I grew up in Detroit, and even though I haven't lived there since I was 18, I'm still a Michigander at heart.
I'm also a (retired) bankruptcy attorney.
You can probably tell where this is going.
I own a Detroit municipal bond. It's a sewer bond, which means that the interest payments are funded by revenue from Detroit's municipal sewer system. (A sewer system that, in my youth, served me well.)
I inherited the bond from my father when he died in 2006.
Although I knew about Detroit's financial problems, I've hung onto my Detroit muni. It was a little part of Detroit. It was from Dad. And, to be sure, it was paying 5.5 percent, an interest rate that was hard to beat.
Even so, it was an investment decision made more with my heart than with my head.
I've held my Detroit muni through countless news stories about the city's dire financial situation, mismanagement and shrinking foot print, and despite many magazine articles and books about Motown's decline, all accompanied by haunting photos of devastated neighborhoods that I remember as thriving when I was a kid.
People are usually surprised when I tell them that 1960s Detroit was a great place to grow up. I remember it as a lovely Midwestern city, a patchwork of pleasant tree-filled neighborhoods, with the auto industry at its heart. Middle class Jews, we lived in a safe, quiet community where I attended a more than adequate (and mostly integrated) public school. After school, I happily roamed the neighborhood with my pals.
Then things began to deteriorate and my family became part of the White Flight to the suburbs. After that, we rarely went into the city. When we did drive downtown, to go to a restaurant or visit the Detroit Institute of Arts, we routinely ran red lights, especially after dark. You'd pause to check for oncoming traffic, then zip right through. Better to take the chance of being stopped by a cop than, while waiting for the light to change, of having your window smashed, being pulled from your car and robbed.
I don't regret leaving, but, even though I've lived on the east coast for years, I still love Detroit. When Mitt Romney made that infamous remark about Michigan trees being "the right height," most folks responded with some version of "What an idiot!" But the Michiganders I know nodded with recognition.
It's probably the only thing Mitt Romney has ever said that I agree with.
Although I enjoy the foliage of the Philadelphia suburb where I've settled, the trees of the Detroit metropolitan area do look "right" to me. The landscape of your childhood stays etched in your brain, familiar and beloved. The tall trees that lined the flat street I grew up on will always remain, to me, what trees are "supposed to" look like.
Detroit will always be part of who I am.
My father purchased this $15,000 municipal bond in 2001. I'm sure it seemed like a terrific idea at the time. Municipalities rarely file for bankruptcy. Dad, a psychoanalyst who began life as a house painter's son, probably felt good about investing in his hometown. And, of course, there was that very attractive interest rate.
When I heard about Detroit's bankruptcy filing, I thought "Oh no!" imagining the impact on the folks who now live in the neighborhood where I grew up.
My next thought was of my Detroit muni, now circling the drain. (Ironic, given that it's a sewer bond.)
The day after the filing, as the lawyers got down to wrangling about who would get what, I looked into unloading my Detroit Muni. If I cashed it in, I was told, I could get $8,000.
Even though my years of experience both as a bankruptcy attorney and a risk-averse investor screamed "take the money!" I found myself saying "No, thanks."
I can't give up on Detroit. I'd rather hope, against long odds, for a successful comeback. Growing up, I was a diehard Tigers fan. Believing in the underdog was a way of life.
I may no longer live there, but I'm still rooting for my old home town.
(This essay originally appeared in Womens Voices For Change.)
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.