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Detroit is Not Broke!

By   Follow Me on Twitter     Message Scott Baker       (Page 10 of 10 pages) Become a premium member to see this article and all articles as one long page.     Permalink    (# of views)   7 comments, 3 series

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Few articles address the fact that Detroit is surrounded by some of the richest counties in America, though former Labor Secretary Robert Reich did address this.   Are some of those residents holders of Detroit bonds?   Of Detroit land (for future development once they clear away those pesky poor people)?   Follow the money...

The "Money" is not at all convinced that Detroit is toast.   Several prominent speculators are already salivating over opportunities in a city designed to hold 2 million that currently holds 700,000.   See here:

John Battelle (Twitter, @johnbattelle), Founder, Executive Chairman and CEO of Federated Media, and also Founder of OpenCo (hosting a Detroit startup event on September 11), believes that the spirit of the community will lead people to rally and become better.

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I believe Detroit is a shining example of how the people and innovative companies of a city are routing around bureaucracy and old thinking to re-imagine what can happen when a community pulls together around shared values.

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Bankruptcy Creates Certainty

Peter Allen , Founder and President of Peter Allen and Associates, an expert in the Ann Arbor, Michigan property market and adjunct University of Michigan faculty member, believes that the bankruptcy will restore a sense of certainty to the Detroit real estate market after years of uncertainty. "Uncertainty is bad for real estate with its long term investment horizon," Allen said. "Banks and investors need to see 3-5 years out with reliability."

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In fact, Allen is bullish on Detroit right now despite the bankruptcy filing. "Now is a better time to invest in Detroit than two days ago. And it was a fantastic investment time even then." So, people who are paid to know, argue that there is value in Detroit, even now.  

Who are we to argue?

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opednews.com

Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)
 

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Detroit is Not Broke!