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Thread: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

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    re: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

    Quote Originally Posted by MaggieD View Post
    I'll agree with both of those things in fact. Negotiating always demands that we ask for more than we expect.

    In spirit? I agree with Woodman.
    I will go with the facts Maggie and leave the spirits to after 8 PM.


    even on a Saturday night.
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    re: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

    Quote Originally Posted by haymarket View Post
    I will go with the facts Maggie and leave the spirits to after 8 PM.


    even on a Saturday night.
    I think it is about 10PM in Hong Kong. Bottoms up!

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    re: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

    Quote Originally Posted by washunut View Post
    I think it is about 10PM in Hong Kong. Bottoms up!
    Can I at least wait until lunch?
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    re: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

    Romney would have let Detroit go bankrupt.

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    re: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

    Quote Originally Posted by haymarket View Post
    The 18 billion takes in future pension payments that will occur monthly over many many many years. As such, it is NOT money owned right now.
    yes, it's called a long term debt....

    Detroit can barely manage their short term debt( $350 million dollar deficit)... and now we are see that it will be impossible for them to manage their long term debt... Paul wants paid, and Peter has no more money to rob

    pensions and retiree healthcare is a large portion of the long term debt... about half, according to reports
    taxpayers are now footing the bill for 3 governments worth of workers... while only 1 government worth of workers is actually working.
    decades of utter incompetence ,mismanagement, and lack of vision brought this about.. your corrupt party brethren did this.

    someone had better get their head out of their ass and figure how to reinvent the city... but one thing is for certain, the democratic party way of running Detroit has been an objective failure... they must change their ways, from top to bottom (fiscally speaking).. they must entertain the notion that fiscal sanity is paramount and their ideology should not get in the way of attracting new business and investment to the city.
    they need an total administrative makeover.. a whole new mindset.

    my pops was born in Detroit, and as a child I lived there ... I have a personal affinity for both the state and the city... it's actually painful to me to see utter incompetence and corrupt mismanagement ruin it...my head says somebody with integrity can set a better course.. a sustainable prosperous course.. but my gut wants to run around gathering up past and present Democratic party elected officials, grab them by the neck, show them the pain and misery their collective incompetence and corruption has wrought, and demand, with the threat of great bodily harm, they exhaust everything they have to fix it, ideology be damned.

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    re: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

    Quote Originally Posted by MaggieD View Post
    But they won't shoot it and move on. So how does one resurrect a dying city?
    Jack Kemp had a plan years ago..

    he had a short term tax holiday plan( 3-5 years) crafted to attract business and commercial investment
    conditional tax incentives ( such as a reduced capital gains tax for start ups, reduced income tax scheme for startups, etc, profitability tax breaks for those who reinvest in the business, property tax breaks for new business, etc)

    it was ignored... tax increases and regulations that resulting in providing incentives for business to get the **** outta dodge won the day.

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    re: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

    Quote Originally Posted by Thrilla View Post
    yes, it's called a long term debt.....
    Which is not incurred in part for years and decades to come when the ability to pay those debts may be different than it is today.

    So why include it in bankruptcy today?
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    re: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

    Quote Originally Posted by haymarket View Post
    Which is not incurred in part for years and decades to come when the ability to pay those debts may be different than it is today.

    So why include it in bankruptcy today?
    because they are unfunded liabilities..debts.. and we are talking about bankruptcy, where an entity seeks relief from creditors

    pension funds are creditors, ergo, they will be included in any bankruptcy filings.
    the promise to pay was made in perpetuity, thus, that amount is consider part of the total amount, regardless if it happens today or next week.
    it sounds nice to promise money forever, but when the SHTF, you're still on the hook for all that money.
    that kinda like saying to the place you got your auto loan that you are filing bankruptcy, but only on the amount that is owed this year..the rest of the debt, due in subsequent years, won't be touched.

    i guess the city could try to get away with canceling those pensions and benefits for all those years to come and then only file on the current liabilities... that's certainly one way to reduce the debt total... but we both know that wouldn't pass state constitutional muster... it would be a ****storm of the highest order.


    what the future may hold is not a valid reason for not filing bankruptcy when it is realized debts can't be repaid.
    I mean, if i went broke today and filed bankruptcy, would it be smart to not include my largest debts on the premise that my fortune might change someday?

    not listing debts,especially major debts, kinda defeats the purpose of bankruptcy....ya might as well tell the city to not file bankruptcy on the premise that maybe, hopefully, someday, they might be able to pay their debts.. just go ahead and go further into debt in hopes their fortune will change.

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    re: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

    Quote Originally Posted by Thrilla View Post
    because they are unfunded liabilities..debts.. and we are talking about bankruptcy, where an entity seeks relief from creditors

    pension funds are creditors, ergo, they will be included in any bankruptcy filings.
    As per the news yesterday, a judge in Lansing views that much differently.

    It never ceases to amaze me how libertarians - when they have the choice - will almost always opt for the common man being screwed and then find a rationalization for it.

    And then you wonder why you cannot even get 1% of the vote for President of the USA. Its really not hard to figure out.
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    re: Judge rules Detroit bankruptcy filing UNCONSTITUTIONAL[W:584]

    Quote Originally Posted by haymarket View Post

    Please provide verifiable evidence for this claim.
    Wait, you are asking for someone else to give 'evidence'? Now that's a hoot.

    Quote Originally Posted by haymarket View Post
    Thank you for clearly indicating you are unable to substantiate your claim with any evidence.
    Ah, and when faced with it, do the norm, and deny it. Some things never change.


    Let Detroit and it's unions ROT. It is what they deserve.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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