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  1. #21
    Senior Member AirborneSapper7's Avatar
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    Muni Retirees Face 90% Loss Under Detroit's Pending "Free-Fall" Bankruptcy

    Submitted by Tyler Durden on 07/18/2013 12:44 -0400





    The odds of an out-of-court settlement between Detroit's emergency manager and its creditors are "extremely slim," as the WSJ reports that the troubled city's D-Day draws ever closer to becoming the largest muni default in US history. The last straw on Detroit's camel's back of bankruptcy was following discussions last week between Kevyn Orr (Detroit's emergency manager) and the White House as any hope of a federal bailout to evert bankruptcy fizzled. Folowing Detroit's default in June - demonstrating its insolvency - and its "negotiations in full faith" with creditors set the scene for a pending day in court. The current plan (for now rejected by creditors) means a 90% loss for muni-worker retirees, 81% loss for unsecured creditors, and a 75% loss for secured creditors leaving a "free fall" bankruptcy filing - one without a clear plan or much agreement beforehand with creditors - the most likely outcome "because there is no other way out of here if we don't reach consensus."

    Via WSJ,


    This automobile capital and onetime music-industry powerhouse could within days become the country's largest-ever municipal bankruptcy case, people familiar with the matter said, as the city's emergency manager accelerates his plan for restructuring nearly $20 billion of long-term liabilities.

    ...

    Detroit's strategy, unveiled last month, is to pay off the majority of what secured creditors such as certain bondholders are owed while offering pennies on the dollar to unsecured bondholders, unions and pension funds. The moves are likely to prompt heated debates before a bankruptcy judge as each group argues its case for why it deserves a bigger payout.

    ...

    Most at risk under the expected bankruptcy case is the city's $11 billion in unsecured debt. That includes almost $6 billion in health and other benefits for retirees; more than $3 billion for retiree pensions; and about $530 million in general-obligation bonds.

    Municipal-worker retirees are set to get less than 10% of what they are owed under the plan.

    ...

    The decision by the nation's 18th largest city by population is being closely watched by other states and municipalities burdened by steep pension and retiree health costs.

    ...

    But aides to Mr. Orr said the odds of an out-of-court settlement are extremely slim. So far, the city has an agreement to pay some secured creditors 75 cents on the dollar on nearly $340 million in debt. In exchange, the city would get back $11 million a month in tax revenue from the city's three casinos originally used as collateral to back the debt. But negotiations with unsecured creditors who were offered about $2 billion to cover $11 billion in debt remain stalled.

    ...

    Mr. Orr "has taken such a hard line with creditors that a bankruptcy filing is inevitable,"

    ...

    A "free fall" bankruptcy filing - one without a clear plan or much agreement beforehand with creditors - is a likely outcome.

    ...

    "a bankruptcy gives Detroit some breathing room and some new tools to try to resolve their problems." But just because a city files for bankruptcy, "that doesn't mean it will be successful."

    But Mr. Orr said a Chapter 9 filing may go more smoothly for Detroit than other municipalities "because there is no other way out of here if we don't reach consensus."

    http://www.zerohedge.com/news/2013-0...all-bankruptcy
    Last edited by AirborneSapper7; 07-23-2013 at 01:04 AM.
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  2. #22
    Super Moderator Newmexican's Avatar
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    Obama to Detroit: Drop Dead!

    July 18th, 2013 - 5:06 pm
    by Ed Driscoll




    Walter Russell Mead’s headline
    cried out for a Photoshop updating the infamous New York Daily News headlinefrom 1975, which was certainly fun putting together, particularly trying to make the headline type look like a moldering 38 year old photocopy. In his post, written just before Detroit made its bankruptcy official today, Mead writes:
    Buried in the middle of the report is a telling climax to this sorry tragedy:

    Any hope of a federal bailout to avert bankruptcy fizzled last week after Mr. Orr spoke with the White House, including Obama confidante Valerie Jarrett, according to city and White House officials.
    This is where blue governance has brought Detroit in the end: not even a liberal Democratic administration will step in to save the pensions of thousands of public workers and African Americans, condemning countless innocents to having their pensions and health benefits gutted in bankruptcy court.
    Blue model defenders will point to the cruel exodus of General Motors, the unjust outsourcing of American manufacturing, and the general unfairness of life in the big city as the culprits in the slaying of Detroit. But these champions of the marginalized should keep a few facts in mind.

