STOCK MARKET WATCH -- Friday, 6 December 2013

[Demeter]

18. New report exposes lies used to justify Detroit bankruptcy By Thomas Gaist

http://www.wsws.org/en/articles/2013/11/22/detr-n22.html



A report issued Wednesday by the New York City-based liberal think tank Demos is a devastating refutation of the arguments used by Emergency Manager Kevyn Orr to throw the city of Detroit into bankruptcy.

The Demos report charges that the financial numbers used by Orr and other advocates of bankruptcy were grossly inflated, and that the real causes of Detroit’s cash flow shortfall were parasitic loans and other financial schemes pushed on the city by the banks and other powerful creditors.

Data assembled in the report adds to the already overwhelming evidence that the city of Detroit’s July 19 Chapter 9 bankruptcy filing was not driven by economic necessity but by political considerations...

AND YET, THE JUDGE BOUGHT THE GOP ARGUMENT...OR MAYBE THE GOP BOUGHT THE JUDGE...