Re: Packard plant update

Posted by Tim Cole On 2014/10/22 19:35:31

I think the key phrase in the newspaper article is:

"Dozens of smaller businesses worked out of part of the plant until the late '90s. Then the city foreclosed on the property and the facility began to be torn apart by scrappers and vandals."

This seems to be the way Americans operate. Banks for example, don't work with owners of distressed loans to mitigate losses because their "professional" personnel are lazy and would rather write off assets to the detriment of the borrower and lender alike. In return they receive huge bonuses for rotten performance. The government in Michigan would rather create a giant slum full of welfare and drugs than reward people who work and pay taxes with reasonable loss control.