The Detroit bankruptcy is likely to mean a big hit for people's pensions. Think about that: people have worked all their lives and now you tell them the terms just changed, and at precisely the part of their lives when they will find it hard to replace the lost income.
Today's panelists are WAMC’s Alan Chartock and WAMC newsman Ray Graf and special guest - Professor Christine Chung, co-director of the joint Albany Law School / University at Albany Institute for Financial Market Regulation. Joe Donahue moderates.
Topics include: Detroit's Bankruptcy Other recent notable bankruptcies Upstate New York municipalities' economic straits
Back in his broken hometown, Pulitzer Prize–winning journalist Charlie LeDuff searches through the ruins for clues to its fate, his family’s, and his own in his new book Detroit: An American Autopsy.
If Detroit is America’s vanguard in good times and bad, then here is the only place to turn for guid¬ance in our troubled era. While redemption is thin on the ground in this ghost of a city, Detroit: An American Autopsy is no hopeless parable. LeDuff shares an unbelievable story of a hard town in a rough time filled with some of the strangest and strongest people our country has to offer. Detroit is a dark comedy of the absurdity of American life in the twenty-first century, a deeply human drama of colossal greed and endurance, ignorance and courage.
Once America's capitalist dream town, Detroit is one of our country's greatest urban failures, having fallen the longest and the farthest. But the city's worst crisis yet has managed to do the unthinkable: turn the end of days into something of a laboratory for the future. Urban planners, land speculators, and utopian environmentalists have been drawn to Detroit's decaying, nothing-left-to-lose frontier.