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Thread: State Laying Groundwork for Managed Bankruptcy in Detroit

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    State Laying Groundwork for Managed Bankruptcy in Detroit

    State laying groundwork for managed bankruptcy for Detroit | The Detroit News | detroitnews.com

    Even as the state Treasury prepares to begin another financial review of Detroit's books, a plan is being solidified in the governor's office that would guide Michigan's largest city through what is being called a managed bankruptcy.

    The working concept, still evolving, assumes that the state's financial review would find severe financial distress in Detroit, that Mayor Dave Bing and City Council would be unable to push through overdue restructuring, and that the process would culminate in appointment of an emergency financial manager under Public Act 72.
    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.

    "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.
    conservatives love this type of news.

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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.
    If that's true, then it's fortunate there's a Republican majority in their congress. Perhaps there is hope...
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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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.
    Because it's the only way you liberals will pay attention. Sad thing is that even then a lot of you don't. You all think that only if I was in charge would things be different..


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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.
    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.

    "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 madman View Post
    conservatives love this type of news.
    You mean libtards not being able to live within their means?

    Guilty.
    "When the people find they can vote themselves money, that will herald the end of the republic." -- Benjamin Franklin

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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    I live near Stockton, Ca one of the biggest current bankruptcies. It's a scam, the bankruptcy, to me. Nothing changes for the union contracts, the retirement benefits are protected 100%, and so the only losers are those who leant the city money for physical projects like water lines, sewer lines and " buildings" which can't even be taken in any sense. Why any person would buy a "muni" bond today is beyond me. Stockton granted any employee with 30 days service LIFE TIME health insurance. And they will get to keep it even after the BK. city councils ... Best thing a union boss can buy!

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    Re: State Laying Groundwork for Managed Bankruptcy in Detroit

    As a former resident of the city Im not sure if this will make much difference, as Im not entirely convinced Detroit can be redeemed.

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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.
    And when conservatives policies fail, you never hear a peep.

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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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