    Detroit has been spending on average $100 million more than it has taken in for each of the past five years. The city’s $11 billion in unsecured debt includes $6 billion in health and other retirement benefits and $3 billion in retiree pensions for its 20,000 city pensioners, who are slated to receive less than 10 percent of what they were promised. Between 2007 and 2011, an astounding 36 percent of residents lived below the poverty line. Last year, the FBI cited Detroit as having the highest violent crime rate for any major American city. In the first 12 years of the new century, Detroit lost more than 26 percent of its population.

    And now Detroit’s desperate request for a bailout has been turned down by the Obama White House.
    Detroit’s woes are a case of blue on blue, all the way down, Erika Johnsen notes at Hot Air:

    It’s happened. The long and defiant march of progressive policies has finally succeeded in fully transforming Detroit from a mid-century bastion of middle-class prosperity to one of the biggest and brokest cities in America. After a review declared the city to be in a state of financial emergencyearlier this year and Gov. Rick Synder invoked a rule allowing him to appoint an emergency manager to try and pull Detroit back from the fiscal abyss, they’ve spent months trying to negotiate a way out of it — with creditors to accept fractions of what they’re owed, with unions to cut benefits, and etc — but alas, it was too little, too late for the financially beleaguered city.

    As Mead notes above, Detroit is the end game for a century of “Progressivism” that’s accelerating in its madness as its approaches the abyss; the rest of America will get there eventually if we continue on our current path.

    Update: “Sixty years ago, Detroit was the wealthiest city in the United States.” Today, it looks like this. At Storify, in a series of tweets assembled by Melissa Clouthier, “David Freddoso Documents [Detroit's] Doom.”

    Related: 36 municipal bankruptcies in America since 2010, the year Obama declared “Recovery Summer” had begun.

    http://pjmedia.com/eddriscoll/2013/0...oit-drop-dead/

  3. #23
    Super Moderator Newmexican's Avatar
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    Rotting, Decaying And Bankrupt – If You Want To See The Future Of America Just Look At Detroit

    Submitted by Tyler Durden on 06/17/2013

    Submitted by Michael Snyder of The Economic Collapse blog,

    Eventually the money runs out. Much of America was shocked when the city of Detroit defaulted on a $39.7 million debt payment and announced that it was suspending payments on$2.5 billion of unsecured debt, but those who visit my site on a regular basis were probably not too surprised. Anyone with half a brain and a calculator could see this coming from a mile away. But people kept foolishly lending money to the city of Detroit, and now many of them are going to get hit really hard.

    Detroit Emergency Manager Kevyn Orr has submitted a proposal that would pay unsecured creditors about 10 cents on the dollar. Similar haircuts would be made to underfunded pension and health benefits for retirees. Orr is hoping that the creditors and the unions that he will be negotiating with will accept this package, but he concedes that there is still a "50-50 chance" that the city of Detroit will be forced to formally file for bankruptcy.

    But what Detroit is facing is not really that unique. In fact, Detroit is a perfect example of what the future of America is going to look like. We live in a nation that is rotting, decaying, drowning in debt and racing toward insolvency. Already there are dozens of other cities across the nation that are poverty-ridden, crime-infested hellholes just like Detroit is, and hundreds of other communities are rapidly heading in that direction. So don't look down on Detroit. They just got there before the rest of us.

    The following are some facts about Detroit that are absolutely mind-blowing...

