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Old 07-18-2013, 03:09 PM
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Heh. When you elect incompetents & breed a culture of incompetence, this is what you get. Go blue states!
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Old 07-18-2013, 03:11 PM
 
Location: Michigan
4,647 posts, read 8,600,716 times
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Quote:
Originally Posted by Just1Fan View Post
What does this mean for the city of Detroit, i.e. what's next?

Detroit files for bankruptcy - YouTube
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Old 07-18-2013, 03:32 PM
 
Location: New York NY
5,521 posts, read 8,771,334 times
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There will be a lot of slugging it out in bankruptcy court to figure out who gets what's left. Asd yes, the judge will have power to determine this. He'll need to be a Solomon to get this one over with --and it will likely take years to do so. (But aren't a lot of the bondholders, at least, insured for losses?)

I bet I'll be able to hear the howling all the way out here on the East Coast when he has to decide whether to keep pensioner's health benefits intact or sell off the art in the DIA.

I lived in Motown for a couple of years and I hope you guys can get back on your feet and become again the great city you once were.
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Old 07-18-2013, 03:42 PM
 
7,237 posts, read 12,742,631 times
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Can someone edit the title?

Detroit filed a petition for Chapter 9 bankruptcy on the afternoon of 7/18/13, with the governor's signature on the petititon.

http://www.detroitnews.com/article/2...text|FRONTPAGE
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Old 07-18-2013, 03:46 PM
 
7,237 posts, read 12,742,631 times
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BTW, our bold, two-faced liar of a governor has lived up to his name (Snydely).

He keeps trying to tell everyone that he hasn't heard about the city filing for bankruptcy, yet not only is his signature on the petition, but Orr said himself that he recommended bankruptcy to Snydely on 7/16/13.

Last edited by 313Weather; 07-18-2013 at 05:11 PM..
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Old 07-18-2013, 04:15 PM
 
7,357 posts, read 11,762,019 times
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Quote:
Originally Posted by Just1Fan View Post
What does this mean for the city of Detroit, i.e. what's next?
It's supposed to be the first step to climbing out of this hole they're in. I do want to point out this is going to be the biggest bankruptcy in U.S. history. Once again Detroit Rock City is #1!!!
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Old 07-18-2013, 04:20 PM
 
Location: Satellite Of Love
296 posts, read 469,262 times
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Quote:
Originally Posted by Cliffie View Post
It's supposed to be the first step to climbing out of this hole they're in. I do want to point out this is going to be the biggest bankruptcy in U.S. history. Once again Detroit Rock City is #1!!!
And S&P is at all time highs. What a joke.
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Old 07-18-2013, 04:21 PM
 
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There's too many crooks in Detroit, e.g. mafia, politicians, and police... but I'm not allowed to talk.
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Old 07-18-2013, 04:22 PM
 
17,310 posts, read 22,046,867 times
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Quote:
Originally Posted by Cliffie View Post
It's supposed to be the first step to climbing out of this hole they're in. I do want to point out this is going to be the biggest bankruptcy in U.S. history. Once again Detroit Rock City is #1!!!

There are plenty of US cities that will be forced to do this as well. The rising costs of pensions/healthcare and dwindling cashflow (city taxes/property taxes) are giving them less to work with. You can't pay a guy a great wage for 20 years then pay his pension (based on that 20 year career/inflated wages) for the next 30 years.....it is bad math and will never work out.
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Old 07-18-2013, 04:24 PM
 
Location: Satellite Of Love
296 posts, read 469,262 times
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Quote:
Originally Posted by City Guy997S View Post
There are plenty of US cities that will be forced to do this as well. The rising costs of pensions/healthcare and dwindling cashflow (city taxes/property taxes) are giving them less to work with. You can't pay a guy a great wage for 20 years then pay his pension (based on that 20 year career/inflated wages) for the next 30 years.....it is bad math and will never work out.
Agree. Plenty more of this to come in 'Murika over the years ahead
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