So I guess my question, along with everybody else's is: Can the city of Detroit return to prosperity? Or at least mediocrity?
Am I born, raised and living in Detroit? No, I'm not. So I wouldn't exactly qualify as the city spokesperson. However, I was raised nearby and during my lifetime, it's never been considered the safest place on Earth. But it's still sad.
For an idea of sad, look at these still shots of the incredible architectural work that once blanketed the city or check out these interactive photos which literally fill the old, a picture speaks a thousand words, saying. Yeah, well these speak ten thousand. (Little hint, move your cursor from right to left on the interactive photos).
Even though I wasn't around when it was one of the prosperous, cash-printing cities in America, the beautiful architecture and landmarks tells the story of what it used to be like. Driving through the city these days is depressing, to be frank, but shows glimmers of why this city was great at one time.While there is crime, poverty and political issues littering the city, there are a lot of good people as well. You know the grade school adage, it only takes one kid to ruin it for the whole class? Well, it's a similar situation in Detroit. A few bad eggs spoiled the bunch. For the most part, there are great people and excellent human beings in the city and its surrounding areas. After all, it's not their fault per se, that the city is in turmoil. What difference do they know? So my question will remain: Will the city get back on its feet after filing bankruptcy? In all honestly, only time will tell. There's no other real answer. The city still has plenty of underlying issues to juggle and finding investors is not going to be easy. Although it's also not impossible. Dan Gilbert, the founder and chairman of Quicken Loans and owner of the National Basketball Association's Cleveland Cavaliers, is considered the largest landowner of Detroit properties -- aside from the city itself.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV