What happens when an iconic American city goes broke? At exactly 4:06 p.m. on July 18, 2013, the city of Detroit filed for bankruptcy. It was the largest municipal bankruptcy in American history—the Motor City had finally hit rock bottom. But what led to that fateful day, and how did the city survive the perilous months that followed? In Detroit Resurrected, Nathan Bomey delivers the inside story of the fight to save Detroit against impossible odds. Bomey, who covered the bankruptcy for the Detroit Free Press, provides a gripping account of the tremendous clash between lawyers, judges, bankers, union leaders, politicians, philanthropists, and the people of Detroit themselves. The battle to rescue this iconic city pulled together those who believed in its future—despite their differences. Help came in the form of Republican governor Rick Snyder, a technocrat who famously called himself “one tough nerd”; emergency manager Kevyn Orr, a sharp-shooting lawyer and “yellow-dog Democrat”; and judges Steven Rhodes and Gerald Rosen, the key architects of the grand bargain that would give the city a second chance at life. Detroit had a long way to go. Facing a legacy of broken promises, the city had to seek unprecedented sacrifices from retirees and union leaders, who fought for their pensions and benefits. It had to confront the consequences of years of municipal corruption while warding off Wall Street bond insurers who demanded their money back. And it had to consider liquidating the Detroit Institute of Arts, whose world-class collection became an object of desire for the city’s numerous creditors. In a tight, suspenseful narrative, Detroit Resurrected reveals the tricky path to rescuing the city from $18 billion in debt and giving new hope to its citizens. Based on hundreds of exclusive interviews, insider sources, and thousands of records, Detroit Resurrected gives a sweeping account of financial ruin, backroom intrigue, and political rebirth in the struggle to reinvent one of America’s iconic cities.
Michael Jackson, Detroit, and the Figural Economy of American Deindustrialization
Author: Judith Hamera
Publisher: Oxford University Press
How does structural economic change look and feel? How are such changes normalized? Who represents hope? Who are the cautionary tales? Unfinished Business argues that U.S. deindustrialization cannot be understood apart from issues of race, and specifically apart from images of, and works by and about African Americans that represent or resist normative or aberrant relationships to work and capital in transitional times. It insists that Michael Jackson's performances and coverage of his life, plays featuring Detroit, plans for the city's postindustrial revitalization, and Detroit installations The Heidelberg Project and Mobile Homestead have something valuable to teach us about three decades of structural economic transition in the U.S., particularly about the changing nature of work and capitalism between the mid 1980s and 2016. Jackson and Detroit offer examples of the racialization of deindustrialization, how it operates as a structure of feeling and as representations as well as a shift in the dominant mode of production, and how industrialization's successor mode, financialization, uses imagery both very similar to and very different from its predecessor.
This edited book examines why what happens in Detroit matters for other cities around the world. Bridging academic and non-academic voices, contributions from many of the leading scholars on Detroit are joined by some of the city’s most influential writers, planners, artists and activists.
A sharp examination of the looming financial catastrophe of retirement in America. As millions of Baby Boomers reach their golden years, the state of retirement in America is little short of a disaster. Nearly half the households with people aged 55 and older have no retirement savings at all. The real estate crash wiped out much of the home equity that millions were counting on to support their retirement. And the typical Social Security check covers less than 40% of pre-retirement wages—a number projected to drop to under 28% within two decades. Old-age poverty, a problem we thought was solved by the New Deal, is poised for a resurgence. With dramatic statistics and vivid portraits, acclaimed sociologist Katherine S. Newman shows that the American retirement crisis touches us all, cutting across class lines and generational divides. White-collar managers have seen retirement benefits vanish; Teamsters have had their pensions cut in half; bankrupt cities like Detroit have walked away from their commitments to municipal workers. And for Generation X, the prospects are even worse: a fifth of them expect to never be able to retire. Only the vaunted “one percent” can face retirement without fear. Other countries are confronting similar demographic challenges, yet they have not abandoned their social contract with seniors. Downhill From Here makes it clear that America, too, can—and must—do better.
The Erosion of Truth and the Inevitable Rise of Donald Trump
Author: Nathan Bomey
Publisher: Prometheus Books
Category: Social Science
This trenchant analysis examines the many ways our society's increasingly tenuous commitment to facts laid the groundwork for Donald Trump's rise to power. Award-winning journalist Nathan Bomey argues that Trump did not usher the post-truth era into being. He was its inevitable outcome. Bomey points to recent trends that have created the perfect seedbed for spin, distortion, deception, and bald-faced lies: shifting news habits, the rise of social media, the spread of entrenched ideologies, and the failure of schools to teach basic critical-thinking skills The evidence supporting the author's argument is all around us: On Facebook, we present images of our lives that ignore the truth and intentionally deceive our friends and family. We consume fake news stories online and carelessly circulate false rumors. In politics, we vote for leaders who leverage political narratives that favor ideology over science. And in our schools, we fail to teach students how to authenticate information. After the Fact explores how the convergence of technology, politics, and media has ushered in the misinformation age, sidelining the truth and threatening our core principle of community.