Skip to main content

DETROIT -- The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, 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 bankruptcy filing makes Detroit the largest city in U.S. history to do so.

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.

More:
http://www.usatoday.com/story/...ling-friday/2552819/
Original Post

Replies sorted oldest to newest

Detroit is just the first of many cities that are going to be filing bankruptcy due to graft, corruption, jobs leaving, social decay, mismanagement . . . . . . . . .

And what are the common threads?  Democrats, politician corruption, union labor, decreasing population and tax bases.

I feel bad for the retirees that Mr. Orr is considering "unsecured creditors"--and worthy of only a 10% payout on their pensions.  There again, they retired too early with much higher pensions than they deserved.

I don't feel sorry for the other unsecured Creditors, also offered 10%.  Who in their right mind would do business with a sorry ***, corrupted city like Detroit?  Any company that loaned money on bonds did it at very high profits to offset the high risk.  And 90% debt writeoffs may be in order. 

The only positive thing in Detroit is that Kwame Kirkpatrick, previous corrupt mayor, has been convicted and is going to prison.

Originally Posted by Quaildog:

Sounds like you are made happy by other's misery dire. Is that a true assessment of your character? I think so. It's typical repub. You live by rules that only destroy America; greed and hate of others.

No one is happy about Detroit's plight.  However, it would be wrong to ignore the cause and allow them to repeat history.  Liberalism is a poison that needs to be exposed for the betterment of our country.

I have mixed emotions about this and other bankruptcies.  Do I feel sorry for the retired firemen and police who may have to survive on much less -- yes!  Do I feel sorry for the banks who will lose hundreds of millions -- not the banks.  However, those lost funds represent deposits of people, companies and funds, including retirement funds.  Somehow the banks must make up their losses.  They may charge new fees to customers, they may cut dividends to investors.  Investors including people and funds whom invested for retirement and other reasons. Plus, government doesn't receive taxes and revenue is cut.

 

Politicians promised too much. Yet, voters continued to re-elect them again and again.  Even when fiduciary managers warned and warned, voters returned those profligates  to office.  Now, they must suffer the results of their poor choices.

 

Democrats drove NYC to near bankruptcy.  Bonds were sold within hours of declaration just to make operating expenses.  They claimed NYC was too large to govern,  (They make this claim for any portion of government they screw up so bad.) Yet, Giuliani took over and returned the city to fiscal stability.  Bloomberg hasn't messed with that despite his nanny practices. Well. the man does know how to manage money. 

 

DC was driven into bankruptcy so bad they had to lease out city hall.  The committee that took over running of the city returned it to fiscal stability.  For now, the DC government, for all their faults, haven't committed the sins of their predecessors.

 

 

 

Originally Posted by ribbit:

so, if Detroit, or any other city was run by conservatives, it would stand a better chance of survival?

Detroit is a victim in it's own liberal ponzi scheme.  It didn't happen overnight, it took the better part of 40 years to happen.  If the city had been fiscally and morally conservative, of course they would be in better shape.  There is no such thing as a free lunch!  When the makers move out and all you have left is takers, then it's just a matter of time before the implosion.

If the country keeps going status quo, it will happen to all of us.  Our current course is not sustainable, much like Detroit's situation prior to bankruptcy.

I see a state judge delayed the bankruptcy.  Will go to Appeals Court. Interesting, the judge is Democrat and is sending a copy of her order to Obama for help.  Still has to play out in federal bankruptcy court.  Going full default might be a catastrophe for the city.  Secured creditors could attempt to seize tax collections directly, seize all movable assets, etc.  Even the contents of the art museum and Belle Isle park might be in jeopardy. 

Originally Posted by Crash.Override:
Originally Posted by direstraits:

_____________________

democrats run amuck, in red states? another in your long line of proving yourself wrong.

a closer look at you map shows, most cities filing for bankruptcy are in red states. imagine that. rt. wingnuts telling lies. i'm shocked.

Crash,

You just looked at the map and commented, didn't you!  Come on, admit it, you really didn't read the legend, nor click the link for further info.

 

Counties and cities are in red.  Utilities and other small government entities are in grey.

The cities and counties in red are:

City of Detroit
City of San Bernardino, Calif.
Town of Mammoth Lakes, Calf.

 City of Stockton, Calif.
Jefferson County, Ala.
City of Harrisburg, Pa.
City of Central Falls, R.I.
Boise County, Idaho

 

Only two of these are in red states.  Even red states have nests of Democrats.  Legally, we have to let them stay.  Jefferson County, AL -- surely, you remember this sorry case!  Commission President Larry Langford not only bankrupted the county, but got a stay in the greybar hotel.

 

The other is Boise, ID, another liberal enclave in an otherwise sane state. 

David H. Bieter (born November 1, 1959) has served as mayor of Boise, Idaho since 2004. He is a Democrat.

http://www.ask.com/wiki/David_H._Bieter?qsrc=3044

 

The three activities in grey neare

The Southern Connector (Connector 2000 Association, Inc.)
Piedmont, SC
Status: Filed for bankruptcy
Date: 6/24/2010
The Southern Connector Toll Road, built using government loans, has increased tolls in an attempt to raise revenues.

         

Barnwell County Hospital
Barnwell, SC
Status: Filed for bankruptcy
Date: 10/5/2011

Hospital Authority of Charlton County
Folkston, GA
Status: Filed for bankruptcy
Date: 4/30/2012

 

Similarly, the rest are county hospitals, water districts and other small organizations -- no cities.

 

Warning, Will Robinson, Warning!  Crash imminent!  Crash Override has failed!  Warning!

 

 

 

 

 

 

 

Seriously, Detroit's best bet is to shrink the place.  During my career, over the decades, I visited Detroit and saw the slow self destruction of a once great city.  The surrounding area is prosperous.  Detroit's contagion begins and ends at the city limits. 

