Come on liberals. Ya'll need to get behind this in a big way.
No. I only support bailouts for large corporations, not hard working people.
No. I only support bailouts for large corporations, not hard working people.
No, this would set a bad precedent for other troubled cities. Orange County, CA, went bankrupt in the 90s without any gov bailout. I realize that people take sympathy to the pensioners, but that's the risk/reward associated with such plans. The Pension Benefits Guarantee Corporation already exists and will no doubt take over the plans, although it may not support the same payments pensioners are currently getting. I get that, it sucks; but at least something is better than nothing.
Detroit's problems cannot be solved with money....
With respect to the pensioners --was Detroit's mismanagement their fault?
If Goldman Sachs can get 100 cents on the dollar and it was their fault, I think we can find away to restructure debt and allow those who did their part to get what is owed.
I think those who's pensions are in jeopardy should somehow be taken care of.
Wouldn't they be covered by the Pension Benefit Guaranty Corporation?
I was born in Detroit...
Thank god my parents had the good sense to move out while it was still in its heyday. That being said, while one can see your sarcasm as it drips in globs down on your tie, I do not believe in bailing anybody, or any entity, out when they self inflict by not making the hard decisions you need to be making along the way in order to arrive at that better ending. Detroit is just a canary in the cave regarding the unsustainable. We can also look across the pond at Europe. If we continue making bad decisions, keep spending money we do not have on things government has no business... well, I do not think there will be anybody bailing us out when we misstep on that precipice... and we will have deserved it knowing what we do now... with such vivid examples right before our very eyes.
Good morning, gaughingcatenate. :2wave:
:agree: Excellent post. :thumbs: If we do one bailout, the line that will then form will resemble shoppers on Black Friday at WalMart. The "Emergency Manager in Detroit" idea is probably the best first step to take, since it should take emotions out of the picture, which is sorely needed where money is concerned, IMO.
The nature of America is that we help each other in time of need. Some areas of the nation are prone to certain natural disasters and the rest of the nation is constantly coming to their aid. And that is what is expected as Americans.
Done that: it's called the Pension Benefit Guarantee Corporation. The nature of America is personal responsibility and that includes cities.
The nature of America is that we help each other in time of need. Some areas of the nation are prone to certain natural disasters and the rest of the nation is constantly coming to their aid. And that is what is expected as Americans.
Natural distastes are one thing, everybody can get on board with helping out those who are hurt through no fault of their own. But when someone keeps gambling, with their own and other people's money, we don't just open up our bank accounts to help them. Enabling will never solve the problem, they need to learn their lesson, pay for their mistakes instead of having everyone else paying for them. They need to understand and be made to own up to the consequences of their actions/inactions.
Natural distastes are one thing, everybody can get on board with helping out those who are hurt through no fault of their own. But when someone keeps gambling, with their own and other people's money, we don't just open up our bank accounts to help them. Enabling will never solve the problem, they need to learn their lesson, pay for their mistakes instead of having everyone else paying for them. They need to understand and be made to own up to the consequences of their actions/inactions.
so you are saying we should make the banks who gambled everything on selling sub prime mortgages pay for their mistakes instead of forceing the rest of america to pay for their folly?