The managed bankruptcy of GM and Chrysler: A model for the assault on Detroit - World Socialist Web Site
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The managed bankruptcy of GM and Chrysler: A model for the assault on Detroit
By Jerry White
19 March 2013
With Michigan governor Rick Snyder’s appointment of a financial manager in Detroit, the working class in the city is about to be subjected to a financial dictatorship modeled on the savage wage and benefit cuts imposed by the Obama administration during its forced bankruptcy and restructuring of General Motors and Chrysler in 2009. Like the auto workers, the city’s public sector workers and residents will be forced to sacrifice their jobs, pensions and the needs of their families to pay for a financial crisis they did not create.