Detroit just filed for Bankruptcy

[Anthony]

Detroit just filed for Bankruptcy


source:
Detroit files for bankruptcy - Jul. 18, 2013


additional sources: Cnn, fox, msnbc, cnbc, abc, cbs, espn, yahoo, aol, msn LOL EVERYBODY!!!!!!!!!!



thoughts?


end result? You work 20 years for Detroit as let's say a "bus driver" & are now retired receiving a pension from Detroit. Now, they can eliminate your pension and medical benefits... Nice!

 

[JT]

wow so I guess I should not feel so bad about my light debt

 

[pjmac5]

Detroit just filed for Bankruptcy


source:
Detroit files for bankruptcy - Jul. 18, 2013


additional sources: Cnn, fox, msnbc, cnbc, abc, cbs, espn, yahoo, aol, msn LOL EVERYBODY!!!!!!!!!!



thoughts?


end result? You work 20 years for Detroit as let's say a "bus driver" & are now retired receiving a pension from Detroit. Now, they can eliminate your pension and medical benefits... Nice!

Well since you asked...IMHO, Sadly Detroit has turned into a giant toilet bowl. In the 1960's the Auto industry ruled the world and Detroit became a city run by Unions and Corrupt politicians using the promise of free social services to keep the citizens happy. It was the ultimate socialist experiment in the US.

The Auto industry started facing increased competition. In addition, Detroit attracted more people looking for free social services. The working class was losing their jobs and the and middle class wanted to escape the garbage that was moving to Detroit. The population has declined from 1.5 million people to less then 700k people and the tax base has shrank to nothing. At the same time, the number of people with there hand out looking for more freebies has increased. Detroit has been on this path for 30 years. Now it is time to burn Detroit to the ground and start over.

To your point, if the pension is funded, then that money is untouchable even in BK. The problem is that many of the pensions went unfunded as politicians spent pension money to keep Detroit running. Of course they have lied for year about the level of underfunding in the pensions, but in BK the truth will come out and those that have worked for Detroit will get much less then they thought. FYI: almost every municipality in America has underfunded pension obligations so buckle up:rant:

 

[BKP]

As pjmac pointed out, MANY municipalities, as well as states, have unfunded liabilities, as if some future windfall will make it all right.
The Fed has over $110 Trillion in unfunded liability (yep, that's with a "T" ). The mandate for the states to set up health care exchanges to comply with Obamacare may very well be the trigger for other declared bankruptcies.

It's a train wreck, guys, and we're all aboard...

And, fearless leader just sits back and fiddles, while tossing gasoline (10% ethanol) into the fire...

Sent from my Nexus 7 using Tapatalk 4 Beta

 

[roundhouse]

we just hired a new fire marshal from detroit. he said he was willing to relocate anywhere to get off that sinking ship.

 

[dart1963]

""legacy costs," such as pensions and debt service."

yeah, taxes, my mortgage, my car loans, my credit cards... meh, those are "legacy costs", not doing me any good, I should just stop paying them right?


those are my thoughts... it's a load of crap to dump on owed debt, yet expect these same people to continue paying theirs...

 

[Marthy]

The way I look at it is back in the days when all the baby boomer generation got out of school and start working, there was big boom in consummation too. America got is biggest industrial boom ever. Well to me they tough they could ride that wave forever! Where comes all those pensions and benefit that someone decide they could afford to pay in 40-60 years from now.

We all know what happen now. People live longer, they don't have as many child and most of us are already broke before we event start working paying back school loan!

So that whole mess is a combination of many factor that will produce situation like we know now. Detroit might be the first major city to go belly up... won't be the last I bet ya!

Very sad for all those who are going to get shaft in this deal.

 

[crobih]

I'm excited, let nature overrun the city then we can hunt like in" I am legend" as far as pensions go, well the people voted in the officials so they need to deal with them. I read that 40% of traffic lights in detroit don't work. That should of been a sign. The smart people left, but detroit will be back, and I have a feeling that china will buy it out and an influx of chinese immigrants as well as all the syrian "rebels" will be moved to detroit. But it will be better then it is now. Uhm I think

 

[MaximumHP]

You'd think these would be lessons that we can't continue on the path we are in this country, but everyone just want's thier free handouts, who cares what damage is done. I weep thinking of what this country will be when my Son grows up.

 

[2013 Fz6r satin]

Latest new,it's unconstitutional by Michigan laws to file,judge said...

 

[dart1963]

You'd think these would be lessons that we can't continue on the path we are in this country, but everyone just want's thier free handouts, who cares what damage is done. I weep thinking of what this country will be when my Son grows up.

work for 30+ years, mostly at a lower pay(maybe not today, but back then gov workers made less) with a promise of a pension... they don't want hand outs, they want what they worked for.... hindsight now tells us they had a broken, baby boomer model, but they just want what they worked for...

I never had a job with a pension plan... came out of the af, do 20 or get nothing... I decided after 7 years, I could do better.... time will tell... but had I served for 20, it wouldn't be a hand out I was looking for... it would be a debt owed.

I get what you are saying, many today want everything... but for those who would be left in the dust with something like this, it just isn't right