It has been said “What is good for General Motors is good for America” – Chairman and CEO, Charlie Wilson, 1955. Today this could be, what is true for General Motors is true for America.
One bankruptcy expert called GM’s 40-day case the fastest ever for a company of its size. Spurred on by the Obama administration’s support, the bankruptcy process was two day’s faster than crosstown rival Chrysler Group 42-day time frame.
So what do 40 days in bankruptcy mean?
40 has always been a number of trial and rebirth. Even pregnancy is 40 weeks to birth. While some babies are ready to come out at 40 weeks pregnant, others prefer to stay in until 42 weeks pregnant. So it was for so many desert experiences that shaped history – Moses — Noah – Israel – and other desperate situations.
So does the 40 days stand alone, and the lesson is GM’s alone or she but a foretaste of the way ahead for the country she represents? Does she like the Phoenix arise reborn or does she merely point the road for all the arrogant capitalism, she stood for.
The two bankrupt autos are but the two witnesses to the road ahead for this country. Is praying for “God’s Bailout” going to rescue “Motor City.”
Once the wealthiest city in America, known as the “arsenal of democracy,” Detroit was the fourth largest city in the U.S. in the 1960’s with a population of two million…….
The following are 25 facts about the fall of Detroit…
- The following are 25 facts about the fall of Detroit that will leave you shaking your head…
- At this point, the city of Detroit owes money to more than 100,000 creditors.
- Detroit is facing $20 billion in debt and unfunded liabilities. That breaks down to more than $25,000 per resident.
- Back in 1960, the city of Detroit actually had the highest per-capita income in the entire nation.
- In 1950, there were about 296,000 manufacturing jobs in Detroit. Today, there are less than 27,000.
- Between December 2000 and December 2010, 48 percent of the manufacturing jobs in the state of Michigan were lost.
- There are lots of houses available for sale in Detroit right now for $500 or less.
- At this point, there are approximately 78,000 abandoned homes in the city.
- About one-third of Detroit’s 140 square miles is either vacant or derelict.
- An astounding 47 percent of the residents of the city of Detroit are functionally illiterate.
- Less than half of the residents of Detroit over the age of 16 are working at this point.
- If you can believe it, 60 percent of all children in the city of Detroit are living in poverty.
- Detroit was once the fourth-largest city in the United States, but over the past 60 years the population of Detroit has fallen by 63 percent.
- The city of Detroit is now very heavily dependent on the tax revenue it pulls in from the casinos in the city. Right now, Detroit is bringing in about 11 million dollars a month in tax revenue from the casinos.
- There are 70 “Superfund” hazardous waste sites in Detroit.
- 40 percent of the street lights do not work.
- Only about a third of the ambulances are running.
- Some ambulances in the city of Detroit have been used for so long that they have more than 250,000 miles on them.
- Two-thirds of the parks in the city of Detroit have been permanently closed down since 2008.
- The size of the police force in Detroit has been cut by about 40 percent over the past decade.
- When you call the police in Detroit, it takes them an average of 58 minutes to respond.
- Due to budget cutbacks, most police stations in Detroit are now closed to the public for 16 hours a day.
- The violent crime rate in Detroit is five times higher than the national average.
- The murder rate in Detroit is 11 times higher than it is in New York City.
- Today, police solve less than 10 percent of the crimes that are committed in Detroit.
- Crime has gotten so bad in Detroit that even the police are telling people to “enter Detroit at your own risk“.
- It is easy to point fingers and mock Detroit, but the truth is that the rest of America is going down the exact same path that Detroit has gone down.
- Detroit just got there first. All over this country, there are hundreds of state and local governments that are also on the verge of financial ruin…