    1 - Detroit was once the fourth-largest city in the United States, and in 1960 Detroit had the highest per-capita income in the entire nation.
    2 - Over the past 60 years, the population of Detroit has fallen by 63 percent.
    3 - At this point, approximately 40 percent of all the streetlights in the city don't work.
    4 - Some ambulances in the city of Detroit have been used for so long that they have more than 250,000 miles on them.
    5 - 210 of the 317 public parks in the city of Detroit have beenpermanently closed down.
    6 - According to the New York Times, there are nowapproximately 70,000 abandoned buildings in Detroit.
    7 - Approximately one-third of Detroit's 140 square miles is either vacant or derelict.
    8 - Less than half of the residents of Detroit over the age of 16 are working at this point.
    9 - If you can believe it, 60 percent of all children in the city of Detroit are living in poverty.
    10 - According to one very shocking report, 47 percent of the residents of Detroit are functionally illiterate.
    11 - Today, police solve less than 10 percent of the crimes that are committed in Detroit.
    12 - Ten years ago, there were approximately 5,000 police officers in the city of Detroit. Today, there are only about 2,500and another 100 are scheduled to be eliminated from the force soon.
    13 - Due to budget cutbacks, most police stations in Detroit are now closed to the public for 16 hours a day.
    14 - The murder rate in Detroit is 11 times higher than it is in New York City.
    15 - Crime has gotten so bad in Detroit that even the police are telling people to "enter Detroit at your own risk".
    16 - Right now, the city of Detroit is facing $20 billion in debt and unfunded liabilities. That breaks down to more than $25,000 per resident.
    As Detroit Emergency Manager Kevyn Orr noted last week, it took a very long time for Detroit to get into this condition...




    “What the average Detroiter needs to understand is that where we are right now is a culmination of years and years and years of kicking the can down the road,” said Orr, adding that his proposal should not be seen as a “hostile act” but as a step in the right direction.
    Does that sound familiar?

    It should.

    U.S. politicians have also been kicking the can down the road for "years and years and years".

    But eventually you can't kick the can down the road anymore.

    Sometimes it is helpful to step back and look at what we have done to ourselves over the past several decades.

    For example, back in 1980 the U.S. national debt was less than one trillion dollars. Today, it is rapidly approaching 17 trillion dollars.

    And our debt binge has greatly accelerated under Barack Obama.

    During Barack Obama's first term, the federal government accumulated more debt than it did under the first 42 U.S presidents combined.

    Isn't that insane?

    In fact, if you started paying off just the new debt that the U.S. has accumulated during the Obama administration at the rate of one dollar per second, it would take more than 184,000 years to pay it off.

    The following are a lot more facts about our exploding national debt from one of my previous articles entitled "55 Facts About The Debt And U.S. Government Finances That Every American Voter Should Know"...

    #1 While Barack Obama has been president, the U.S. government has spent about 11 dollars for every 7 dollars of revenue that it has actually brought in.
    #2 During the fiscal year that just ended, the U.S. government took in 2.449 trillion dollars but it spent 3.538 trillion dollars.
    #3 During fiscal year 2011, over a trillion dollars of government money was spent on 83 different welfare programs, and those numbers do not even include Social Security or Medicare.
    #4 Over the past four years, welfare spending has increased by32 percent. In inflation-adjusted dollars, spending on those programs has risen by 378 percent over the past 30 years. At this point, more than 100 million Americans are enrolled in at least one welfare program run by the federal government. Once again, these figures do not even include Social Security or Medicare.
    #5 Over the past year, the number of Americans getting a free cell phone from the federal government has grown by 43 percent. Now more than 16 million Americans are enjoying what has come to be known as an "Obamaphone".
    #6 When Barack Obama first entered the White House, about 32 million Americans were on food stamps. Now, 47 million Americans are on food stamps. And this has happened during what Obama refers to as "an economic recovery".
    #7 The U.S. government recently spent 27 million dollars on pottery classes in Morocco.
    #8 The U.S. Department of Agriculture recently spent $300,000to encourage Americans to eat caviar at a time when more families than ever are having a really hard time just trying to put any food on the table at all.
    #9 During 2012, the National Science Foundation spent $516,000 to support the creation of a video game called "Prom Week", which apparently simulates "all the social interactions of the event."
    #10 The U.S. Department of Agriculture gave the largest snack food maker in the world (PepsiCo Inc.) a total of 1.3 million dollars in corporate welfare that was used to help build "a Greek yogurt factory in New York."
    #11 The National Science Foundation recently gave researchers at Purdue University $350,000. They used part of that money to help fund a study that discovered that if golfers imagine that a hole is bigger it will help them with their putting.
    #12 If you can believe it, $10,000 from the federal government was actually used to purchase talking urinal cakes up in Michigan.
    #13 The National Science Foundation recently gave a whopping$697,177 to a New York City-based theater company to produce a musical about climate change.
    #14 The National Institutes of Health recently gave $666,905 to a group of researchers that is studying the benefits of watching reruns on television.
    #15 The National Science Foundation has given 1.2 million dollars to a team of "scientists" that is spending part of that money on a study that is seeking to determine whether elderly Americans would benefit from playing World of Warcraft or not.
    #16 The National Institutes of Health recently gave $548,731 to a team of researchers that concluded that those that drink heavily in their thirties also tend to feel more immature.
    #17 The National Science Foundation recently spent $30,000 on a study to determine if "gaydar" actually exists. This is the conclusion that the researchers reached at the end of the study...
    "Gaydar is indeed real and… its accuracy is driven by sensitivity to individual facial features"
    #18 Back in 2011, the National Institutes of Health spent$592,527 on a study that sought to figure out once and for all why chimpanzees throw poop.
    #19 The U.S. government spends more on the military than China, Russia, Japan, India, and the rest of NATO combined. In fact, the United States accounts for 41.0% of all military spending on the planet. China is next with only 8.2%.
    #20 In a previous article, I noted that close to 500,000 federal employees now make at least $100,000 a year.
    #21 In 2006, only 12 percent of all federal workers made $100,000 or more per year. Now, approximately 22 percent of all federal workers do.
    #22 If you can believe it, there are 77,000 federal workers that make more than the governors of their own states do.
    #23 During 2010, the average federal employee in the Washington D.C. area received total compensation worth more than $126,000.
    #24 The U.S. Department of Defense had just nine civilians earning $170,000 or more back in 2005. When Barack Obama became president, the U.S. Department of Defense had 214 civilians earning $170,000 or more. By June 2010, the U.S. Department of Defense had 994 civilians earning $170,000 or more.
    #25 During 2010, compensation for federal employees came to a grand total of approximately 447 billion dollars.
    #26 If you can believe it, close to 15,000 retired federal employees are currently collecting federal pensions for life worth at least $100,000 annually. That list includes such names as Newt Gingrich, Bob Dole, Trent Lott, Dick Gephardt and Dick Cheney.
    #27 During 2010, the federal government spent $33,387 on the hair care needs of U.S. Senators.
    #28 During 2010, U.S. Senators pulled $72,370 out of the "Senate Restaurant Fund".
    #29 During 2010, an average of $4,005,900 of U.S. taxpayer money was spent on "personal" and "office" expenses per Senator.
    #30 In 2013, 3.7 million dollars will be spent to support the lavish lifestyles of former presidents such as George W. Bush and Bill Clinton.
    #31 During 2011, the federal government spent a total of 1.4 BILLION dollars just on the Obamas.
    #32 When you combine all federal government spending, all state government spending and all local government spending, it comes to approximately 41 percent of U.S. GDP. But don't worry, all of our politicians insist that this is not socialism.
    #33 As I have written about previously, less than 30 percent of all Americans lived in a home where at least one person received financial assistance from the federal government back in 1983. Today, that number is sitting at an all-time high of 49 percent.
    #34 Back in 1990, the federal government accounted for just 32 percent of all health care spending in America. This year, it is being projected that the federal government will account for more than 50 percent of all health care spending in the United States.
    #35 The number of Americans on Medicaid soared from 34 million in 2000 to 54 million in 2011, and it is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.
    #36 In one of my previous articles, I discussed how it is being projected that the number of Americans on Medicare will grow from 50.7 million in 2012 to 73.2 million in 2025.
    #37 If you can believe it, Medicare is facing unfunded liabilities of more than 38 trillion dollars over the next 75 years. That comes to approximately $328,404 for each and every household in the United States.
    #38 In the United States today, more than 61 million Americansreceive some form of Social Security benefits. By 2035, that number is projected to soar to a whopping 91 million.
    #39 Overall, the Social Security system is facing a 134 trilliondollar shortfall over the next 75 years.
    #40 When Barack Obama first took office, the U.S. national debt was about 10.6 trillion dollars. Now it is about 16.7 trillion dollars. That is an increase of 6.1 trillion dollars in a little more than 4 years.
    #41 The federal government has now run a budget deficit of more than a trillion dollars for four years in a row.
    #42 If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.
    #43 If you were alive when Jesus Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now.
    #44 Some suggest that "taxing the rich" is the answer. Well, if Bill Gates gave every single penny of his entire fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.
    #45 If the federal government used GAAP accounting standards like publicly traded corporations do, the real federal budget deficit for 2011 would have been 5 trillion dollars instead of 1.3 trillion dollars.
    #46 The United States already has more government debt per capita than Greece, Portugal, Italy, Ireland or Spain does.
    #47 At this point, the United States government is responsiblefor more than a third of all the government debt in the entire world.
    #48 The amount of U.S. government debt held by foreigners isabout 5 times larger than it was just a decade ago.
    #49 Between 2007 and 2010, U.S. GDP grew by only 4.26%, but the U.S. national debt soared by 61% during that same time period.
    #50 The U.S. national debt is now more than 37 times largerthan it was when Richard Nixon took us off the gold standard.
    #51 The U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was first created.
    #52 The U.S. national debt jumped more on the very first day of fiscal year 2013 than it did from 1776 to 1941 combined.
    #53 Historically, the interest rate on 10 year U.S. Treasuries has averaged 6.68 percent. If the average interest rate on U.S. government debt rose to that level today, the U.S. government would find itself spending more than a trillion dollars per year just on interest on the national debt.
    #54 A recently revised IMF policy paper entitled “An Analysis of U.S. Fiscal and Generational Imbalances: Who Will Pay and How?” projects that U.S. government debt will rise to about 400 percent of GDP by the year 2050.
    #55 Boston University economist Laurence Kotlikoff is warning that the U.S. government is facing a gigantic tsunami of unfunded liabilities in the coming years that we are counting on our children and our grandchildren to pay. Kotlikoff speaks of a "fiscal gap" which he defines as "the present value difference between projected future spending and revenue". His calculations have led him to the conclusion that the federal government is facing a fiscal gap of 222 trillion dollars in the years ahead.
    Please share this article with as many people as you can. We are in the process of committing national financial suicide and time is rapidly running out to do anything about it.
    Just like Detroit, a day is rapidly approaching when America will not be able to kick the can down the road anymore.
    Sadly, our politicians don't seem inclined to do anything about it and most of the population seems to think that our exploding national debt is not a significant problem.
    By the time it becomes clear how wrong they were, it will be far too late to do anything about it.
    http://www.zerohedge.com/news/2013-0...t-look-detroit


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  6. #26
    Senior Member AirborneSapper7's Avatar
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    25 Facts About The Fall Of Detroit That Will Leave You Shaking Your Head

    Submitted by Tyler Durden on 07/21/2013 17:47 -0400





    Submitted by Michael Snyder of The Economic Collapse blog,

    It is so sad to watch one of America's greatest cities die a horrible death. Once upon a time, the city of Detroit was a teeming metropolis of 1.8 million people and it had the highest per capita income in the United States. Now it is a rotting, decaying hellhole of about 700,000 people that the rest of the world makes jokes about. On Thursday, we learned that the decision had been made for the city of Detroit to formally file for Chapter 9 bankruptcy. It was going to be the largest municipal bankruptcy in the history of the United States by far, but on Friday it was stopped at least temporarily by an Ingham County judge.

    She ruled that Detroit's bankruptcy filing violates the Michigan Constitution because it would result in reduced pension payments for retired workers. She also stated that Detroit's bankruptcy filing was "also not honoring the (United States) president, who took (Detroit’s auto companies) out of bankruptcy", and she ordered that a copy of her judgment be sent to Barack Obama. How "honoring the president" has anything to do with the bankruptcy of Detroit is a bit of a mystery, but what that judge has done is ensured that there will be months of legal wrangling ahead over Detroit's money woes.

    It will be very interesting to see how all of this plays out. But one thing is for sure - the city of Detroit is flat broke. One of the greatest cities in the history of the world is just a shell of its former self. The following are 25 facts about the fall of Detroit that will leave you shaking your head...

    1) At this point, the city of Detroit owes money to more than 100,000 creditors.
    2) Detroit is facing $20 billion in debt and unfunded liabilities. That breaks down to more than $25,000 per resident.
    3) Back in 1960, the city of Detroit actually had the highest per-capita income in the entire nation.
    4) In 1950, there were about 296,000 manufacturing jobs in Detroit. Today, there are less than 27,000.
    5) Between December 2000 and December 2010, 48 percent of the manufacturing jobs in the state of Michigan were lost.
    6) There are lots of houses available for sale in Detroit right now for $500 or less.
    7) At this point, there are approximately 78,000 abandoned homes in the city.
    ​8 ) About one-third of Detroit's 140 square miles is either vacant or derelict.
    9) An astounding 47 percent of the residents of the city of Detroit are functionally illiterate.
    10) Less than half of the residents of Detroit over the age of 16 are working at this point.
    11) If you can believe it, 60 percent of all children in the city of Detroit are living in poverty.
    12) Detroit was once the fourth-largest city in the United States, but over the past 60 years the population of Detroit has fallen by63 percent.
    13) The city of Detroit is now very heavily dependent on the tax revenue it pulls in from the casinos in the city. Right now, Detroit is bringing in about 11 million dollars a month in tax revenue from the casinos.
    14) There are 70 "Superfund" hazardous waste sites in Detroit.
    15) 40 percent of the street lights do not work.
    16) Only about a third of the ambulances are running.
    17) Some ambulances in the city of Detroit have been used for so long that they have more than 250,000 miles on them.
    1 Two-thirds of the parks in the city of Detroit have been permanently closed down since 2008.
    19) The size of the police force in Detroit has been cut by about 40 percent over the past decade.
    20) When you call the police in Detroit, it takes them an average of 58 minutes to respond.
    21) Due to budget cutbacks, most police stations in Detroit are now closed to the public for 16 hours a day.
    22) The violent crime rate in Detroit is five times higher than the national average.
    23) The murder rate in Detroit is 11 times higher than it is in New York City.
    24) Today, police solve less than 10 percent of the crimes that are committed in Detroit.
    25) Crime has gotten so bad in Detroit that even the police are telling people to "enter Detroit at your own risk".

    It is easy to point fingers and mock Detroit, but the truth is that the rest of America is going down the exact same path that Detroit has gone down.

    Detroit just got there first.

    All over this country, there are hundreds of state and local governments that are also on the verge of financial ruin...

    "Everyone will say, 'Oh well, it's Detroit. I thought it was already in bankruptcy,' " said Michigan State University economist Eric Scorsone. "But Detroit is not unique. It's the same in Chicago and New York and San Diego and San Jose. It's a lot of major cities in this country. They may not be as extreme as Detroit, but a lot of them face the same problems."
    A while back, Meredith Whitney was highly criticized for predicting that there would be a huge wave of municipal defaults in this country. When it didn't happen, the critics let her have it mercilessly.

    But Meredith Whitney was not wrong.

    She was just early.

