ruminations about architecture and design

Friday, May 23, 2014

I'd buy that for a dollar

There's an idiotic news story out there about how JP Morgan is investing 100 million dollars in Detroit over a period of five years. This is being portrayed as a good thing, but it's actually quite pitiful. 20 million bucks a year doesn't buy very much, even in a depressed region. It could provided financing for a hundred new homes, or a thousand automobiles, or maybe ten crappy fast food franchises.

I do not know what type of investment would "save" Detroit, but JP Morgan is signalling that the city is not worth very much.

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