Should we let Detroit die? (minimum wage, voting, constitution, pay)
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let them face the problems they created and make it right
think they are sorry they voted for Obama??
after all he swore they would be great if they did
well how is that working out??
and what about the other cities?? do we bail them out too??
Detroit's public employee union is AFSCME local 207. If you read the link it will show you what the City management team wants to offer them. It's actually not to bad compared to some other city benny package out there. ASCME is an National organization I don't understand how those retirees could be on the line in a bankruptcy??/
Incorrect there is a definite order in bankruptsy of bondholders and pensions are not at the top. In this unlike the force bankrupsy of GM and Chrylser the pension is not at the top. they will face the same as others and this can take years to even get done.
Since the bondholders alone hold far in excess of
Motown's assets, it is going to be a deep haircut for both.
Perhaps Jiffy Hoffa can negotiate for the retirees.
If you have to ask that question, then you don't understand how cities and states work.
+1
No.... +2
Putting it in other terms, Michigan had an obligation of sovereignty to intervene on behalf of its state's citizens, and failed to do so effectively.
Quote:
Originally Posted by my54ford
What does the size of the town matter?
It indicates how many human beings will be affected.
Quote:
Originally Posted by my54ford
Small towns all across the Midwest that once thrived are shadows of their former glory...
It is sad that you show so little concern for those who will be affected now, in Detroit. Or refuse to show concern because of some motivation you haven't shared with us.
Quote:
Originally Posted by bobtn
Retirees are just another creditor.
Not according to Michigan law. Michigan law would have to be set aside before what you're saying becomes true.
So you are saying people in responsible smaller cities and tiny towns who work into their 70s and scrimp by on much less must give up all they have so the fat cats can retire at 50 and live high on the hog for another 40 or 50 years.
No, I am saying the people of Michigan are responsible for the contracts that are drawn up in the state of Michigan. Last time I checked, Detroit was in Michigan.
No, I am saying the people of Michigan are responsible for the contracts that are drawn up in the state of Michigan. Last time I checked, Detroit was in Michigan.
So rob Peter to give to Paul because Paul wants to retire at a very young age and go on European vacations and live it up on the backs of others who will never retire trying to pay for the lavish retirements of Detroiters.
Just cut the pensions to what others have to live on. Living in Detroit doesn't make someone special.
Putting it in other terms, Michigan had an obligation of sovereignty to intervene on behalf of its state's citizens, and failed to do so effectively.
It indicates how many human beings will be affected.
It is sad that you show so little concern for those who will be affected now, in Detroit. Or refuse to show concern because of some motivation you haven't shared with us.
Not according to Michigan law. Michigan law would have to be set aside before what you're saying becomes true.
Can't pay what you don't have. Just a 18% ratio assets-liabilities.
So rob Peter to give to Paul because Paul wants to retire at a very young age and go on European vacations and live it up on the backs of others who will never retire trying to pay for the lavish retirements of Detroiters.
Just cut the pensions to what others have to live on. Living in Detroit doesn't make someone special.
Again, this statement is nothing more than a strawman, who is this person who retired "very young" and goes on European vacations?
Also, you still seem to not be getting the idea that the city of Detroit is inside the state of Michigan, thus making it Michigan's problem and responsibility to honor those contracts. It is also why the state has it in their constitution that says they basically pay their debts, thus could make the bankruptcy unconstitutional.
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