Bud Denker of Bloomfield Hills is senior vice president of Penske Corporation and executive vice president of Penske Automotive Group and Penske Performance. Denker joined the Penske enterprise after many years with several Fortune 100 companies including Eastman Kodak Company where he served as vice president of brand and marketing development. Since 2006, he has served as chairman of the Detroit Belle Isle Grand Prix and is also active in many Detroit-based organizations including the Downtown Detroit Partnership and The Parade Company.
Have you ever heard of the old expression, “like placing a diamond on a goats ass” ? Billionaire moochers and looters with their bought off politicians enabling taxpayer funded Flavian Amphitheaters are a good definition of it.
When the Lions and Tigers stadium deal was struck, one newspaper headline headline joyfully proclaimed a “Detroit comeback.” William Clay Ford, Jr., the Lions’ vice chairman, said that being “an integral part of Detroit’s renaissance is an absolute honor of the highest degree.”
And, a short 14 years later, Detroit files for Chapter 9 protection. Brilliant propaganda espoused by, Mr. Bill One playoff win in 56 years Ford Jr., yes?
Yes, I know the convenient dodge from those who would prefer to avoid the obvious parallels between running an automaker into the ground and running a municipal government into the ground: government is not a business.
Wrong. Both succeed and fail on the strength (or weakness) of managing reality, dollars and cents, not some mythical ideal that exists only in gauzy memory or an eighth-grade civics class. Neither business nor government can allow expenses to consistently outstrip revenue for too long, cannot charge customers or taxpayers more and deliver less, without inviting serious existential consequences.
So many things wrong with the above paragraphs.
Starting with the most fundamental flaw: business adds value by producing something (a product or service) and creates wealth, government can only take wealth (through the force of law) from one group of people and give it to another, adding no value and creating no wealth.
Cronyism, corruption, bailouts, favored status, confiscation through eminent domain, picking winners and losers. Sound familiar?
This documentary premiered yesterday in Washington DC, and offers some historic perspective to the decline of Detroit.
Perhaps even, an explanation (a warning) of what is to come next, as long as we allow our governments to engage in corporatism; a way in which our taxpayers dollars are funneled into the pockets of special interests and how corruption has abused Detroit, providing little benefit to those paying the bills. At one point Thomas LaDuke makes a great point about not questioning “people’s heart or motives,” but his frustration of how city residents don’t actually see how the city has been run.
Obama Approval ratings in Senate Battleground States (this is the YEARLY average, the President’s current numbers are actually lower in EACH of these states).
New Hampshire: 44.6%
North Carolina: 43%
South Dakota: 31.7%
West Virginia: 25.1%
The current numbers may be lower, but I see one particular thing that makes sense.
You have to love Michigan’s push for medicaid expansion, and ceding to the Obamacare plan along side other progressive Obama ‘likes’ such as common core, A21, and transportation schemes. The highest appreciation for Obama, coming from the state that is controlled by Republicans.
Because Republicans manage those failed progressive schemes so much better than the Democrats.
“Decisions have consequences” as told in the newest movie by FTR productions & MrSmithMedia.
Rick snyder is about to give away $350 Million in taxpayer money to ‘save’ the DIA. Not because Michiganians around the state made the mistake of financial mismanagement, but because of continually unaddressed cronyism, criminality and fraud within Detroit, and its leadership.
The Documentary addresses Detroit, the auto bailouts, and the reasons things have gone terribly terribly wrong. It will offer a precautionary tale for those who might wish to follow Rick Snyder down the continual slippery sloped that is Detroit, Michigan.
It premiers next week in Washington DC, and then will be available on Youtube. Watch the teaser below!
By Michael Lafaive
The recent announcement that philanthropic foundations may donate $330 million to help the Detroit Institute of Arts, which would also help city pensioners avoid the consequences of Detroit government mismanagement, sounds like great news.
Unfortunately, there may be a hook: A requirement that the state treasury contribute, which would convert voluntary private generosity into a coerced taxpayer bailout.
A state bailout of Detroit is a terrible idea. It creates moral hazard and adds to the overly generous financial support the city has for years received from state taxpayers.