UPDATE: Detroit Files for Largest Municipal Bankruptcy in U.S. History | TheBlaze.com
From the Associated Press:
Detroit has become the largest city in U.S. history to file for bankruptcy.
State-appointed emergency manager Kevyn Orr on Thursday asked a federal judge permission to place the city into Chapter 9 bankruptcy protection.
Detroit- March 23: Buildings in an entire city block in what was once Detroit’s prime business district sit largly abandoned March 23, 2011. The new census figures show that Detroit has lost 25 percent of its population in the last ten years, bringing the city’s population down to its lowest since 1910. (photo by Bill Pugliano/Getty Images)
Detroit — once the epicenter of the American auto industry — may file for federal bankruptcy as early as Friday morning, the Free Press reports.
“The filing would begin a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer,” the report notes.
“The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities,” it adds....
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".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.
Detroit emergency manager files bankruptcy - Chicago Sun-Times
Amazing how successful the liberal economic policies are for major cities in this country. This is the largest city in the nation to file for bankruptcy with more to come. Liberals better wake up
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".
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.
Watch as state/federal money is given to the "needy" gov't/union employees while all others are told to accept pennies on the dollar.
UPDATE: Detroit Files for Largest Municipal Bankruptcy in U.S. History | TheBlaze.com
From the Associated Press:
Detroit has become the largest city in U.S. history to file for bankruptcy.
State-appointed emergency manager Kevyn Orr on Thursday asked a federal judge permission to place the city into Chapter 9 bankruptcy protection.
Detroit- March 23: Buildings in an entire city block in what was once Detroit’s prime business district sit largly abandoned March 23, 2011. The new census figures show that Detroit has lost 25 percent of its population in the last ten years, bringing the city’s population down to its lowest since 1910. (photo by Bill Pugliano/Getty Images)
Detroit — once the epicenter of the American auto industry — may file for federal bankruptcy as early as Friday morning, the Free Press reports.
“The filing would begin a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer,” the report notes.
“The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities,” it adds....
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.
Detroit emergency manager files bankruptcy - Chicago Sun-Times
Amazing how successful the liberal economic policies are for major cities in this country. This is the largest city in the nation to file for bankruptcy with more to come. Liberals better wake up
I have no sympathy for those who are responsible for this. A good portion of it is criminal, IMO. But kids still need to go to school, they still need cops, firefighters, etc..Better those morons that elected morons be allowed to suffer for their actions than simply all of those in the entire state/nation.
I have no sympathy for those who are responsible for this. A good portion of it is criminal, IMO. But kids still need to go to school, they still need cops, firefighters, etc..
What a mess.
Detroit emergency manager files bankruptcy - Chicago Sun-Times
Amazing how successful the liberal economic policies are for major cities in this country. This is the largest city in the nation to file for bankruptcy with more to come. Liberals better wake up
I'd make two points here:
1. I find it remarkable that a once great city like Detroit has floundered - equally so that it now only has a population of 700,000 when almost 2,000,000 people lived there in the 1950s. It's very sad.
2. I'd rather see your federal government bail out Detroit and put it back on solid financial ground than have it pour more wasted money into propping up Afghanistan, Pakistan, Egypt and others.
I'd make two points here:
1. I find it remarkable that a once great city like Detroit has floundered - equally so that it now only has a population of 700,000 when almost 2,000,000 people lived there in the 1950s. It's very sad.
2. I'd rather see your federal government bail out Detroit and put it back on solid financial ground than have it pour more wasted money into propping up Afghanistan, Pakistan, Egypt and others.
The problem is the Federal Govt. has a history of throwing good money after bad by rewarding bad behavior, i.e. TARP therefore nothing changes and the problem recycles.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?