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Thread: State Laying Groundwork for Managed Bankruptcy in Detroit

  1. #11
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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    I just hope that the New Black Panthers don't follow through on their threat to "burn the city down" if the city files bankruptcy.

    That could cause hundreds of dollars worth of damage.
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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    Quote Originally Posted by madman View Post
    conservatives love this type of news.
    I'm not throwing a party, here. But EFMs have been employed across the state and many of the cities to which they've been assigned are shifting out of EFM control after reigning in serious budget deficits/debt issues. Others are slowly inching toward those goals.

    Michigan Policy Network - Emergency Managers in Pontiac

    State treasury: Flint emergency financial manager still needed | MLive.com

    http://downriversundaytimes.com/2012...park-efm-plan/

    Hearing set for Benton Harbor financial proposal

    ...among others.
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    Quote Originally Posted by madman View Post
    And when conservatives policies fail, you never hear a peep.
    The mainstream media doesn't trumpet conservative policy failures? Which planet is that on?

    "The urge to save humanity is almost always a false front for the urge to rule." --HL Mencken

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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    Quote Originally Posted by LowDown View Post
    State laying groundwork for managed bankruptcy for Detroit | The Detroit News | detroitnews.com



    This is what one might call "end stage blue governance", which we see being manifested all over the country, but especially in California. There's nobody who can bail Detroit out, too much debt is involved and there's no political support for it.

    Under this law the mayor and city council will literally be stripped of their authority, and the city will be run by the state government. The city is about a month away from running out of cash, and at that point an emergency financial manager will be appointed.

    The mayor and city council for their part remain in denial. They have made no moves to avert the crisis at all, waiting like children for the grown ups to show up apparently.
    What do you mean "especially in California"? California voters have figured out the perfect solution: Raise taxes yet again. Now that voters have approved the governor's request for more taxes, everything will be all better and the state will once again be solvent....


    for a little while, anyway.
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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    Quote Originally Posted by madman View Post
    And when conservatives policies fail, you never hear a peep.
    When did that ever happen?
    "We the people are the rightful masters of both Congress & the courts, not to overthrow the Constitution, but overthrow the men who pervert the Constitution."
    - Abraham Lincoln

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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    Quote Originally Posted by LowDown View Post
    Love reading stories about how Democrats are running once vital cities into the ground? No, I don't like reading about such things, but the people should be warned.
    Yeah...it was Democrats that ruined the rust belt and Detroit...not the "creative destruction" of Capitalism.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    Quote Originally Posted by Diogenes View Post
    When did that ever happen?

    Orange County, CA, 1994


    The county is famous for its tourism, as the home of such attractions as Disneyland and Knott's Berry Farm, as well as several beaches along its more than 40 miles (64 km) of coastline. It is known for its affluence and political conservatism – a 2005 academic study listed three Orange County cities as being among America's 25 "most conservative," making it one of two counties in the country containing more than one such city (Maricopa County, Arizona also has three cities on the list).
    Orange County was at the time the largest US county to have gone bankrupt, when in 1994 longtime treasurer Robert Citron's investment strategies left the county with inadequate capital to allow for any raise in interest rates for its trading positions.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    Quote Originally Posted by iliveonramen View Post
    Yeah...it was Democrats that ruined the rust belt and Detroit...not the "creative destruction" of Capitalism.
    More like customers who don't want to pay higher prices for poor quality.

    But let me guess: You blame management because they couldn't figure out how to keep prices down and quality up with expensive union labor.

    "The urge to save humanity is almost always a false front for the urge to rule." --HL Mencken

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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    Quote Originally Posted by LowDown View Post
    More like customers who don't want to pay higher prices for poor quality.

    But let me guess: You blame management because they couldn't figure out how to keep prices down and quality up with expensive union labor.
    Prices of GM products were always pretty competitive. Design was the problem.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    Quote Originally Posted by Dittohead not! View Post
    "...when in 1994 longtime treasurer Robert Citron's investment strategies left the county with inadequate capital to allow for any raise in interest rates for its trading positions..."

    Is that the only one you could find? No wonder I haven't heard of any lately. At any rate, conservative areas don't seem to be at the same level of risk for bankruptcy as liberal areas.
    "We the people are the rightful masters of both Congress & the courts, not to overthrow the Constitution, but overthrow the men who pervert the Constitution."
    - Abraham Lincoln

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