Editor's notes: the impact of the following lede is this: because of the short sightedness of Obama's forced GM bankruptcy, Detroit was left in the dust. Understand that when Obama was claiming victory for saving Detroit, last December (2012), that city's financial health had already gone the way of the wind. He looked the camera in the eye, declared victory, knowing that Detroit was about to take a fall. And if he did not know this, "feckless" needs to written in caps, as the first word of tribute to his presidential legacy. What an absolute joke of a leader.
Detroit’s bankruptcy filing is intertwined with the
problems that sent General Motors and Chrysler into their own bankruptcy
reorganizations, GM CEO Dan Akerson says. “It’s simply a matter of macro-economics. The (auto)
industry generally wasn’t doing well. Many jobs were lost as the result of the
restructuring, including our own [in Detroit] , and the tax base in large measure
evaporated,” he said in an interview at USA TODAY headquarters in McLean, Va.,
today.
The city’s filing has no immediate impact on
automakers “from a financial perspective,” Akerson said, but he said it will be
better for everyone if the bankruptcy process is expedited.
“The faster we get though this, and the quicker we
rebuild, the better for the city and the state and for our industry,” he said.
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