The Conservative Cave
Current Events => The DUmpster => Topic started by: Skul on December 03, 2013, 11:56:21 AM
-
You would think that the Detroit bankruptcy would be a big deal at the DUmp.
Not so. I had to do a little digging to find anything. Even then, I expected the repukes to be blamed.
Perhaps that will come later. Anyway, here's the only thing I found.
http://www.democraticunderground.com/10024125538
Tue Dec 3, 2013, 12:00 PM
Star Member Purveyor (16,205 posts)
Judge Rules Detroit Eligible For Historic Chapter 9 Bankruptcy, Says Pensions Can Be Cut
The city of Detroit today officially became the largest municipality in U.S. history to enter Chapter 9 bankruptcy after U.S. Bankruptcy Judge Steven Rhodes declared it met the specific legal criteria required to receive protection from its creditors.
The landmark ruling ends more than four months of uncertainty over the fate of the case and sets the stage for a fierce clash over how to slash an estimated $18 billion in debt and long-term liabilities that have hampered Detroit from attacking pervasive blight and violent crime.
“It is indeed a momentous day,†Rhodes said at the end of a 90-minute summary of his ruling. “We have here a judicial finding that this once proud city cannot pay its debts. At the same time, it has an opportunity for a fresh start. I hope that everybody associated with the city will recognize that opportunity.â€
Rhodes — in a surprise decision this morning — also said he’ll allow pension cuts in Detroit's bankruptcy. Rhodes emphasized that he won’t necessarily agree to pension cuts in the city’s final reorganization plan unless the entire plan is fair and equitable.
--CLIP
The plan is expected to include controversial cuts to unsecured creditors and asset sales, including a potential spinoff of the water and sewer department and the possible sale of Detroit Institute of Arts property.
MORE...
http://www.freep.com/article/20131203/NEWS01/312030084/Judge-rules-Detroit-eligible-historic-Chapter-9-bankruptcy-says-pensions-can-cut
Exactly two comments. Not even worth the time to drag them over.
I've got a hunch someone else may also post about it.
It will be then, that the fire is lit.
-
They don't want to go there.
Obama: I "refused to let Detroit go bankrupt" (http://www.cbsnews.com/news/obama-i-refused-to-let-detroit-go-bankrupt/)
-
Ehh...It will take a bit before the primitives start to discuss this. I mean how can you explain away 60+ years of democrat rule and blame...what...Bush?
I think TPM will tell them what to think tomorrow.
-
Population of the liberal Utopia of Detroit is 685,000. a generous guess is there might be 25% working or 171,250 workers.
$18,000,000,000 of current debt means each Detroitan owes $26,277 and each working Detroitan owes $105,109. Of course There is probably only 10% of Detroit that works so that number owed is 2-3 times more. American black democrat party rule makes any dictatorship in Africa look good.
-
They don't want to go there.
Obama: I "refused to let Detroit go bankrupt"[/u]
(http://www.cbsnews.com/news/obama-i-refused-to-let-detroit-go-bankrupt/)
Might have something to do with this....
His administration, he argues, "refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way."
<<<< Trying my best to figure out in which way??
Ehh...It will take a bit before the primitives start to discuss this. I mean how can you explain away 60+ years of democrat rule and blame...what...Bush?
I think TPM will tell them what to think tomorrow.
That's my take on it, EK.
Edit to add a new one I just found.
http://www.democraticunderground.com/1014662304
Tue Dec 3, 2013, 11:36 AM
Star Member onehandle (38,646 posts)
Judge Allows Detroit Bankruptcy to Go Forward
Last edited Tue Dec 3, 2013, 11:49 AM - Edit history (1)
Source: New York Times
DETROIT — The struggling metropolis of Detroit, overwhelmed by debt and groping for a path forward, on Tuesday became the largest American city ever to qualify for bankruptcy protection.
In his ruling, Judge Steven W. Rhodes of the United States Bankruptcy Court, found that Detroit was insolvent and that the pension checks of retirees could be cut during a bankruptcy proceeding, a crucial part of his decision.
Under the ruling, the vastly diminished city, once the nation’s fourth largest and the cradle of the American auto industry, will now be allowed to search for a way to pay off some portion of its debts and restore essential services to tolerable levels under court supervision. The goal, according to an emergency manager appointed by the state of Michigan, is to emerge next year from court protection with a formal plan for starting over.
“This once proud and prosperous city cannot pay its debts. It is insolvent. It’s eligible for bankruptcy,†Judge Rhodes said Tuesday. “But it also has an opportunity for a fresh start.â€
Read more: http://www.nytimes.com/2013/12/04/us/detroit-bankruptcy-ruling.html
Sure enough, away they went.
Response to onehandle (Original post)
Tue Dec 3, 2013, 11:43 AM
greatlaurel (115 posts)
2. This is really bad
Wish this looting of all the Michigan cities could be stopped. They are looters without breaking the windows. The GOP has declared war on the American public.
Who was in charge of Detroit for the last couple decades, DUmbass?
Response to onehandle (Original post)
Tue Dec 3, 2013, 01:54 PM
mitty14u2 (2 posts)
22. How CRAZY are Republicans/Greedy? Michigan-Answers ?
Blathers about selling off detroits "fine art".
-
Population of the liberal Utopia of Detroit is 685,000. a generous guess is there might be 25% working or 171,250 workers.
$18,000,000,000 of current debt means each Detroitan owes $26,277 and each working Detroitan owes $105,109. Of course There is probably only 10% of Detroit that works so that number owed is 2-3 times more. American black democrat party rule makes any dictatorship in Africa look good.
:rotf:
What would make me think that this debt is going to be paid by Detroitans?
On a parallel, what would make me think that the tax payers are not going to bail out the private insurance company's in the near future?
One thing I want to make clear, the private insurance company's are complicate, and for that I don't mind seeing them get hurt but the fact is when they get bailed out it's not going to hurt them.
-
Response to onehandle (Original post)
Tue Dec 3, 2013, 11:43 AM
greatlaurel (115 posts)
2. This is really bad
Wish this looting of all the Michigan cities could be stopped. They are looters without breaking the windows. The GOP has declared war on the American public.
Response to onehandle (Original post)
Tue Dec 3, 2013, 01:54 PM
mitty14u2 (2 posts)
22. How CRAZY are Republicans/Greedy? Michigan-Answers ?
Those nasty, greedy, Detroit Republicans are so bad, they elected a white democrat (http://detroit.cbslocal.com/2013/11/05/mike-duggan-elected-mayor-of-detroit-napoleon-concedes/) to finish stealing the welfare checks from the citizens.
:lmao:
****in' idiots...
-
Everyone knows the reason socialism fails is because it is only tried a little bit. </DUmbass>
-
As usual they blame the repukes for what happens under democrat rule.
-
Being a debtholder for Detroit would be like a guy going below decks of the Titanic with a mop and bucket to keep it from sinking. :lmao:
-
Being a debtholder for Detroit would be like a guy going below decks of the Titanic with a mop and bucket to keep it from sinking.
I hope Ann Arbor goes down with it.
-
Where do they think the money is supposed to come from? They have lost their tax base and everyone is on the dole.
-
Where do they think the money is supposed to come from? They have lost their tax base and everyone is on the dole.
Obama's stash that's where.
-
You would think that the Detroit bankruptcy would be a big deal at the DUmp.
Not so. I had to do a little digging to find anything. Even then, I expected the repukes to be blamed.
Perhaps that will come later. Anyway, here's the only thing I found.
http://www.democraticunderground.com/10024125538
Exactly two comments. Not even worth the time to drag them over.
I've got a hunch someone else may also post about it.
It will be then, that the fire is lit.
This may be one of those rare moments when, deep down, they realize what is happening and why, but still cannot consciously admit reality.
Or, not.
-
This may be one of those rare moments when, deep down, they realize what is happening and why, but still cannot consciously admit reality.
Or, not.
They cannot blame their own for this "but....but ...but its THEIR fault....." :lmao: Libs truly are idiots.
-
This may be one of those rare moments when, deep down, they realize what is happening and why, but still cannot consciously admit reality.
Or, not.
Most likely. I had expected more.
Another did pop up this morning. Very short, one comment.
The masked weasel whines.
http://www.democraticunderground.com/10024130068
Wed Dec 4, 2013, 08:11 AM
raccoon (22,039 posts)
Detroit's bankruptcy and how it's going to deal with retirees' pensions worries me.
I am planning to retire from the state in the not-too-distant future.
It worries me that this is a slippery slope. If Detroit weasels out of paying its pensioners--and it looks like they will--
other government bodies will follow suit. I'd be amazed if they didn't.
Your thoughts? Cry me a river.
:sosad: