Detroit Files Largest Municipal Bankruptcy In History

Discussion in 'News / Current Events' started by Bro. Curtis, Jul 18, 2013.

  1. Bro. Curtis

    Bro. Curtis
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  2. preacher4truth

    preacher4truth
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    Music to BO's ears and to Islam.
     
  3. Bro. Curtis

    Bro. Curtis
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    It's ok, because team zero is going to save the day....well, maybe not...


    http://blogs.the-american-interest.com/wrm/2013/07/18/obama-to-detroit-drop-dead/

    Detroit, one of the 20th century’s great American cities, is now almost certain to stagger through the early 21st century in Chapter 9 bankruptcy. The WSJ reports that the chances of out-of-court settlement are scant. Emergency manager Kevyn Orr is unlikely to reach agreements with enough of Detroit’s bondholders and pension funds to restructure the city’s debt:

    Mr. Orr “has taken such a hard line with creditors that a bankruptcy filing is inevitable,” [research advisory director Matt] Fabian said. […]
    A “free fall” bankruptcy filing—one without a clear plan or much agreement beforehand with creditors—is a likely outcome.


    Buried in the middle of the report is a telling climax to this sorry tragedy:
    Any hope of a federal bailout to avert bankruptcy fizzled last week after Mr. Orr spoke with the White House, including Obama confidante Valerie Jarrett, according to city and White House officials.
     
  4. Bro. Curtis

    Bro. Curtis
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    ...This is where blue governance has brought Detroit in the end: not even a liberal Democratic administration will step in to save the pensions of thousands of public workers and African Americans, condemning countless innocents to having their pensions and health benefits gutted in bankruptcy court.
    Blue model defenders will point to the cruel exodus of General Motors, the unjust outsourcing of American manufacturing, and the general unfairness of life in the big city as the culprits in the slaying of Detroit. But these champions of the marginalized should keep a few facts in mind.
    Detroit has been spending on average $100 million more than it has taken in for each of the past five years. The city’s $11 billion in unsecured debt includes $6 billion in health and other retirement benefits and $3 billion in retiree pensions for its 20,000 city pensioners, who are slated to receive less than 10 percent of what they were promised. Between 2007 and 2011, an astounding 36 percent of residents lived below the poverty line. Last year, the FBI cited Detroit as having the highest violent crime rate for any major American city. In the first 12 years of the new century, Detroit lost more than 26 percent of its population.
    And now Detroit’s desperate request for a bailout has been turned down by the Obama White House.
    Progressive politicians, wonks, and activists can only blame big corporations and other liberal bogeymen for so long. The truth is that corrupt machine politics in a one-party system devoted to the blue social model wrecked an entire city and thousands of lives beyond repair. The sooner blues come to terms with this reality, the greater chance other cities will have of avoiding Detroit’s fate.



    From the above link.
     
  5. Bro. Curtis

    Bro. Curtis
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    And, just to make myself laugh, here's some hypocritical statements from a few of the perpetually offended libbies that said Romney was evil, for saying "...Let it (Detroit) go bankrupt"....
    BTW, this is taken off their twitter accounts, and is public info.


    Markos Moulitsas
    @markos
    Turns out the Detroit auto bailout worked, thousands of jobs were saved, and GOP sat in opposition. http://is.gd/JwSVtr
    2 YEARS AGO

    Brad Woodhouse
    @woodhouseb
    While Pres. Obama made tough and unpopular choice to help save auto industry, Republicans like Mitt Romney said "Let Detroit go Bankrupt"
    2 YEARS AGO

    Ben LaBolt
    @BenLaBolt
    Industry experts agree, if .@MittRomney were President there would be no American auto industry. He would let Detroit go bankrupt.
    2 YEARS AGO


    Brad Woodhouse
    @woodhouseb
    You opposed efforts to save the auto industry & said "let Detroit go bankrupt." You were kinda wrong, huh? #QuestionsMittHates
    2 YEARS AGO


    LOLGOP
    @LOLGOP
    Fun Facts: President Obama saved Detroit & millions of jobs, ended the Iraq War & raised taxes on the richest 5% to save American lives.
    2 YEARS AGO

    Jennifer Granholm
    @JenGranholm
    Chrysler announces jobs in #Detroit. Thankful @BarackObama didn't take Romney's advice to "Let Detroit go bankrupt" bit.ly/wOHWSR
    2 YEARS AGO


    OFA WI
    @OFA_WI
    Fact: thanks to @BarackObama’s leadership, Detroit added 100,000 jobs last year. #Obama2012 OFA.BO/gAJUgQ
    2 YEARS AGO


    D Wasserman Schultz
    @DWStweets
    Yes, it's #halftimeinAmerica, Detroit recovery brought to us by @BarackObama & @TheDemocrats. Second half is about to start! #Obama2012
    A YEAR AGO


    Krystal Ball
    @krystalball
    #fail RT @thinkprogress: Romney doubles down on "Let Detroit Go Bankrupt" thkpr.gs/AuRGlS
    A YEAR AGO


    Stephanie Cutter
    @stefcutter
    In MI, 63% of voters approve of auto bailout, including 61% of indies. Romney's "let detroit go bankrupt" has long term neg consequences
    A YEAR AGO


    ThinkProgress
    @thinkprogress
    Why we should be glad we didn’t "let Detroit go bankrupt" thkpr.gs/ykGSx4
    A YEAR AGO


    Stephanie Cutter
    @stefcutter
    What the people of Michigan really feel about Mitt's "let Detroit go bankrupt" stance on the auto industry: Watch: bit.ly/yBi2GE.
    A YEAR AGO

    D Wasserman Schultz
    @DWStweets
    In #MI, Romney had to double down on his incredibly out-of-touch position that we should have "let Detroit go bankrupt."
    A YEAR AGO


    Ed Schultz
    @edshow
    Chrysler has best month in 4 years. Good thing we didn't 'let Detroit go bankrupt' thinkprogress.org/economy/2012/0…
    A YEAR AGO


    LOLGOP
    @LOLGOP
    15%+. The unemployment rate if anyone had listened to Romney and Detroit had gone bankrupt.
    A YEAR AGO

    Barack Obama
    @BarackObama
    POTUS: “When the auto industry was on the brink of collapse and Gov. Romney said, ‘Let Detroit go bankrupt,' I said no.”
    A YEAR AGO


    Daily Kos
    @dailykos
    Mitt 'let Detroit go bankrupt' Romney attacks Obama for saving auto industry bit.ly/R5DIp8
    A YEAR AGO


    Jennifer Granholm
    @JenGranholm
    #InObamasAmerica Detroit didn't go bankrupt. Instead, 1.4 million jobs were saved.
    11 MONTHS AGO


    The Democrats
    @TheDemocrats
    "GM is alive and well and thriving today because @BarackObama stood up. Remember what Mitt Romney said? Let Detroit go bankrupt." #GOP2012
    11 MONTHS AGO

    OFA MI
    @OFA_MI
    .@Stabenow: "We wouldn't have a middle class if we didn't make things like we do here in Detroit. @BarackObama & @JoeBiden stood by us."
    11 MONTHS AGO


    OFA
    @OFA
    “When Detroit was in trouble, President Obama saved the auto industry, and saved a million jobs.”—Julian Castro
    11 MONTHS AGO


    OFA
    @OFA
    David Foster: “We don’t need a President who fires steelworkers or says, ‘Let Detroit go bankrupt.' We need @BarackObama.”
    11 MONTHS AGOhare on Facebook


    The Democrats
    @TheDemocrats
    Pres. Obama "made the tough calls and saved the American auto industry. Romney saw the same crisis and…said, 'Let Detroit go bankrupt.'"
    11 MONTHS AGOREPLYRETWEETFAVORITE


    The Democrats
    @TheDemocrats
    "I’ve met workers in Detroit & Toledo who feared they’d never build another American car. Today they can’t build them fast enough." #DNC2012
    11 MONTHS AGO

    OFA MI
    @OFA_MI
    "We refused to let Detroit go bankrupt. We bet on American workers...and that bet is paying off." - @BarackObama: OFA.BO/utGXx5

    http://storify.com/mamaswati/let-de...ack&utm_source=t.co&utm_medium=sfy.co-twitter
     
  6. Bro. Curtis

    Bro. Curtis
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    Reading through that list was making me laugh so hard I had a runny nose. That is some funny stuff.
     
  7. Jkdbuck76

    Jkdbuck76
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    I'm not shocked. Everyone I know from Detroit:

    1. Makes fun of it.
    2. Makes fun of its leaders.
     
  8. Salty

    Salty
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    I wonder what liberal college them mayor attended?
     
  9. church mouse guy

    church mouse guy
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    Houses are for sale in Detroit for less than a thousand dollars often. They are abandoned and on the city property tax rolls. I blame the United Auto Workers AFL-CIO for pricing themselves out of the market. There was a Chevy plant here in Indy that paid $30 an hour. It closed. Someone said that they would keep it open but could only pay $15 an hour and not so many benefits and vacation days. The UAW voted it down and shut the Chevy plant. Chrysler is gone from Indy as are Western Electric and RCA. Navistar, once called International Harvester, has mostly left Indy with just a few left here. We are no longer heavily industrialized in Central Indiana. A lot of railroading is gone, also. Northern Indiana does not resemble itself. A lot of people from Detroit moved here.

    50 years ago Detroit was very prosperous.
     
  10. Bob Alkire

    Bob Alkire
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    I believe Dave Bing went to Syracuse. Watch Out, don't you live near there? You could catch it.
     
  11. Bro. Curtis

    Bro. Curtis
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    A whacko judge has just ordered the bankruptcy be withdrawn, because it "dishonors Obama", or something.

    http://www.detroitnews.com/article/...Detroit-bankruptcy-withdrawn-Schuette-appeals

    ..Prior to her ruling on Friday, the judge criticized the Snyder administration and Attorney General’s Office over its hasty move to outflank pension board attorneys.

    “It’s cheating, sir, and it’s cheating good people who work,” the judge told assistant Attorney General Brian Devlin. “It’s also not honoring the (United States) president, who took (Detroit’s auto companies) out of bankruptcy.”

    Aquilina said she would make sure President Obama got a copy of her order.

    I know he’s watching this,” she said, predicting the president ultimately will have to do something to make sure existing city workers’ pension agreements are honored...



    I know he's watching this...shudder
     
  12. thisnumbersdisconnected

    thisnumbersdisconnected
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    ... on the Wayne County Circuit Court bench. A county level judge attempting to tell the city how to conduct business in federal court. That won't wash. No federal judge regardless of political stripe is going to let a county judge tell an affiant before the federal bench that he can't go before the federal bench.
     
  13. Salty

    Salty
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    In fact Bing was was the roommate of current coach Jim Boeheim
    and yes, I am nearby
     

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