Detroit becomes largest US city to file for bankruptcy - Galt's Gulch

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Detroit becomes largest US city to file for bankruptcy

Posted by erudeen 10 years, 9 months ago to News

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Will it go the way of Starnesville?

SOURCE URL: http://www.cnbc.com/id/100764427

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Posted by LetsShrug 10 years, 9 months ago

No. The administration will bail them out. Watch.

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  Posted by rockymountainpirate 10 years, 9 months ago
  
  True. Here's proof. Detroit Councilwomen, "We voted for you obama, now give us some of that government bacon". http://www.theblaze.com/stories/2012/12/...
  
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    Posted by Tap2Golf 10 years, 9 months ago
    
    I would like to see the Gentle Councilwoman's performance re-shown on main stream media news. She is one example of what is wrong in Detroit and other cities. Vote her out.
    
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  Posted by erudeen 10 years, 9 months ago
  
  Your right. I guess they will tax the profitable cities and fine companies that try to move out.
  
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    Posted by Tap2Golf 10 years, 9 months ago
    
    You are probably close to what will happen.
    
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    Posted by LetsShrug 10 years, 9 months ago
    
    No doubt they'll commit a myriad of legal thefts.
    
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Posted by UncommonSense 10 years, 9 months ago

After thinking about it, something tells me that socialism isn't sustainable. I'll bet most libbies just won't understand that.

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  Posted by khalling 10 years, 9 months ago
  
  um, you had to actually think about that? I sentence you to the 270 70 exchange loop onto 70W with no breaks .
  
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    Posted by UncommonSense 10 years, 9 months ago
    
    Ha. no. I just liked mentioning something that makes lefties cringe. And no thank you on the 270/70 exchange. It's almost as bad as the Beltway of D.C.
    
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    Posted by Rocky_Road 10 years, 9 months ago
    
    And we can start a pool as to how many 'loops' he can do before getting 'wasted' by a drive-by gangsta....
    
    Put me down for 1 3/4 circuits.
    
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      Posted by UncommonSense 10 years, 9 months ago
      
      I avoid Florissant at all costs. NEVER go there at night. Got CC? :)
      
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Posted by UncommonSense 10 years, 9 months ago

If they get bailed out by the Federal Gov't, does that mean Detroit becomes a Federal City? This is scary stuff.

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  Posted by Rocky_Road 10 years, 9 months ago
  
  It already is, thanks to the GM bailout.
  
  That abortion of the Constitution is now the basis for the Progressive's cry to save the Detroit civil servants pensions.
  
  California is in the same leaking boat, but I am not sure if the California Constitution prohibits amending their civil servant's pension plans.
  
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Posted by Rocky_Road 10 years, 9 months ago

"On Friday, MSNBC’s Melissa Harris-Perry put forth a theory as to why Detroit inevitably went bankrupt — terminal lack of government."

There it is: the Progressives are using this crisis to promote that there isn't enough government!

http://www.theblaze.com/stories/2013/07/...

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Posted by Rocky_Road 10 years, 9 months ago

This article has the actual filing documents, and they list hundreds of private, and commercial, buildings that need to be destroyed, but the city cannot pay for it.

Page 14 lists the public services that are failing....

http://www.businessinsider.com/detroit-l...

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Posted by Rocky_Road 10 years, 9 months ago

It will be interesting. I suspect most of the country will watch to see if the Chapter 9 process can cut back some of the guaranteed pension and health care benefits.

If so, especially taking into account that Michigan has what amounts to a constitutional provision that guarantees payments, then we could see a bunch more filings as cities try to strip away those fixed costs.

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  Posted by Rocky_Road 10 years, 9 months ago
  
  And here it goes, as predicted:
  
  "Aquilina issued a declaratory judgment that says the bankruptcy filing violated the Michigan Constitution.
  
  “In order to rectify his unauthorized and unconstitutional actions ... the Governor must (1) direct the Emergency Manager to immediately withdraw the Chapter 9 petition filed on July 18, and (2) not authorize any further Chapter 9 filing which threatens to diminish or impair accrued pension benefits,” she said in her order."
  
  http://www.freep.com/article/20130719/NE......
  
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Posted by Tap2Golf 10 years, 9 months ago

Amen. Pay attention America, other cities will follow unless the unions release their bootstraps from the necks of the union members.

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