that process that i just described really has just happened in michigan. a city that may be more notable these days for what it s lost than what it still has. the detroit lions used the play in the silverdome arena. they left. the gm truck factory left. gm used make the car called pontiac. that s gone. the city is so broke that three years ago the state of michigan appointed an emergency manager with nearly unilateral authority to run the town. the los angeles times at the time suggested thinking of him as something as on unelected king. after a few months on the job that unelected king decided to sell the biggest asset. the silverdome. he decided to sell it in 2009 in the middle of the worst down swing of the great recession. when the emergency manager proposed auctions it off, the
the gm truck factory in town left. gm used to make the car called pontiac here, but that s gone, too. the factory and the whole brand. the city of pontiac, michigan, is so down on its luck that three years ago the state of michigan appointed an emergency manager with nearly unilateral authority to run the town. the los angeles times at the time suggested thinking of him as an unelected king. after a few months on the job that unelected king decided to sell the biggest asset. he currently owned pontiac silverdome. he decided to sell it in 2009 in the middle of the worst down swing of the great recession. when the emergency manager proposed auctioning off this asset, the city council said, are you crazy? you re going to try to sell this thing in this economy. it s the worst possible time to sell. they voted against it unanimously. in michigan, once the state takes over your city with the emergency management, the elected officials have no power