Page 15 of 23 FirstFirst ... 51314151617 ... LastLast
Results 141 to 150 of 229

Thread: Detroit Files for Largest Municipal Bankruptcy in US History

  1. #141
    Sage
    PeteEU's Avatar
    Join Date
    Mar 2006
    Location
    Denmark
    Last Seen
    Yesterday @ 06:12 PM
    Gender
    Lean
    Centrist
    Posts
    29,090

    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by LowDown View Post
    And one of the biggest reasons they did not innovate and the quality of their cars went down was the fact that they had to pay double or triple what their Japanese and European competition had to pay for labor.
    Wrong. GM and Ford (Chrysler has not counted since the 1980s) have had massive profits year after year, but where as Ford actually invested it in R&D, GM never did. While I dont disagree labor costs,.. well healthcare costs, are nuts in the US car industry legacy companies, they are not the reason that GM failed.

    Fact is GM, Ford and Chrysler were never pushed legislatively via regulations to do better, so they slept in class. When American's suddenly realized that gas was actually expensive, and wanted a car that went longer than 5 miles a gallon, then they could not find many, if any GM, Ford or Chrysler cars that fit that bill. THAT is why they started to fail..

    There was a lot less money to put into the cars. It was only much later, when the industry in the US was facing collapse, that unions started making concessions.
    Wrong wrong and more wrong.

    Unions are nothing but an excuse for lax and stupid management. Fact is unions in France and Germany are far worse than American unions (car industry wise), and yet they have managed to keep up with increased tougher regulations. Japan as well. And that is because their management actually invested in R&D to make sure that they could meet the regulations.

    Fact is, that US emission standard did not change from the late 1970s till Obama forced through new regulations... that is 30 years where the direct competition to the US car companies world wide made more and more efficient and cleaner engines to meet strict regulations in Europe and Japan.

    The irony is, that GM has an European car company (Opel) who had to meet the regulations and does, but GM did not transfer the tech to the US until it was too late.. there was no reason too.. Pathetic, and then they blame the unions for their own stupid management.
    PeteEU

  2. #142
    Banned
    Join Date
    Feb 2012
    Location
    Chicago Illinois
    Last Seen
    10-14-15 @ 09:28 AM
    Gender
    Lean
    Private
    Posts
    56,981

    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by rabbitcaebannog View Post
    How is using bankruptcy to overturn union contracts going to win the Dems in Illinois a bigger slice of the pie?
    Because they would have the Fed buy up the Bonds which was totaling 96 Billion in pension liability. Then they would only pay a small portion of their debts. While continuing to spend more money. On everything.....including bad contracts with those outside Illinois.

    Which also would include those out of Chicago and its Debts.....as well as it's corruption.

    Now what benefits do you think they would have if they Upset the Bond markets? While continuing to get re-elected and still having the support of all their Unions?

  3. #143
    Banned
    Join Date
    Feb 2012
    Location
    Chicago Illinois
    Last Seen
    10-14-15 @ 09:28 AM
    Gender
    Lean
    Private
    Posts
    56,981

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by haymarket View Post
    Maggie - I taught for 33 years. I paid into SS all that time.
    My wife has been a teacher for over 26 years and she has never paid into SS. In Illinois they have a Teachers Pension Fund. Nothing is paid into SS.

  4. #144
    Sage
    rabbitcaebannog's Avatar
    Join Date
    Jun 2013
    Location
    Massachusetts
    Last Seen
    12-09-17 @ 08:35 PM
    Gender
    Lean
    Other
    Posts
    10,918

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by Conservative View Post
    I understand that but as I stated there are a lot of states that do not have their public employees participating in SS and offer their own pension program. SS was established as a retirement supplement not sole retirement benefits.
    Yet, pension for companies and now public employees have been or are being eliminated---go figure. Anyway, you made my point that many costs have been shifted to workers over time. I'm not sure if many workers are even aware of it.

