The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

City of Detroit Retirees
– LOOK OUT!!

Oct 13, 2014

Frighteningly, Crain’s reports that the Detroit DDA is about to enter into a complex financing gamble called “interest rate swaps.

Crain’s explains, “When they backfire, the results can be calamitous: The city of Detroit’s bankruptcy filing was, in part, because of interest-rate swaps in the mid-2000s that turned sour for the city.”

This deal is a repeat of the financial speculation that set up the bankruptcy Detroit is going through now!