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-- saying it was some drives America's economy just ran out of gas Detroit one time the hub of American auto manufacturing is now nearly twenty billion dollars in debt.
So what happened to the motor city and could more American cities follow in filing for bankruptcy mark ashes -- CEO of trans -- and a former advisor.
To the city of Detroit mark thanks a lot for coming on spent a lot of time advising.
-- municipal governments and how to be more efficient what's been very clear about what happened to Detroit how did they get to this stage -- -- -- declared bankruptcy this -- Sixty years.
-- it's -- sixty years of building to this moment it's.
It's one of those things when you're driving your car.
And you see the little yellow light come on and on the buzzer SARS to go off it's telling you something very curry got to do something -- is that -- Decades of mismanagement by the city Detroit is parked on the edge of the road because they didn't watch the yellow sign you could see this coming and they did not take action so now they're bankrupt you're hearing people say well you know obviously the industrial core collapsed people to camp for the suburbs they had horrible race riots in 1967.
Which would change demographics this city dramatically given all those factors do you think they could've avoided -- absolutely.
All those things are contributors -- when you can't move away from that stuff but there is a culture of corruption that exists in Detroit that they haven't dealt when -- give you one quick example.
In working with them last year we came across this one position in one particular agency.
Anywhere in America that person -- -- paid paid 80000 dollars a year now they're making 450000.
Dollars a year.
That culture of corruption is self inflicted wounds they have to -- -- that so this is a one party state to be totally clear right there's no political diversity of any kind of Detroit certainly in the city of Detroit that's a -- they haven't had a Republican -- fifty years.
-- -- -- Is this a trend other cities will follow do you think.
Well I think that the question is going to be to people look at their dashboard and I pay attention to what's coming at them and make changes it's it's very very sat on the heels of Independence Day.
That we now have one of the great American cities wholly dependent -- -- bankruptcy judge it's depressing depressing that I married a woman from Detroit it was a it was a great city.
-- cash thanks a lot for joining us to proceed for a -- -- -- thank you.
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