Detroit bankrupcy

[dun]

I find this interesting
"Ingham County Circuit Court Judge Rosemarie Aquilina said the bankruptcy filing violated the state's constitution, which she says prohibits actions that will lessen pension benefits of public employees, including those in Detroit."

 

[cross_7]

Typical, but where is the money going to come from

 

[Anonymous]

Can you imagine being a contractor that has outstanding invoices with Detroit right now

 

[cow pollinater]

I have a real honest to God friend (not very many, but he's one) that is a sheriffs deputy and his wife is a school teacher. Their aditude towards money is spend it ALL because the county has our back when we're done working. I just can't see how anyone would be so trusting and nieve to think that people that work for a living and have to come up with their own retirement money will continue to honor that if they have a choice. :( The weird thing is that they're both fairly conservative limited government types.

 

[highgrit]

That's the only way the American taxpayer can fight back. Some civil servants are way over paid and their pension protection is going to be invalid. Once the whole country goes bankrupt, I sure can't see them getting their retirement plans. Detroit is just the beginning IMO. The liberal democrats will try and bail them out for now. But like the rest of the B.S. it can't last forever.

 

[greybeard]

If it violates the Sate's constitution, they have real problems. Not being able to get protection from creditors means a lot more than pensioners losing their checks--it means secured creditors like bondholders and contractors can go after both the fiscal and physical assets of the city.

 

[Isomade]

But, but, but that man said last year he saved Detroit.

 

[Tim/South]

But, but, but that man said last year he saved Detroit.

When he gave Chevrolet to China?

 

[TexasBred]

If it violates the Sate's constitution, they have real problems. Not being able to get protection from creditors means a lot more than pensioners losing their checks--it means secured creditors like bondholders and contractors can go after both the fiscal and physical assets of the city.

Just my luck the bankruptcy court would give me a burned out bldg. over in the hood as compensation for the debt owned me by the city of Detroit.

 

[greybeard]

Maybe it will be big enough for a commercial feedlot of bawling steers..

 

[john250]

Windsor, Ontario has offered to buy their half of the
Windsor-Detroit tunnel. Rumor is that they want to block it off. Detroit has Howdy Doody in some warehouse. No kidding. Expect that will be "for sale" soon.

 

[TexasBred]

What about Motown records?? :lol2: :lol2: :lol2:

 

[denvermartinfarms]

And I guess it was free market capitalism that has caused this? Not big government I'm sure.

 

[larryshoat]

I have a real honest to God friend (not very many, but he's one) that is a sheriffs deputy and his wife is a school teacher. Their aditude towards money is spend it ALL because the county has our back when we're done working. I just can't see how anyone would be so trusting and nieve to think that people that work for a living and have to come up with their own retirement money will continue to honor that if they have a choice. :( The weird thing is that they're both fairly conservative limited government types.

That is the shameful part of conservatism today( I include myself in this), we've been seduced by thinking we're getting something for nothing. At some point the well runs dry, Peter and Paul both demand their money at the same time. I guess they can just print more.

Larry