Days after Detroit declared bankruptcy..

[dabuffguy]

Corvettes are made in Bowling Green, Kentucky, and Mustangs in Flat Rock, Michigan.

That's the assembly plants.

The design work is done at the main headquarters (Dearborn, I think)

But still it's called the Detroit 3 (Ford, Chevy and Dodge)

You and your technical poop. I'm not imprezzed.

 

[canadianhitman]

Interesting argument.

Free market for locating teams?

The NHL doesn't like it when teams leave an established market, and you would need permission from the league to relocate of course....but the league isn't going to force a team to play in a crumbling facility in a city that isn't willing to work with the team to replace it for very long.

 

[billfred]

If the city doesn't pony up the cash, the Wings move to another city that will (and there would be a list of them that would).

Which is probably what should happen.

 

[TableFun]

True that. Fuck Detroit

 

[redsamurai]

If the city doesn't pony up the cash, the Wings move to another city that will (and there would be a list of them that would).

The NHL wouldn't allow them to leave Detroit unless this drags on for a decade. Detroit is not a small market ngr.

 

[redsamurai]

Wasting taxpayer dollars on stadiums for billionaires is no better or no worse than wasting the same dollars on labor unions and unsustainable benefits programs.

I wish the government would get out of all of it. Otherwise, we're stuck trying to argue which "investments" are more noble than others.

It's like trying to argue that a turd has a clean side. No. No it doesn't. It's a turd through-and-through.

We're talkinga bout people's pensions, we're talking about basic fire and police service's. This isn't even about the unions.

 

[-SD-]

We're talkinga bout people's pensions, we're talking about basic fire and police service's. This isn't even about the unions.

Pensions are unions. I guess they can lose their pensions like the rest of America

 

[redsamurai]

Pensions are unions. I guess they can lose their pensions like the rest of America

Not if there's 500m to refurbish an arena that really doesn't absolutely need it. People's pensions are the last thing on the chopping block. If there's 500m for a stadium there's enough money to cover people's pensions.

 

[gjohnson5]

What is the percentage of the population that can afford RedWing tickets? They were talking about building a stadium in New Orleans just before they drafted Drew Brees and Reggie Bush. Turns out a new place wasnt needed

Sent from my SCH-I545 using EliteFitness

 

[mrplunkey]

Not if there's 500m to refurbish an arena that really doesn't absolutely need it. People's pensions are the last thing on the chopping block. If there's 500m for a stadium there's enough money to cover people's pensions.

Well first let's look at the pensions:

Those were antiquated defined benefit plans -- not defined contribution ones. The private sector realized these plans are unsustainable over 25 years ago.

The benefits were artificially set high by using fraudulent accounting and calculation caveats (like getting a promotion one year before retirement, working 60 hour weeks and then setting that salary as your base for pension payments).

The city knew for decades that the funds were failing. But instead of shoring them up, politicians picked the corpse clean and left the the pension bill rocketing upward.

Now Let's look at the Stadium:

----- Copy and Paste ----

The arena will be paid for with a $450 million bond issue that will be repaid over the next 30 years. Taxpayers will be paying almost two-thirds of the cost of the arena — $283 million — and private developers will cover the rest. Including interest, it’s projected that there will be a total of $444 million in taxpayer funds spent on the project.

Additionally, the developer has committed to spending another $200 million to build retail, office, residential and hotel space as part of the project. The construction is expected to create about 8,000 construction jobs with work due to start next year.

---- End Copy and Paste ----

So the city isn't just handing-out the cash -- it's making a low-cost bond issue. They'll get the cash back and in the process, draw-in $140M of private cash on the stadium and another $200M of all-private cash to be spent on the surrounding area.

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So which is the clean end of the turd?