• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Emergency manager: Detroit won't pay $2.5B it owes

Eighty Deuce

Eighty Deuce

Banned
DP Veteran
Joined
Nov 8, 2010
Messages
3,747
Reaction score
1,260
Gender
Male
Political Leaning
Conservative
Detroit is defaulting.
(AP) Emergency manager: Detroit won't pay $2.5B it owes
By COREY WILLIAMS
Associated Press
ROMULUS, Mich.
Detroit's emergency manager says the city is defaulting on about $2.5 billion of debt. Kevyn Orr said Friday that Detroit is asking creditors to take about 10 cents on the dollar of what they're owed. Underfunded pension claims will get less.

Orr spent about two hours Friday morning with dozens of people representing banks, insurers and companies holding Detroit debt. He told reporters earlier at an airport hotel in Romulus he wants to fix fiscal problems that have made the city insolvent.

He has instituted a moratorium on all of Detroit's payments on unsecured debt, seeking forgiveness of millions of dollars owed by the city.

He also said $1.25 billion will be set aside over 10 years for public safety, lighting and neighborhood blight elimination. Emergency manager: Detroit won't pay $2.5B it owes
Click to expand...
So how about taking 10 cents on the dollar ? This is what is at the end of the liberal rainbow. Too many moochers. Not enough hosts.
 
LOL !!

Liberalism hard at work. Good luck ever selling another Munie Detroit.

I guarantee this soaking the creditors and bond holders precedent is coming to a City near you in California REAL SOON.

What a desperate bunch of low life incompetents
 
Eighty Deuce said:
Detroit is defaulting. So how about taking 10 cents on the dollar ? This is what is at the end of the liberal rainbow. Too many moochers. Not enough hosts.
Click to expand...

Detroit is but a microcosm of what the country will soon look like if we continue with Statist Big Goverment policies.
 
Yes yes...the city fathers are responsible for the decline of the US auto industry.

Scapegoating rather than understanding we have no industrial policy is the way of low intelligence conservatives.
 
Gimmesometruth said:
Yes yes...the city fathers are responsible for the decline of the US auto industry.

Scapegoating rather than understanding we have no industrial policy is the way of low intelligence conservatives.
Click to expand...

And the Unions that brought down the auto industry do not vote for the liberal candidates ?

Your comment reminds of of Mary Landrue. Yesterday. She got a bit caught-up referring to a "dumb" fence.

 
Eighty Deuce said:
Detroit is defaulting. So how about taking 10 cents on the dollar ? This is what is at the end of the liberal rainbow. Too many moochers. Not enough hosts.
Click to expand...


No one will believe you. They're way to interested in who's coming out gay next..

Tim-
 
If they are secured bonds, I would be go after the public library building as opposed to taking 10 cents on the dollar.
 
Eighty Deuce said:
And the Unions that brought down the auto industry do not vote for the liberal candidates ?
Click to expand...
False premise, the unions did not "bring down" the US auto industry, they make less than auto workers in Germany and less than US workers in foreign owned US auto plants.

Your comment reminds of of Mary Landrue. Yesterday. She got a bit caught-up referring to a "dumb" fence.
Click to expand...
I'm sorry...how do you spell her name? Dumb...indeed.
 
Gimmesometruth said:
Yes yes...the city fathers are responsible for the decline of the US auto industry.

Scapegoating rather than understanding we have no industrial policy is the way of low intelligence conservatives.
Click to expand...

Yeah right, the unions and the local politicos had nothing to do with the demise of the auto industry in Detroit :roll:. Sounds like the work of low intelligence liberals.
 
clownboy said:
Yeah right, the unions and the local politicos had nothing to do with the demise of the auto industry in Detroit :roll:. Sounds like the work of low information liberals.
Click to expand...
You know, using a worn out unrelated argument about "unions" to lambast the Detroit city govt is beyond weak. The US auto industry was only able in the last 20 years to finally start producing a product that could compete with govt subsidized imports. That failure to design a modern world vehicle was not the fault of unions.
 
Eighty Deuce said:
Detroit is defaulting. So how about taking 10 cents on the dollar ? This is what is at the end of the liberal rainbow. Too many moochers. Not enough hosts.
Click to expand...




If you had a choice between ten cents on the dollar and zero cents on the dollar, which one would you take?

No one that owns this debt was forced to buy it. They planned on making money, didn't work out too well for them.




"Better days are coming." ~ But not for today's out of touch, running out of time, GOP.

They made a bad choice, and now they are going to pay the price.

I'll save my sympathy for those who didn't have a lot of money to invest.




"Better days are coming. ~ But not for today's out of touch, running out of time, GOP.
 
Last edited:
Gimmesometruth said:
You know, using a worn out unrelated argument about "unions" to lambast the Detroit city govt is beyond weak. The US auto industry was only able in the last 20 years to finally start producing a product that could compete with govt subsidized imports. That failure to design a modern world vehicle was not the fault of unions.
Click to expand...

Absolutely wrong. Detroit was the home of the auto industry for decades, very competitive, but less so by the year as the unions asserted themselves and the workers priced themselves out of existence. The industry there couldn't react to salad years with the union monkey on their back. The pension thing was the final nail in the coffin. Are you really trying to assert that the unions had nothing to do with pensions?
 
shrubnose said:
If you had a choice between ten cents on the dollar and zero cents on the dollar, which one would you take?

No one that owns this debt was forced to buy it. They planned on making money, didn't work out too well for them.
Click to expand...

I think they planned on responsible government too. Municipal bonds used to be the "safe" part of one's portfolio. Just not the liberal towns anymore.

Instead they got such as this:

KILPATRICK-REFER-articleLarge.jpg


Former Mayor of Detroit Guilty in Corruption Case

DETROIT — Kwame M. Kilpatrick, a former mayor of Detroit, was found guilty on Monday of a raft of charges, including racketeering, fraud and extortion, capping a five-month public corruption trial against him and two co-defendants.

http://www.nytimes.com/2013/03/12/u...etroit-convicted-in-corruption-case.html?_r=0
Click to expand...
 
clownboy said:
Absolutely wrong. Detroit was the home of the auto industry for decades, very competitive, but less so by the year as the unions asserted themselves and the workers priced themselves out of existence. The industry there couldn't react to salad years with the union monkey on their back. The pension thing was the final nail in the coffin. Are you really trying to assert that the unions had nothing to do with pensions?
Click to expand...
Really? How did the unions stop innovative modern design...say...in the early 70's....when we had the gas crises and the rise of below cost imports into the US?
 
Fenton said:
LOL !!


What a desperate bunch of low life incompetents
Click to expand...




I agree.

Those who bought these bonds made a serious mistake.



"While it is not true that all conservatives are stupid people, it is true that most stupid people are conservative." ~ John Stuart Mill
 
Eighty Deuce said:
I think they planned on responsible government too. Municipal bonds used to be the "safe" part of one's portfolio. Just not the liberal towns anymore.

Instead they got such as this:
Click to expand...

Oh, the mayor of Detroit (02-08) is responsible for the industrial decline of the city.....wow.....
 
Eighty Deuce said:
I think they planned on responsible government too. Municipal bonds used to be the "safe" part of one's portfolio. Just not the liberal towns anymore.

Instead they got such as this:
Click to expand...




I didn't buy any of the bonds, so it's 'Not my problem'. My European real estate is doing great.

Those who did buy them will now pay the price for a bad investment decision.
 
Gimmesometruth said:
False premise, the unions did not "bring down" the US auto industry, they make less than auto workers in Germany and less than US workers in foreign owned US auto plants.
Click to expand...

So many lies...
 
Gimmesometruth said:
Oh, the mayor of Detroit (02-08) is responsible for the industrial decline of the city.....wow.....
Click to expand...

High Taxes, Oppressive Unions, Urban Blight, Profligate Public Spending... who wouldn't want to start a business there?!
 
Gimmesometruth said:
Really? How did the unions stop innovative modern design...say...in the early 70's....when we had the gas crises and the rise of below cost imports into the US?
Click to expand...

The Auto Workers Unions brought down the American auto industry the exact same way that municipal unions throw city and local governments into the massive debt ditch.

Can you imagine if Municipal governments had to compete ?
 
You must log in or register to reply here.
Back
Top Bottom