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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 Ontologuy View Post
    So sad.

    We continue to succumb to the lingering effects of The Great Recession.

    There is no real recovery for the average American, and without that tax base of employed residents, cities simply have no collateral and thus can't continue to borrow any longer .. and now must fold.

    It's an eventual process .. that eventually happened to Detroit.

    I wonder who's next.
    Detroit's problems go far beyond 2008...

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by shrubnose View Post
    There will never be any upside in Afghanistan.
    Genghis Kahn did pretty well there. But then, he never but a stupid timeline on getting desired results. Or plenty of other actions that were not done in the best interest of success.

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    Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by Jack Fabulous View Post
    Millions of retired Americans are invested in municipal bonds. Those "major corporations" are the investment firms that handle the transactions. Don't think for a second that sparing pensioners and dumping the whole thing on the bond holders is going to spare the "little guy".
    If you got burned holding Detroit bonds then too bad for you-- that translates into bad investment research. Risk and Reward. That goes for Mr. Retired, The Pension funds and all others.

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Gipper View Post
    I hope they just liquidate the city...with fiery hot magma from the sky.



    After which it will all just sink down into the salt mines.

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    Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by MaggieD View Post
    Individual investors have nothing.
    Umm. You have you, your financial planner/adviser or fund manager to blame for holding these if you do. It's called default risk for a reason.

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by a351 View Post
    Sad to hear, although seemingly inevitable. The excitement that some have expressed at the news is even more disappointing.
    What excitement? More a confirmation on the fact that liberalism is a total and complete failure.

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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
    It has a lot less to do with liberal economic policies than it does corruption and a loss of population.
    If you build a man a fire, he'll be warm for a day.

    If you set a man on fire, he'll be warm for the rest of his life.

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by molten_dragon View Post
    It has a lot less to do with liberal economic policies than it does corruption and a loss of population.
    Your opinion noted. Don't think the population loss anything to do with the bloated pensions authorized for public employees

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Conservative View Post
    What excitement?

    More a confirmation on the fact that liberalism is a total and complete failure.
    Let's not be obtuse. The fact that five individuals *liked* the OP should be indicative in and of itself. On many other assorted sites and social media I've seen others take glee in the announcement. Politics at its worst.

    In the same way that New Jersey's anemic recovery under Christie has proven conservative principles to be inept and inapplicable in any scenario. Or, we could concede the fact that some issues extend beyond purely political terms.

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Jack Fabulous View Post
    Is there any other option here BESIDES a federal bail out?

    It's going to look pretty bad if Detroit is left to twist in the wind after we bailed out Wall Street.
    It's this sort of thinking that put Detroit into such financial difficulty in the first place.

    The Western world needs to start investing money wisely. Wall Street firms that collected money will or have already paid back loans but any bail out to Detroit will do nothing more than kick this can down the road until they need to be bailed out again.

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