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Doesn't this narrative ever get old? The government lent money to financial institutions to prevent the entire financial system collapsing. And that would have affected every American in this country, and had broad worldwide ramifications. Not to mention the hundreds of thousands of people employed in financial services. And, the government made quite a nice profit from it.
What the government did bail out, in a purely political move, was the auto makers. And lost billions. But I suppose that doesn't fit your script.
Seems this is the narratives. Bail outs are good when people support them and bad when they don't.
The government lent money to financial institutions to prevent the entire financial system collapsing. And that would have affected every American in this country, and had broad worldwide ramifications. Not to mention the hundreds of thousands of people employed in financial services. And, the government made quite a nice profit from it.
the government did not make a "profit" off the bailouts
Not only that, what was paid back is because of the QE programs. So the government "bailed" them out, started the QE programs which filled their coffers with money and any money paid back was paid with this money.
But he did find $320 million in unused grants that Detroit can have.
So Detroit hired 2 grant writers and the money is flowing.
FEMA is the agency sending the money to Detroit.
That won't solve their problems though..just keep the paychecks from bouncing for a while longer.
President Obama and his legal advisors are very astute when it comes to what's legal and what's not.
Lack of assets or funds is not a problem Detroit has. I am constantly amazed at people letting these charades go on and and on. If you are discussing fiances go look at the accounting.
This is how the game is played. Municipal pensions will be pilfered all over just like they did in the 80's and 90's with the so-called private side. They just have some different obstacles to overcome. As long as they are being allowed to get away with it, it will continue.
Good old FEMA has been sticking it to every property owner in the country these days. How nice of them to stick it to everybody then hand it over to the pilferers in Detroit.
I feel sorry for the retirees and those close to retirement.
They worked for the city for 30+ years with the promise of a pension.
It will surely be gutted like what happened to GM retirees.
Private or public sector..stuff like this shouldn't be allowed against normal Joe who puts in 30 years only to end up with peanuts because his boss didn't keep the pension plan funded.
Judge: Detroit can use bankruptcy to confront debt
The decision set the stage for officials to confront $18 billion in debt with a plan that might pay creditors just pennies on the dollar and is sure to include touchy negotiations over the pensions of about 23,000 retirees and 9,000 workers. Orr says pension funds are short by $3.5 billion.
He also acknowledged that pensions would be a sensitive issue because they represent a "human dimension" to the crisis, with some retirees getting by on less than $20,000 a year.
Plenty of private sector employees lost their ENTIRE vested pensions, with the full sanction of the law (thanks to Washington politicians)--my family being one of them. And the GM employees lost NOTHING--they bankrupted the company with their excessive demands, then the Lord God Obama steps in, ignores bankruptcy law, and STEALS the entire investments of GM investors--again, my family being one of them.
So am I sorry that the ridiculous promises made by incompetent politicians won't be 100% placed on the back of the increasingly-poor working class, after government workers spent their "careers" being grossly overpaid, underworked, and provided with ridiculous benefit packages? Not a bit.
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