Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Actually no I am not, I am saying he won't call this a bailout because he doesn't want it to look like he asked for a bailout from DC.
From the searching I did Snyder prefers bankruptcy over bailout.
Snyder actually thinks a fed bailout is the wrong way to approach Detroit's problems.
And these articles go back through July.
Where did you get your info that Snyder asked for a bailout ?
Doing quite well but not well enough to pay up.
The Fed had to bail out the city.
They can pay up. Part of the reason might be public image. Detroit is getting much attention. The amt is interestingly around the real amount they actually do need for current liabilities. Not the rest of that 9.1bil they are creatively keeping. Definitely could be something going on there. That whole story seems vague as well.
Remember, insolvency isn't the same definition for municipalities. Doesn't mean they can't pay, can mean they generally aren't paying. Then they get much greater leverage saving those pension funds. Which are big sources of investment revenue.
This whole pension payout story with no public documentation may prove to have quite the spin. Give good validation to freeze them for example. Certainly, can try to add validity to the whole pension focus. Will see what the headlines say. Pensions all over have been pilfered for quite awhile. Been going on for decades.
They can pay up. Part of the reason might be public image. Detroit is getting much attention. The amt is interestingly around the real amount they actually do need for current liabilities. Not the rest of that 9.1bil they are creatively keeping. Definitely could be something going on there. That whole story seems vague as well.
Remember, insolvency isn't the same definition for municipalities. Doesn't mean they can't pay, can mean they generally aren't paying. Then they get much greater leverage saving those pension funds. Which are big sources of investment revenue.
This whole pension payout story with no public documentation may prove to have quite the spin. Give good validation to freeze them for example. Certainly, can try to add validity to the whole pension focus. Will see what the headlines say. Pensions all over have been pilfered for quite awhile. Been going on for decades.
Thanks for the links have not read all of them yet but working on it. That is a solid point that Detroit needs 300 million and all the sudden the federal gvt finds the money laying around.
Obama navigates obstacles by renaming them. Magically they go away. Like his words of iron turn into malleable lead balloons as his handlers spin his words to meet whatever the situation requires.
Obama didn't build it, it took 300M$ of taxpayer cash to bail out detroit.
Hey, JoAnn Watson is happy! except the bacon Obama delivered was made from slaughtered taxpayers and not a hog.
Thanks for the links have not read all of them yet but working on it. That is a solid point that Detroit needs 300 million and all the sudden the federal gvt finds the money laying around.
Your welcome. To me I am amazed people do not study the actual bookkeeping. They get to do creative things with all the various funds and accounting, much like the nutty idea that debt is valuable. LOL
It is always about the funds. The only reason govt does any of the things they do is to get a fund going and invest it. Still can't believe there is actually a senator haircare investment fund, unreal. No wonder they keep doing it. Easy pickins from the sheeple.
Your welcome. To me I am amazed people do not study the actual bookkeeping. They get to do creative things with all the various funds and accounting, much like the nutty idea that debt is valuable. LOL
It is always about the funds. The only reason govt does any of the things they do is to get a fund going and invest it. Still can't believe there is actually a senator haircare investment fund, unreal. No wonder they keep doing it. Easy pickins from the sheeple.
That same thread, I posted with Municipal BK info, has earlier on info on the actual CAFRs.
That always seems to be the way with government.
It's a NIMBY attitude towards actually sitting down and cutting/taxing to get your budget/debt back on track.
We see it at the local/state/federal level.
Because they are never punished for it..never.
Greed and corruption have taken over the country.
And the USG did sequester cuts and put people on furloughs and all of a sudden they "find" extra money not used ?
That always seems to be the way with government.
It's a NIMBY attitude towards actually sitting down and cutting/taxing to get your budget/debt back on track.
We see it at the local/state/federal level.
Because they are never punished for it..never.
Greed and corruption have taken over the country.
And the USG did sequester cuts and put people on furloughs and all of a sudden they "find" extra money not used ?
You always see "rainy day" funds found. Never seen them in an actual CAFR. You also do not hear your public reps speak of it. Have only seen one rep publicly discussing it.
Also that debt is an investment to them. They pass it off on the smucks. They invest in keeping people in debt.
The issue is the laws need to change and address the accounting. It is legal for them to do this. It is how they make so much money. That is because they write the rules and nobody is calling them on it. That is also why they don't draw attention to it.
Legally they get to take money from you, invest it and keep the profits. They don't have to share a dime. Then they get to do creative accounting that nobody else gets away with to make even more.
You always see "rainy day" funds found. Never seen them in an actual CAFR. You also do not hear your public reps speak of it. Have only seen one rep publicly discussing it.
Also that debt is an investment to them. They pass it off on the smucks. They invest in keeping people in debt.
The issue is the laws need to change and address the accounting. It is legal for them to do this. It is how they make so much money. That is because they write the rules and nobody is calling them on it. That is also why they don't draw attention to it.
Legally they get to take money from you, invest it and keep the profits. They don't have to share a dime. Then they get to do creative accounting that nobody else gets away with to make even more.
Texas has a rainy day fund and it is spoken about quite often since 2008.
In fact there were plenty of hot debates as some officials wanted to drain it dry to close the budget gap.
Perry said no to that one; he said they could use some but not all of the rainy day fund and would have to cut to meet the budget gap.
Because of the difference layers of govt. The suburbs and surrounding cities are doing well but they can't fund the City of Detroit. Just letting the city of Detroit to keep spiraling downwards is not a good policy.
It's not to responsibility of the US Taxpayer to 'bail-out' any city that faces bankruptcy due to corruption and Union pension deals. Where do we stop once we go down that road? They have to figure it out on their own and accept the medicine of their past bad decisions. Chicago is in just about as a bad a shape, do you expect us to give them a "bail out" next?
States that handle their finances and pension obligations can't be responsible for those who don't.
Period.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
