Big names campaign in Michigan, Detroit clears a bankruptcy court hurdle and GM global sales shine
This Week in Review, Jack Lessenberry and Rina Miller discuss big name politicians stopping in Michigan to campaign for local candidates, the latest development in Detroit’s bankruptcy trial, and GM’s record global sales despite a dismal week on Wall Street.
Some big guns have been stopping by Michigan recently to support their parties and rally voters.
Former Florida Governor Jeb Bush campaigned for Republican candidates across the state this week, while former Secretary of State Hillary Clinton also made a Michigan stop to get out the vote for Democratic candidates.
Clinton and Bush are the latest in a list of high profile politicians lending their support to Michigan candidates. First Lady Michelle Obama and former GOP presidential candidate Mitt Romney have also dropped in, and President Barack Obama will be here at the end of the month.
But do these visits really make a difference? Lessenberry thinks so, but maybe not how you’d think.
“What happens is that it stirs up the faithful, it reminds them to get out there and vote, and it has some effect on fundraising,” he said.
Detroit bankruptcy trial
Detroit cleared a major hurdle in the city’s bankruptcy trial Thursday when it reached a settlement with bond insurer Financial Guaranty.
The company was Detroit’s last major holdout creditor in bankruptcy court.
The deal allows Financial Guaranty to redevelop the current site of the Joe Louis Arena which is set for demolition and keeps the Detroit Institute of Arts’ collection safe from liquidation.
Lessenberry said the deal will be a good thing for the city.
“It increases the odds that Federal Bankruptcy Judge Steven Rhodes will approve the city’s application for bankruptcy, maybe with an adjustment here or there, and the city will have a chance to start over,” he said.
GM on Thursday announcedits highest third quarter global revenues since 1980.
The good news came the same day the DOW took a 450 point nosedive during an already dreary week on Wall Street.
Lessenberry said North America and China are largely behind the record breaking numbers.
“I don’t think any of us old timers would’ve ever imagined a day when Buick sold more cars in China than America, but that’s what’s happening,” Lessenberry said.
– Rebecca Kruth, Michigan Radio Newsroom