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Thread: Detroit Files for Largest Municipal Bankruptcy in US History

  1. #21
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    Re: Detroit emergency manager files bankruptcy

    Public pensions should be replaced with a fixed matching IRA systems. The city puts in whatever percent it puts in and then it is up to the employee to put more in or decide which funds the money goes in and when they part ways, they part ways for good.

    That said, Detroit should have been retreating from big city status in an organized way since the 70's. This is what happens when you try to fake it until you make it a second time.

  2. #22
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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Conservative View Post
    Detroit emergency manager files bankruptcy - Chicago Sun-Times

    Amazing how successful the liberal economic policies are for major cities in this country. This is the largest city in the nation to file for bankruptcy with more to come. Liberals better wake up
    I'd make two points here:

    1. I find it remarkable that a once great city like Detroit has floundered - equally so that it now only has a population of 700,000 when almost 2,000,000 people lived there in the 1950s. It's very sad.

    2. I'd rather see your federal government bail out Detroit and put it back on solid financial ground than have it pour more wasted money into propping up Afghanistan, Pakistan, Egypt and others.
    "Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views." William F. Buckley Jr.

  3. #23
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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by CanadaJohn View Post
    I'd make two points here:

    1. I find it remarkable that a once great city like Detroit has floundered - equally so that it now only has a population of 700,000 when almost 2,000,000 people lived there in the 1950s. It's very sad.

    2. I'd rather see your federal government bail out Detroit and put it back on solid financial ground than have it pour more wasted money into propping up Afghanistan, Pakistan, Egypt and others.
    The problem is the Federal Govt. has a history of throwing good money after bad by rewarding bad behavior, i.e. TARP therefore nothing changes and the problem recycles.

  4. #24
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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by CanadaJohn View Post
    I'd make two points here:

    1. I find it remarkable that a once great city like Detroit has floundered - equally so that it now only has a population of 700,000 when almost 2,000,000 people lived there in the 1950s. It's very sad.

    2. I'd rather see your federal government bail out Detroit and put it back on solid financial ground than have it pour more wasted money into propping up Afghanistan, Pakistan, Egypt and others.
    Point 1 concerns the loss of industry caused by a combination of factors, coupled with an inability to re-introduce replacement industries to take up the slack.

    Point 2 serves no useful purpose unless point 1 is successfully addressed.
    If I stop responding it doesn't mean I've conceded the point or agree with you. It only means I've made my point and I don't mind you having the last word. Please wait a few minutes before "quoting" me. I often correct errors for a minute or two after I post before the final product is ready.

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Conservative View Post
    The problem is the Federal Govt. has a history of throwing good money after bad by rewarding bad behavior, i.e. TARP therefore nothing changes and the problem recycles.
    This is true, and it would have to be well planned, but the upside in Detroit is far superior to the upside in Afghanistan.
    "Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views." William F. Buckley Jr.

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    Re: Detroit emergency manager files bankruptcy

    Harkens to the great Margaret Thatcher: "The problem with liberalism is you eventually run out of other people's money."

  7. #27
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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Captain Adverse View Post
    Point 1 concerns the loss of industry caused by a combination of factors, coupled with an inability to re-introduce replacement industries to take up the slack.

    Point 2 serves no useful purpose unless point 1 is successfully addressed.
    True enough, but with forgiveness of debt, the city will be able to repair and replace infrastructure necessary for industry to operate and tax incentives can be offered to help relocate in businesses that may not otherwise come. What's needed, I suppose, are more people like Mike Ilitch, owner of the Tigers, Red Wings, Caesar's Pizza, etc. who still invests in Detroit - I'd heard he's looking at replacing the Red Wing's arena with a new billion dollar facility downtown. Hope it's true.
    "Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views." William F. Buckley Jr.

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Erod View Post
    Harkens to the great Margaret Thatcher: "The problem with liberalism is you eventually run out of other people's money."
    The quote is socialism, but your point is well made. See my sigline..


    Tim-
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

  9. #29
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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by CanadaJohn View Post
    This is true, and it would have to be well planned, but the upside in Detroit is far superior to the upside in Afghanistan.



    There will never be any upside in Afghanistan.

  10. #30
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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Hicup View Post
    The quote is socialism, but your point is well made. See my sigline..


    Tim-
    Ah yes, and sadly, the socialism she spoke of is the watered-down version of today's liberalism.

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