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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 MaggieD View Post
    I bought them 25 years ago, Greyhat. The decision long ago became my responsibility. Unlike others, I don't look to shift blame.
    Glad to hear you don't blame anyone.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by greyhat View Post
    Glad to hear you don't blame anyone.
    Oh, wait! I blame the City of Detroit politicians who don't know how to balance a budget, spend billions they don't have, promise wages and pensions they know damned well they can't pay, etc., etc. People (and cities) who run fiscal whorehouses and don't pay their bills don't escape responsibility. I blame them.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by MaggieD View Post
    I bought them 25 years ago, Greyhat. The decision long ago became my responsibility. Unlike others, I don't look to shift blame.
    What exactly is that suppose to mean?

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Dapper Andy View Post
    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.
    Since when has wise investment of funds ever been a consideration of our government? Money well spent is measured by the number of votes it brings in.
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    I have pooped in public, even in public neighborhoods.

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    Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by MaggieD View Post
    Oh, wait! I blame the City of Detroit politicians who don't know how to balance a budget, spend billions they don't have, promise wages and pensions they know damned well they can't pay, etc., etc. People (and cities) who run fiscal whorehouses and don't pay their bills don't escape responsibility. I blame them.
    Blame them for the mess; however you can't blame them for you investing in their bonds.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by MaggieD View Post
    Oh, wait! I blame the City of Detroit politicians who don't know how to balance a budget, spend billions they don't have, promise wages and pensions they know damned well they can't pay, etc., etc. People (and cities) who run fiscal whorehouses and don't pay their bills don't escape responsibility. I blame them.
    Quote Originally Posted by greyhat View Post
    Blame them for the mess; however you can't blame them for you investing in their bonds.
    Can you really blame them though when the people keep voting them back into office?

    The blame lies in the people for allowing this to happen. It's not like Detroit deteriorated overnight. It's not even like this started with the recession either. The city has been like this now for half a century.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by haymarket View Post
    A big reason Orr did this was that the major creditors and pension holders would
    not give in to his demands. I strongly hope and pray that the judge will see the very practical difference between major corporations who hold bonds with the city and people on pensions who pushed a broom or cleaned bathrooms or drove a bus for 35 years to get a small pension. The judge should treat the two very very differently.
    Oh yes of-course, it's the greedy creditors who've caused this long decline, not the City Leaders, not the twisted ideology that allowed them to devolve down into bankruptcy instead of adapting and changing with the times....

    UnFreakinBelievable...

    Yes the city politicians and massive public sector unions sucked it dry, as its residents continuosly kept ellecting one Effed up Democrat after another.

    So of course its time to employ the dreaded " eat the rich " tactic and completely ignore the cancer that destroyed the Cities finances...

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by Dapper Andy View Post
    Can you really blame them though when the people keep voting them back into office?

    The blame lies in the people for allowing this to happen. It's not like Detroit deteriorated overnight. It's not even like this started with the recession either. The city has been like this now for half a century.
    People don't know the fiscal condition of their state. They don't know what pension benefits are promised to public sector workers. They don't know how under-funded pension plans are . . . how many cops they have on the street they don't need (now that their population has gone from 1.8 million to just over 700,000 . . . they don't know how union contracts constrict a city's ability to fire workers . . . lay them off . . . they don't know how politicians are paying their brothers-in-law to punch in on the city timeclock at 7 AM in the morning, go to their "other jobs" and punch back out at 5 PM.

    Put the blame where it belongs. On the dufus's that mismanaged and stole from the city coffers.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Detroit Files for Largest Municipal Bankruptcy in US History

    Why don't they just have the Detroit Tigers, Red Wings, Pistons, Lions and Eminem bail them out?

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    ANYONE WANNA JOIN ME IN FOUNDING OMNI CONSUMER PRODUCTS (OCP) CORPORATION?

    We can buy up Detroit's debt, take over the police force, and build our own Robocops!!! Wooohoooo!!!
    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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