Finding new and interesting stories for This Week in Financial Blunders has been a bit of a challenge over the past week or so. Why’s that? Well it’s because the only thing being covered on American news outlets has been the government shutdown, and rightfully so. It’s one of the biggest, if not the biggest, stories of the year and it has potential to affect the entire global economy. That’s why this week’s stories of monetary mishaps are all caused by the shutdown. The phrase “read ‘em and weep” has never rung so true.
Both recently did great pieces on Detroit’s recent economic growth and how business and the local creative community are gaining momentum in the city.
Here is a bit from the NY Times article:
These days the word “movement” is often heard to describe the influx of socially aware hipsters and artists now roaming the streets of Detroit. Not unlike Berlin, which was revitalized in the 1990s by young artists migrating there for the cheap studio space, Detroit may have this new generation of what city leaders are calling “creatives” to thank if it comes through its transition from a one-industry.
With these new residents have come the trappings of a thriving youth culture: trendy bars and restaurants that have brought pedestrians back to once-empty streets. Places like the Grand Trunk pub, Raw Cafe, Le Petit Zinc and Avalon Bakery mingle with shops with names like City Bird, Sole Sisters and the Bureau of Urban Living.EA
I grew up in Detroit and spent much of my youth downtown, so I’m excited to see these changes. After years of watching the city go in one direction (that would be down), it finally seems to have taken a new direction (that would be up). I lived near Wayne State (in what’s now called Midtown) for three years and I lived downtown for one year back in the 90s. There wasn’t much going on downtown back in those days. I’m glad to see things turning around. And I’m glad to be working for Quicken Loans (proud leading lender of home loans), a company playing a big part in the recovery. Here’s hoping for a better future for downtown Detroit – which will then spread out into the neighborhoods.
Read the full articles: Wall Street Journal Article – Detroit Dreams; New York Times article – The Young and Entrepreneurial Move to Downtown Detroit