Detroit bankrupcy, makes you think.
19 July 2013, 04:23 PM
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Detroit bankrupcy, makes you think.
1. Public sector pensions unsustainable.
2. Property price madness (check rightmove Detroit)
3. Terrible leadership by public officials, and there's nothing you can do
4. Could it happen here?
5. Who takes the 18bn hit?
6. Where is there thats safe to put your money?
2. Property price madness (check rightmove Detroit)
3. Terrible leadership by public officials, and there's nothing you can do
4. Could it happen here?
5. Who takes the 18bn hit?
6. Where is there thats safe to put your money?
19 July 2013, 04:54 PM
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19 July 2013, 05:00 PM
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Re 4. Are we still borrowing more than we are paying back? I believe our debt is still rising, so yes I think it could happen here, some say it will happen here. I don't understand or know enough to say either way, but I understand that if you keep borrowing money, at some point you have to pay it back, and if interest rates rise, we are pretty much down the river without a paddle.
19 July 2013, 08:21 PM
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Re 4. Are we still borrowing more than we are paying back? I believe our debt is still rising, so yes I think it could happen here, some say it will happen here. I don't understand or know enough to say either way, but I understand that if you keep borrowing money, at some point you have to pay it back, and if interest rates rise, we are pretty much down the river without a paddle.
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19 July 2013, 09:58 PM
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Re 4. Are we still borrowing more than we are paying back? I believe our debt is still rising, so yes I think it could happen here, some say it will happen here. I don't understand or know enough to say either way, but I understand that if you keep borrowing money, at some point you have to pay it back, and if interest rates rise, we are pretty much down the river without a paddle.
19 July 2013, 10:13 PM
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It's only a matter of time then, rather than if. I watched a rather long and drawn out thing on the interweb the other week saying that when the bubble does burst, the government will nationalise our pensions to get their hands on our money, and there will be sweet fa you can do about it?
19 July 2013, 10:45 PM
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BUT is their going to be a recovery for Detroit? The US aren't exactly great at looking after ruined cities, New Orleans being one example and that's before it was destroyed by the hurricane.
Detroit's been screwed ever since the motor industry died there so what is there to bring it back from the dead? The US will just continue to let it rot.
19 July 2013, 11:55 PM
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2. You can't get any tenants
3. It gets ransacked by gangs
4. You have to pay the highest local taxes in the us
5. You can't sell it as its in a 88% black area, where crime is rife, and there's no jobs.
6. You learn the whole street is empty of residents
7. So you have a property worth zero, that you can't sell or rent out, but still have to pay 2.5k per annum local property taxes, in an area where crime is rife.
(Google Detroit property as an investment, lots of stories like this)
20 July 2013, 07:20 AM
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1. You buy the house
2. You can't get any tenants
3. It gets ransacked by gangs
4. You have to pay the highest local taxes in the us
5. You can't sell it as its in a 88% black area, where crime is rife, and there's no jobs.
6. You learn the whole street is empty of residents
7. So you have a property worth zero, that you can't sell or rent out, but still have to pay 2.5k per annum local property taxes, in an area where crime is rife.
(Google Detroit property as an investment, lots of stories like this)
2. You can't get any tenants
3. It gets ransacked by gangs
4. You have to pay the highest local taxes in the us
5. You can't sell it as its in a 88% black area, where crime is rife, and there's no jobs.
6. You learn the whole street is empty of residents
7. So you have a property worth zero, that you can't sell or rent out, but still have to pay 2.5k per annum local property taxes, in an area where crime is rife.
(Google Detroit property as an investment, lots of stories like this)
If they were worth having they would already have been snapped up.
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