| Front Page Top

#11 Detroit's a natural choke-point on the Lakes. It has some potential as a port. In the distant future, when the remnants of the current wreck subside into picturesque ruins.

Posted by Mitch H.">Mitch H. 2009-10-26 14:07|| http://blogfonte.blogspot.com/]">[http://blogfonte.blogspot.com/] 2009-10-26 14:07|| Front Page Top

#12 "Wallace, 27, said he did not want to leave his fiancee and two children with a mortgage before shipping out to Iraq later this year. 'I still have student loans and I'm trying to be responsible.'"

Responsible? By leaving them in Detroit?

Are you insane?

Posted by Barbara Skolaut">Barbara Skolaut 2009-10-26 19:21|| 2009-10-26 19:21|| Front Page Top

#13 Responsible, for Detroit, Barbara.

Posted by ed 2009-10-26 19:24|| 2009-10-26 19:24|| Front Page Top

#14 I saw where Detroit is encouraging the film industry to come to Detroit to make films.

I guess they must need some war scenes or post-apocalyptic scenes.

Posted by JohnQC 2009-10-26 19:34|| 2009-10-26 19:34|| Front Page Top

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