    Detroit is only just the beginning. When the next major financial crisis strikes, we are going to see a wave of municipal bankruptcies unlike anything we have ever seen before.
    And of course the biggest debt problem of all in this country is the U.S. government. We are going to pay a great price for piling up nearly 17 trillion dollars of debt and over 200 trillion dollars of unfunded liabilities.

    All over the nation, our economic infrastructure is being gutted, debt levels are exploding and poverty is spreading. We are consuming far more wealth than we are producing, and our share of global GDP has been declining dramatically.

    We have been living way above our means for so long that we think it is "normal", but an extremely painful "adjustment" is coming and most Americans are not going to know how to handle it.

    So don't laugh at Detroit. The economic pain that Detroit is experiencing will be coming to your area of the country soon enough.

    http://www.zerohedge.com/news/2013-0...king-your-head

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    Senior Member AirborneSapper7's Avatar
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    Detroit Mayor Warns "We May Be One Of The First... But We Absolutely Won't Be The Last"

    Submitted by Tyler Durden on 07/21/2013 15:25 -0400





    Amid the furore of Sunday morning political programming, Detroit Mayor Bing and Michigan Governor Snyder have been quite vocal. Bing made it clear that "a lot of negotiations will go into fixing our city," and when asked whether he will seek a Federal bailout, he responded, "not yet." The decisions following this huge bankruptcy are likely to be precedent-setting as Bing noted that more than 100 urban US cities "are having the same problems we're having." As the WSJ reports, Bing warned, "We may be one of the first. We are the largest. But we absolutely will not be the last. And so we have got to set a benchmark in terms how to fix our cities." Snyder was a little more hopeful that salvation will come from above as he stated that while "I don't view that as the right answer... if the federal government wants to [bail us out], that’s their option."

    Video at the Page Link:http://www.zerohedge.com/news/2013-0...y-wont-be-last


    Via WSJ,

    Detroit Mayor Dave Bing on Sunday left the door open for a federal bailout after the city’s bankruptcy filing, saying thenation’s response would “set a benchmark” for aiding other struggling cities.

    Asked directly whether Detroit would seek a federal bailout, Mr. Bing said “not yet.”

    ...

    More than 100 urban U.S. cities “are having the same problems we’re having,” Mr. Bing said. “We may be one of the first. We are the largest. But we absolutely will not be the last. And so we have got to set a benchmark in terms how to fix our cities.”

    ...

    Republican Michigan Gov. Rick Snyder, appearing on other Sunday news programs, also left the door open for federal bailout money. “If the federal government wants to do that, that’s their option,” he said on CBS’s “Face the Nation.” But he added, “I don’t view that as the right answer.”

    http://www.zerohedge.com/news/2013-0...y-wont-be-last
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    Senior Member AirborneSapper7's Avatar
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    TRIFECTA: Detroit Bankruptcy: How Liberalism & Unions Bankrupted the Motor City (Part 1)



    Published on Jul 23, 2013 Why are cities in Texas thriving while Detroit is going bankrupt? Find out as Trifecta tells you how unions and liberalism set the stage for the nation's largest municipal bankruptcy.




    Last edited by AirborneSapper7; 07-25-2013 at 12:06 AM.
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  9. #29
    Senior Member AirborneSapper7's Avatar
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    Detroit Could Be Just The Tip Of The Iceberg As Baby Boomers Retire



    Is Ohio Next? Ohio Has 1400 Separate Income Tax!, Not Including State & Federal Income Tax! Detroit Could Be Just The Tip Of The Iceberg As Baby Boomers Retire
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  10. #30
    Senior Member AirborneSapper7's Avatar
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    TRIFECTA - Detroit Bankruptcy: How Liberalism & Unions Bankrupted the Motor City (Part 2)



    Published on Jul 24, 2013

    Trifecta continues its examination of the Detroit bankruptcy. Why did New York City rise from the ashes of fiscal mismanagement, while a city like Detroit got thrust into bankruptcy? Find out.


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