  5. #145
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 11:50 AM
    Lean
    Undisclosed
    Posts
    89,841

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by MMC View Post
    My wife has been a teacher for over 26 years and she has never paid into SS. In Illinois they have a Teachers Pension Fund. Nothing is paid into SS.
    I live and taught in the state of Michigan. 33 plus years. Paid into both the pension fund and the SS system every pay day.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

  6. #146
    Sage
    rabbitcaebannog's Avatar
    Join Date
    Jun 2013
    Location
    Massachusetts
    Last Seen
    12-09-17 @ 08:35 PM
    Gender
    Lean
    Other
    Posts
    10,918

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by MMC View Post
    My wife has been a teacher for over 26 years and she has never paid into SS. In Illinois they have a Teachers Pension Fund. Nothing is paid into SS.
    However, many teachers do hold second jobs which do contribute to social security, although, I did work in TN for a short time and those teachers do contribute to both systems.

  7. #147
    Sage



    Jack Fabulous's Avatar
    Join Date
    Jul 2012
    Location
    midwest
    Last Seen
    @
    Gender
    Lean
    Conservative
    Posts
    10,709
    Blog Entries
    1

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by haymarket View Post
    I just love it how the right libertarians constantly expose their disdain for the common American and in turn favor corporations and the wealthy.
    And then you wonder why they cannot even muster 1% in the presidential vote and have to resort to carjacking an established party to get any semblance of power at all.
    Logical fallacy.

    If the bankruptcy of a city gets structured in such a way that the entire brunt of the financial hit is absorbed by the bond holders and anyone receiving a pension is left unscathed, this does not in any way protect the little guy. You seem to think that it is only large corporations and "the rich" that are invested in municipal bonds. You've been repeating this same false narrative throughout this thread. Can you really not grasp the fact that people who hold these bonds as part of their IRAs and 401ks are not rich? It isn't the executives at the financial institutions that manage individual retirement accounts that are going to get hurt, it is the individuals that have their investments in these firms that are going to get hurt.

    Why is it so difficult to understand that if "ABC Mutual", an investment firm, goes under because it had it's clients invested in Detroit municipal bonds, that it is the CLIENTS of the firm that will suffer the most. Do you really think the executive brass of "ABC Mutual" is going to wind up in the poorhouse because their firm went belly up?

    Great. The Detroit retirees get to keep 100% of their pensions. In the meantime a bunch of "corporations" suffer massive financial losses and are either forced to downsize or into bankruptcy themselves. Their clients lose half of their retirement money and the executives parachute out unscathed.

    A VICTORY FOR THE PEOPLE!!
    Quote Originally Posted by Bucky View Post
    I have pooped in public, even in public neighborhoods.

  8. #148
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 11:50 AM
    Lean
    Undisclosed
    Posts
    89,841

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by Jack Fabulous View Post
    Logical fallacy.
    Actually my statement

    I just love it how the right libertarians constantly expose their disdain for the common American and in turn favor corporations and the wealthy.
    And then you wonder why they cannot even muster 1% in the presidential vote and have to resort to carjacking an established party to get any semblance of power at all.



    is not a logical fallacy but a POLITICAL REALITY.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

  9. #149
    Banned
    Join Date
    Feb 2012
    Location
    Chicago Illinois
    Last Seen
    10-14-15 @ 09:28 AM
    Gender
    Lean
    Private
    Posts
    56,981

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    However, many teachers do hold second jobs which do contribute to social security, although, I did work in TN for a short time and those teachers do contribute to both systems.
    Well yes that's true if holding another job. Mine is also a Choir Director for some of the towns and park districts. So they take taxes from that.

  10. #150
    Sage


    MaggieD's Avatar
    Join Date
    Jul 2010
    Location
    Chicago Area
    Last Seen
    @
    Gender
    Lean
    Moderate
    Posts
    43,243
    Blog Entries
    43

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by haymarket View Post
    Maggie - I taught for 33 years. I paid into SS all that time.
    An estimated one-half of public school teachers do not participate in Social Security, including a majority to substantially all in California, Connecticut, Illinois, Kentucky, Missouri, and Texas.
    My knowledge, of course, comes from Illinois. If you paid into Social Security and didn't receive a pension from it, please show a link.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

Page 15 of 23 FirstFirst ... 51314151617 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •