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Detroit Files for Largest Municipal Bankruptcy in US History

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."
 
Re: Detroit emergency manager files bankruptcy

Captain Adverse said:
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.
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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.
 
Re: Detroit emergency manager files bankruptcy

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


Tim-
 
Re: Detroit emergency manager files bankruptcy

CanadaJohn said:
This is true, and it would have to be well planned, but the upside in Detroit is far superior to the upside in Afghanistan.
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There will never be any upside in Afghanistan.
 
Re: Detroit emergency manager files bankruptcy

Hicup said:
The quote is socialism, but your point is well made. See my sigline.. ;)


Tim-
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Ah yes, and sadly, the socialism she spoke of is the watered-down version of today's liberalism.
 
Re: Detroit emergency manager files bankruptcy

So this probably means those pensions will get slashed to nothing and a bunch of folks holding city bonds now have new toilet paper for the upstairs toilet.

This is going to hurt up there, and as much as I think it's self-inflicted, I still feel for those folks. Scary.
 
Re: Detroit emergency manager files bankruptcy

Erod said:
Next to file....the entire state of California.

And yes, Obama will ask the red states to bail them out.
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....Which? ;) I'd love to know. These ones?

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The reality is a simple one. If a state is getting bailed out, the money will come from rich blue states.
 
Re: Detroit emergency manager files bankruptcy

Don't know masses about this particular issue but seem's a little harsh to blame this all on Obama, hasn't the city of Detroit has been in a decline since the 1970's?
 
Re: Detroit emergency manager files bankruptcy

I hope they just liquidate the city...with fiery hot magma from the sky.
 
Re: Detroit emergency manager files bankruptcy

Higgins86 said:
Don't know masses about this particular issue but seem's a little harsh to blame this all on Obama considering the city of Detroit has been in a decline since the 1970's.
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Shut'yet trap ya commie. St. Reagan can't be blamed for selling our country to the Chinese.
 
Re: Detroit emergency manager files bankruptcy

Gratz Libs
 
Re: Detroit emergency manager files bankruptcy

Moderator's Warning:
Threads merged
 
Re: Detroit emergency manager files bankruptcy

Sad to hear, although seemingly inevitable. The excitement that some have expressed at the news is even more disappointing.
 
haymarket said:
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.
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Sure, he'll see the vast majority of the U.S. that doesn't use cartel and monopolies (unions, government) and relies on 401Ks and the like instead. When they lose their money, taxpayers don't cover that bill, so fair is indeed fair.
 
Re: Detroit emergency manager files bankruptcy

Higgins86 said:
Don't know masses about this particular issue but seem's a little harsh to blame this all on Obama, hasn't the city of Detroit has been in a decline since the 1970's?
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since the riots in 67
 
Ontologuy said:
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.
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Detroit's problems go far beyond 2008...
 
Re: Detroit emergency manager files bankruptcy

shrubnose said:
There will never be any upside in Afghanistan.
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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.
 
Jack Fabulous said:
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".
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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.
 
Re: Detroit emergency manager files bankruptcy

Gipper said:
I hope they just liquidate the city...with fiery hot magma from the sky.
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After which it will all just sink down into the salt mines.
 
MaggieD said:
Individual investors have nothing.
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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.
 
Re: Detroit emergency manager files bankruptcy

a351 said:
Sad to hear, although seemingly inevitable. The excitement that some have expressed at the news is even more disappointing.
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What excitement? More a confirmation on the fact that liberalism is a total and complete failure.
 
Re: Detroit emergency manager files bankruptcy

molten_dragon said:
It has a lot less to do with liberal economic policies than it does corruption and a loss of population.
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Your opinion noted. Don't think the population loss anything to do with the bloated pensions authorized for public employees
 
Re: Detroit emergency manager files bankruptcy

Conservative said:
What excitement?

More a confirmation on the fact that liberalism is a total and complete failure.
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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.
 
Re: Detroit emergency manager files bankruptcy

Jack Fabulous said:
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.
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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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