Saturday Night Movie Open Thread

Once the most prosperous city in America. With a booming manufacturing sector and cultural magnetism, the city had bright horizons after World War II. But as the 1960′s rolled in, the marriage of Big Business and Big Government overtook Detroit. The central planners in government needed the powerful corporations, and the powerful corporations came to depend on the bureaucracy, too. The marriage worked well for the politicians and for their corporate cronies, but Detroit itself entered a decades-long decline. America watched as Detroit slowly bled people, jobs and revenue. Politicians tried spending money. They tried raising taxes. The more they taxed and spent, the faster the city declined.
Detroit still had its “Big Three” auto manufacturers, until two of its crown jewels, General Motors and Chrysler, imploded in 2008 under the weight of reckless and subsidized mismanagement.

Instead of allowing market forces to rebuild Detroit and the auto industry, the United States handed billions of dollars to General Motors and Chrysler.

Five years later, the city of Detroit is bankrupt and almost $20 billion dollars in debt. Meanwhile, General Motors has a cash balance of over $20 billion, still owes the taxpayers over $10 billion dollars that outgoing CEO Dan Akerson said will not be paid, and the company continues to benefit from an unprecedented $18 billion tax gift from the bankruptcy.

Why is General Motors walking away with billions while Detroit dies?

How did so much money change hands between the world’s most powerful corporate leaders and government officials while delivering on so little of the promise sold to America by central planners? Bankrupt: How Cronyism & Corruption Took Down Detroit answers this question, and many others. Complete with the candid analysis of pundits, journalists, analysts and government officials, sourcing of historical news and government archives, and on-scene interviews with everyday Detroiters, Bankrupt sheds light on what happened to Detroit, and who is to blame.

And most importantly, it asks “What is next for the Motor City?”

I am posting this without watching it first. I make no endorsement of the contents.

Watch at your own risk.

About Myiq2xu

I was born and raised in a different country - America. I don't know what this place is.
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13 Responses to Saturday Night Movie Open Thread

  1. helenk3 says:

    I just read yesterday that now Toyota is the number 1 automobile manufacturer in the world and Chrysler is now owned by an Italian company. so much for the bailout money

  2. helenk3 says:

    just watched this movie on Netflix the other night.
    the courage and bravery of this lady is amazing.

  3. helenk3 says:

    one of my favorite movies of all time is

  4. The Klown says:
  5. DandyTIger says:

    Between Detroit and Obamacare, no wonder most Americans (and even most Dems) say the greatest threat to the US is big government.

    • DeniseVB says:

      I keep wondering about the Dems, don’t Obama’s bumbling policies affect them too? I’m thinking back at Bush days when all he had to do was wake up in the morning to tick them off 😉

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