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Thread: Detroit Files for Largest Municipal Bankruptcy in US History

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    Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    Oh, please site me where I said that. If you look at all my post I clearly said that there were many reasons for this decline but yes the financial instruments that were rigged have had a devastating affect on not just Detroit but many of the biggest cities in the US. We can all relax in the fact that some of the things that happened in Detroit may not at all be the same thing happening in our neck of the woods but with the rigging of the financial instruments, it will most definitely have a much wider effect.
    Give me one clear example of such a rigged instrument and how it specifically impacted Detroit's financial condition.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    The auto industry was what made the middle class in Detroit. They have lowered wages and benefits for the people who are new hires to half of what the middle class was making and so low wages will continue and be the new norm. It will no longer make a middle class but add to the rolls of the worker insecurity class. If people are okay with this so be it but you can't blame the demise of the middle class on poor people.
    Of course it's their fault.

    They're the ones who opted not get the necessary education to live a middle class lifestyle in the 21st century. A high school diploma might have been all that was necessary to land a cushy union job back in the 1950's but that ship set sail a very long time ago and the productive half of this country is only going to carry the non-productive class for so long.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by greyhat View Post
    Give me one clear example of such a rigged instrument and how it specifically impacted Detroit's financial condition.
    I did, but I will re-post.
    DETROIT EFM

    Pensions were impacted and that is how the topic came up.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by Dapper Andy View Post
    Of course it's their fault.

    They're the ones who opted not get the necessary education to live a middle class lifestyle in the 21st century. A high school diploma might have been all that was necessary to land a cushy union job back in the 1950's but that ship set sail a very long time ago and the productive half of this country is only going to carry the non-productive class for so long.
    Sorry to say that even people with a good education are having a hard time finding jobs and more importantly retaining them. Not because they are lazy, incompetent or stupid or uneducated but because people can easily be replaced. If you hit a certain age, and are costing a company more money than someone that may not, what incentive would a company have to keep you? It's not the same work place our grandfathers grew up in 50 or so years ago. As a matter of fact, I think the baby boomers will be that last generation that enjoyed worker security. That doesn't mean that I'm going to go around and advocate to make things worse for everyone because they have gotten worse for me but to advocate that things need to get better for everyone if we want to create a strong middle class again in this country.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    Sorry to say that even people with a good education are having a hard time finding jobs and more importantly retaining them. Not because they are lazy, incompetent or stupid or uneducated but because people can easily be replaced. If you hit a certain age, and are costing a company more money than someone that may not, what incentive would a company have to keep you? It's not the same work place our grandfathers grew up in 50 or so years ago. As a matter of fact, I think the baby boomers will be that last generation that enjoyed worker security. That doesn't mean that I'm going to go around and advocate to make things worse for everyone because they have gotten worse for me but to advocate that things need to get better for everyone if we want to create a strong middle class again in this country.
    You're describing unionized and crappy retail jobs which are on the way out.

    People working 21st century middle class jobs are paid based on how they perform. "Seniority" is irrelevant in these jobs.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by Dapper Andy View Post
    You're describing unionized and crappy retail jobs which are on the way out.

    People working 21st century middle class jobs are paid based on how they perform. "Seniority" is irrelevant in these jobs.
    "Crappy retail jobs" are on the way out? I disagree with you. I think we now have more jobs in this country that have to do with service than production. If we refuse to pay a decent wage for these same jobs we deserve what we get. That really is the bottom line.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    "Crappy retail jobs" are on the way out? I disagree with you. I think we now have more jobs in this country that have to do with service than production. If we refuse to pay a decent wage for these same jobs we deserve what we get. That really is the bottom line.
    Wages are determined by supply and demand and between the employer / worker barter system. In other words you pay what the market demands.
    Liberals - Punish the Successful, Reward the Unsuccessful
    Liberals - Tax, Borrow, Spend, and Give Free Stuff
    Obama's legacy - President Donald Trump

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    "Crappy retail jobs" are on the way out? I disagree with you. I think we now have more jobs in this country that have to do with service than production. If we refuse to pay a decent wage for these same jobs we deserve what we get. That really is the bottom line.
    If government makes running a viable business as difficult as possible employees and the unemployed deserve what they get when/if they vote democrat.

    All that money spent by businesses on excessive taxes and regulations could be put to better use - like growing the business, hence adding more employees.

    But hey, most don't want jobs - they want free handouts from our government.

    That's how cities like Detroit are destroyed. When those who create jobs pack their **** up and leave while those dependent on government handouts (welfare, inflated pensions or other entitlements) stay behind -- the cities liabilities exceed their revenue.

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    Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    I did, but I will re-post.
    DETROIT EFM

    Pensions were impacted and that is how the topic came up.
    Predatory lending to Detroit? Really? If UBS did help rig LIBOR then it would have helped Detroit by keeping the base loan rate low.

    Detroit was happy to sign for the loan and this isn't little old grandma getting ripped off by Wall Street this is the culmination of years of bad management!

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