 

The worst building should be demolished.  City services reduced to the viable areas. And, city limits shrunk incrementally, and returned to the county.  Some of the smaller cities might wish to incorporate the new territory.   

 bahahahaha!

you wouldn't know the truth if it scrolled across the bottom of fox news entertainment.

i expected no less of you...

16 districts/cities/municipalities in firmly red states

rt. wingnut's explanation..." they're all liberal cities, or they don't count. but, look at my data from the page about liberal cities. that's all that counts."

rt. wingnut logic.... you just can't make this stuff up.

Originally Posted by Crash.Override:

 bahahahaha!

you wouldn't know the truth if it scrolled across the bottom of fox news entertainment.

i expected no less of you...

16 districts/cities/municipalities in firmly red states

rt. wingnut's explanation..." they're all liberal cities, or they don't count. but, look at my data from the page about liberal cities. that's all that counts."

rt. wingnut logic.... you just can't make this stuff up.

Crash,

Like I stated in my first post, "Another once great US city encounters the results of decades of Democrat rule."  Got that, Democrat rule.  Doesn't matter about the rest of the state, its who ran the place into the ground within those borders -- all Democrats.  Jefferson county's problems weren't caused by the rest of the state.  Birmingham, also a Democrat enclave, may be a candidate of they don't get their finances under control.  You do understand the difference from a state, county and city -- don't you! 

 

I listed three of the 12 entities nearest the Shoals. As, its beyond your abilities to discern or check, I'll list the rest.

 

Grimes County Municipal Utility District  
Grimes County, TX
Status: Filed for bankruptcy
Date: 3/4/2010

         

Pulaski County Property Owners' Improvement Dist. 4
Little Rock, AR
Status: Filed for bankruptcy
Date: 07/01/2013

 

Sylamore Valley Water Association Public Facilities Board of Izard County, Arkansas
Mountain View, AR
Status: Filed for bankruptcy
Date: 4/19/2012

 

Rural Water District No. 1, Cherokee County, Oklahoma
Ft. Gibson, OK
Status: Filed for bankruptcy
Date: 1/23/2012

 

Pauls Valley Hospital Authority
Pauls Valley, OK
Status: Filed for bankruptcy
Date: 03/01/2013

 

Hardeman County Hospital District
Quanah, TX
Status: Filed for bankruptcy
Date: 03/21/2013

 

Centerton Municipal Property Owners' Improvement District No. 3 - Versailles
Fayetteville, AR
Status: Filed for bankruptcy
Date: 10/12/2011

 

 Lake Lotawana Community Improvement District
Lee's Summit, MO
Status: Filed for bankruptcy
Date: 8/27/2010

  

Sanitary and Improvement District #512 of Douglas County, Nebraska
10703 J Street Omaha, NE 68127
Status: Filed for bankruptcy
Date: 11/1/2011

 

http://www.governing.com/gov-d...es-and-defaults.html

 

Got that, only one city and one county in the red states..  The other 12 are county hospitals and public utilities.  If you were never taught the difference, cities and counties are large with many people.  Utilities and hospitals are small with only a  few employees.  City debts are in the hundreds of millions to billions (Detroit, for example).  Hospitals and utilities debt is usually for hundreds of thousands to a few million. 

 

As to logic, you even didn't check the facts.  And, tried to change my statements.  If, you do this in the service industry, you will be learning new skills. 

Originally Posted by Crash.Override:

if you ignore facts in the "accounting business" you generally go to prison.

Crash,

 

Every few years, I receive  a letter from DoJ or the Georgia AG's office informing me that someone who's case I prepared evidence and/or testified against is scheduled to be released.  Nothing new there.  Do you understand the difference between a city and a small government unit, now?  And, why a city in a red state, or any state, is responsible for running itself into debt, while the rest of the state is blameless?  Or, do you remain clueless?

I must accept that Crash can't understand that financial problems in a Democrat controlled city within a red state is not the fault of the red state.  Democrats and lefties are notorious for blaming the victim. Rapist says she deserved it. Bleeding heart lefties offer him tea and sympathy.  Stalin says the kulaki have too much and famine results (planned, of course).  This is the same mindset that believes wet sidewalks cause rain to fall.

Now, as to Detroit's plight., its only one of several Michigan cities in financial ruin. Benton Harbor, Flint, Pontiac, and Allen Park all join the list of dishonor.  All have emergency financial managers attempting to control the ruinous financial plight left behind by Democrats.. 

 

In response to Democrat misrule, Michigan now have a Republican majority in their state house and senate and a Republican governor.  Perhaps, there is hope for a once great state. 

 

Originally Posted by Roland Pfalz:
Originally Posted by Crash.Override:

you just can't help yourself, can you?

i'd love to see things from your point of view, but i can't get my head that far up my ass!

 

 

That's not what I've heard...

Roland,

Arguing with Crash is just a notch above arguing with QD. He doesn't offer any facts or logical argumentation.  Just rant and insult.  Probably should block him, like QD.  Not worth the time.

 

Like the Dali avatar.

Originally Posted by direstraits:
Originally Posted by Roland Pfalz:
Originally Posted by Crash.Override:

you just can't help yourself, can you?

i'd love to see things from your point of view, but i can't get my head that far up my ass!

 

 

That's not what I've heard...

Roland,

Arguing with Crash is just a notch above arguing with QD. He doesn't offer any facts or logical argumentation.  Just rant and insult.  Probably should block him, like QD.  Not worth the time.

 

Like the Dali avatar.

Roland dire likes your mustache baaaaaahaHAHA when you two kiss?????baaaaaaaaaaahaha

Add Reply

Post

Untitled Document
×
×
×
×
Link copied to your clipboard.
×