Barron’s, the New York City-based weekly financial publication, ran a cover story, “How to Fix Detroit,” in its March 17 issue. While reporter Jonathan R. Laing provides some cause for optimism, it seems that the victors are sharing the spoils.
As in most wars, destroying an enemy’s industrial base is a priority, and Detroit has been the target of international Communist forces for decades. Detroit is now likely the only major U.S. city that prominently displays what looks suspiciously like the symbol of Marxist revolt: a forearm and fist. (Detroit’s disclaimer is that the black fist is a tribute to the city’s hometown prizefighter Joe Louis.)
After fomenting havoc and division among the populace, political agitators unleashed the war on Detroit in the summer of 1967 in the form of the most deadly riot in U.S. history. These anarchists then presented themselves as the answer to the turmoil and eventually became like termites in a log cabin, devouring sustenance from the very structure that once supported a great city. The supposed benefactors of the coup, the African American population, now lives on as its victims.
Warren Buffett, who has a habit of supporting socialist causes and comrades, is quoted in the Barron’s piece as lauding a mere $20 million Goldman Sachs grant to promote entrepreneurship in Detroit. Buffett hails it as a sign that “the resources are here to have a great, great city.” But where were people like Buffett and the now the Chinese-affiliated Goldman Sachs when the city really was great? Where were they, and so many others like them, when contrived news and egregious publicity disparaged the city while latter-day union leaders recited Communist teachings? In fact, where are Buffett and Sachs now when the city’s bondholders stand to lose up to 80 percent of their investments?
The Barron’s article notes that Dan Gilbert, chairman of Quicken Loans, which relocated to Detroit four years ago, bemoans that he was outbid for real estate by a Chinese developer. That should come as no surprise. Much of Detroit’s financial and intellectual capital long ago found its way to backward Communist cities once devastated by Chairman Mao. China has now absconded with a surfeit of capitalist industrialism that shores up the “people’s revolution” and the lifestyles and world power of her leaders.
Gilbert’s Quicken Loans seems more like a branch office of former Congressional Black Caucus chief Mel Watt, a radical lawmaker who now effectively manages America’s mortgage industry. Obama chose Watt last year to head the federal agency regulating Fannie Mae and Freddie Mac, which together underwrite 90 percent of all new-home loans. Republicans tried valiantly to block Watt’s confirmation, but Democrats invoked the “nuclear option” to end filibuster.
Barron’s article dwells on a few real-estate deals in the city that have little meaning beyond feel-good reading. The reporter didn’t write anything about the thousands of small-business operators, in and around the city, who provided parts and services to the auto makers for decades and who were slowly dropped from purveyor lists. Many of these employees were highly skilled tradesmen who are no longer around to teach future generations about engineering, design, and manufacturing.
Laing’s article predictably cites the old canard about white flight having contributed to Detroit’s demise; in reality, it was Red flight: a city government led by the acerbic and Marxist-leaning Mayor Coleman Young had inculcated political and social acrimony. In Jarrett Skorup’s commentary, “Detroit: The Triumph of Progressive Public Policy,” from July 2009, he quotes Tom Bray, former Detroit News editorial page editor. “Detroit, remember, was going to be the ‘Model City’ of Lyndon Johnson’s ‘Great Society,’ the shining example of what the ‘fairness’ of the welfare state can produce. Billions of dollars later, Detroit instead has become the model of everything that can go wrong when you hook people on the idea of something for nothing: a once-middle class city of nearly two million that is now a poverty-stricken city of less than 900,000.”
The media have also ignored Ford Motor Company’s longtime association with socialists. The absence of reporting on this part of the company’s history was conspicuous when Ford was not forced to accept bailout funds and government control after installation of the Obama administration.
When Dwight Eisenhower left the White House in the late ‘50s, he warned in a speech of the dangers of a U.S. military-industrial complex. The real threat has been the establishment of the Marxist-industrial complex that we see taking vivid shape today.