Performance Boats Forum banner

1 - 20 of 23 Posts

·
Registered
Joined
·
1,139 Posts
Discussion Starter #1 (Edited)
Detroit files for Chapter 9 bankruptcy amid staggering debts

The City of Detroit filed this afternoon for Chapter 9 bankruptcy protection in federal court, laying the groundwork for a historic effort to bail out a city that is sinking under billions of dollars in debt and decades of mismanagement, population flight and loss of tax revenue.
The filing begins a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer. The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities.

Link: Detroit files for Chapter 9 bankruptcy amid staggering debts | Detroit Free Press | freep.com

HAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
bankrupt obama.jpg
 

Attachments

·
Cajun Member
Joined
·
1,436 Posts
Will the DOJ try to prosecute all who participated in "white flight" as civil rights violations...There is no way in hell the left will accept responsibility for the fall of Detroit..
 

·
Colts fan & Stoker owner
Joined
·
8,170 Posts
What city will be next?
 

·
Premium Member
Joined
·
25,975 Posts
I can't believe they hung in this long. I have no doubt that they will be granted chapter 9 status and protection from the unions. It was a slam dunk for Stockton, and it will be for every other city that falls into this same situation.

My guess is Oakland is prime. Its buried in debt. Mostly from debt trying to cover pensions. Under normal conditions, I would have "some" apathy for retirees, but seriously, when you are beating a downed person with total disregard whether they die or not, you pretty much deserve to have someone hit you over the head with a 20lb sledge. They don't give a rat fuck about anybody that has to live in that city, the majority of them either never did live there, or left long ago, but they want they ill gotten entitlement, and they don't give a shit who has to suffer for it.

In the next 8-10 years and on ward, there will be a continuous line of cities filing. Some smaller cities that can't pass tax increases, or float bonds or borrow, and have no choice. Some larger ones because the politicians were crooks and promised the moon to city employees and passed the buck to the next mayor and city council. Not much different than some states and the fed. gov.



100% free webcam site! | Awesome chicks and it is absolutely free! | Watch free live sex cam - easy as 1-2-3
 

·
Banned
Joined
·
5,950 Posts
Unions have ruined Detroit and now LOL the Unions are freaking about Obama care. LOL Maybe should have read the POS in the first place. Live with it dip shits.The Union Leaders have lead this disaster and the poor members are going to suffer.The Union leaders live the "High Life" while the grunts fight the battle.Jimmy Hoffa and his Union has sent a letter and freaked out on this. Suck It Up. :))THumbsUp
 

·
Registered
Joined
·
1,139 Posts
Discussion Starter #8
Before my Time but cool

ford drop dead.jpg
New York City didn't actually declare bankruptcy in the 1970s, but it came close. When the city appealed to Washington in 1975 for a bailout, President Ford balked, prompting this famous New York Daily News headline.
 

·
Registered
Joined
·
1,139 Posts
Discussion Starter #9

·
Registered
Joined
·
1,139 Posts
Discussion Starter #10

·
Already miss the 310/562
Joined
·
13,551 Posts
Check out the extensive comments thread for an INSIGHT into the warped liberal mind and the PIE IN THE SKY thinking that has landed so many METRO areas in the same shape of Detroit...

They want to argue semantics and skirt the core issue which is the ENTITLED mentality that runs rampant in the city GUBMENTS as well as state and federal GUBMENTS...

NO responsibility is placed on the THUGS/PERPS/POLITICIANS/HIGH ROLLERS, its always SOMEONE elses fault that the city is in the shape it is in... Usually George W. Bush and Cheney's fault... :D

St. Louis Crime Report - YouTube
 

·
Registered
Joined
·
1,139 Posts
Discussion Starter #13 (Edited)
It gets funnier....

Seems to be a trend with Socialist thinking that individuals, businesses, and cities cant defend themselves from physical or financial harm.

A Michigan judge declared that Detroit’s Chapter 9 bankruptcy filing violated the state’s constitution and ordered Governor Rick Snyder to withdraw it.
Circuit Court Judge Rosemarie E. Aquilina in Lansing today criticized Snyder, a Republican, for rushing the filing into court yesterday before she could rule on a bid by city workers and their pension funds to consider an emergency request to block the filing.

Orr Says Lawsuits Made Him Seek Detroit Bankruptcy Protect







“I’m finding the actions that were taken in filing bankruptcy as overreaching and unconstitutional,” she said. She ordered the governor to direct Detroit emergency manager Kevyn Orr to immediately withdraw the bankruptcy petition. She also said he cannot authorize further filings that would impair or diminish public pension benefits. Attorney General Bill Schuette applied for permission to appeal the decisions. He also filed a motion to suspend Aquilina’s rulings pending appeal, Joy Yearout, a spokeswoman for the attorney general, said in an e-mailed statement.

Kenneth Klee, the bankruptcy lawyer who spearheaded the bankruptcy restructuring of Jefferson County, Alabama, said a state judge can’t force Detroit out of federal bankruptcy, even if Snyder agrees to try to withdraw the petition. Once Detroit city filed the bankruptcy petition, it came under federal jurisdiction and the case cannot be withdrawn, even by Snyder, said Klee.

full link: Michigan Judge Says Detroit Bankruptcy Should Be Dropped - Bloomberg

coca social.jpg
 

·
Premium Member
Joined
·
6,008 Posts
I can't believe they hung in this long. I have no doubt that they will be granted chapter 9 status and protection from the unions. It was a slam dunk for Stockton, and it will be for every other city that falls into this same situation.

My guess is Oakland is prime. Its buried in debt. Mostly from debt trying to cover pensions. Under normal conditions, I would have "some" apathy for retirees, but seriously, when you are beating a downed person with total disregard whether they die or not, you pretty much deserve to have someone hit you over the head with a 20lb sledge. They don't give a rat fuck about anybody that has to live in that city, the majority of them either never did live there, or left long ago, but they want they ill gotten entitlement, and they don't give a shit who has to suffer for it.

In the next 8-10 years and on ward, there will be a continuous line of cities filing. Some smaller cities that can't pass tax increases, or float bonds or borrow, and have no choice. Some larger ones because the politicians were crooks and promised the moon to city employees and passed the buck to the next mayor and city council. Not much different than some states and the fed. gov.
Don't forget that due to the pension promises in return for votes, they raise taxes and drive the tax base out of the city. Thus running out of other peoples money at an accelerating rate.
 

·
Premium Member
Joined
·
7,810 Posts
You guys are missing the bigger picture here. If we continue on the current path, this is exactly where the nation is heading. If anyone has ever known and/or talked to anyone from the former USSR, they can tell you horror stories. The current government (both reps& dems) are taking us down the path to socialism. While the current republicans have a different ideology, it ends the same way as the idiotic democrats. Guys like Ted Cruz, Rand Paul, and of course the granddaddy of responsible governing, Ron Paul are the only ones I've seen that actually want to get us back on track towards the path the Founding Fathers put us on originally.
 

·
Premium Member
Joined
·
25,975 Posts
You guys are missing the bigger picture here. If we continue on the current path, this is exactly where the nation is heading. If anyone has ever known and/or talked to anyone from the former USSR, they can tell you horror stories. The current government (both reps& dems) are taking us down the path to socialism. While the current republicans have a different ideology, it ends the same way as the idiotic democrats. Guys like Ted Cruz, Rand Paul, and of course the granddaddy of responsible governing, Ron Paul are the only ones I've seen that actually want to get us back on track towards the path the Founding Fathers put us on originally.
Nobody is missing that bigger picture. The cities and states are a direct image of the country. The only difference is that Obama can print money, and Detroit can't.

The federal government is already BK. Only the presses are keeping it running, because they can print faster than they can spend it.
Actually they don't print money that much any more. When the Feds need more money, they vote on more money, and add it to there bank account with a few key strokes, and WA LA, there is it. Magic.

Cities and states can't do that.

You generate WA LA money enough, and places like China and the oil countries tell you take your WA LA money and shove it up your ass. The only thing that makes our money worth a shit is the countries that will accept it. When they money no more monopoly money, its all over.

The only thing that keeps that from happening right now is, compared to most of the world, we are the best looking pig in the pen. But the oil countries and China will ultimately decide how good we look.



100% free webcam site! | Awesome chicks and it is absolutely free! | Watch free live sex cam - easy as 1-2-3
 

·
Registered
Joined
·
1,139 Posts
Discussion Starter #20
You guys are missing the bigger picture here. If we continue on the current path, this is exactly where the nation is heading. If anyone has ever known and/or talked to anyone from the former USSR, they can tell you horror stories. The current government (both reps& dems) are taking us down the path to socialism. While the current republicans have a different ideology, it ends the same way as the idiotic democrats. Guys like Ted Cruz, Rand Paul, and of course the granddaddy of responsible governing, Ron Paul are the only ones I've seen that actually want to get us back on track towards the path the Founding Fathers put us on originally.
Ted Cruz, Rand Paul, and Ron Paul cant get us back on track until the "moochers" are economically face down in the dirt, no if's and or buts about it. Go back and look at what the founders did...put in writing that it was ok to revolt, to reorganize, to restructure, our rights are from God not men....they started something new by ushering in the demise of the old, and knew that it would have to be done again (hey 2nd Amend). Socialism (or any other tyranny) here in the States must run its course just as it did in many other countries, never lasts longer than 60 years or so....then you rebuild. If we have guys that fight whats happening then you prolong the pain and give the socialists a target, someone to blame. Resilience Theory might help here, they would only be managing something that needs to be reset with a major collapse...and might even be worse. Worst day ever was when Bush uttered "Compassionate Conservatism" which was nothing short of coercive government giving through taxation...enter Ayn Rand

adaptive cycle.jpg
I suspect that we are at the ass end of the arrow in stage K
 
1 - 20 of 23 Posts
Top