Skip to comments.Detroit stares down bankruptcy
Posted on 12/07/2012 8:56:56 AM PST by taildragger
DETROIT, MI - Bankruptcy may be inevitable for Michigan's largest city.
State leaders, including Gov. Rick Snyder, are working on a plan to guide the city through a "managed bankruptcy," according to Daniel Howes at The Detroit News. An emergency fiscal manager likely would take over the city, supplanting a mayor and City Council that have been unable to implement meaningful reforms.
(Excerpt) Read more at mlive.com ...
"The goal of a managed bankruptcy is to streamline the protracted process by minimizing the chaos, uncertainty, delay and steep costs associated with Chapter 9. It would be the largest municipal bankruptcy in the nation's history, an unambiguous symbol of the city's epic failure and a chance for a fresh start."
The opinion column is getting national attention.
The Drudge Report is leading with the story today, the second time this week the leading conservative website has placed the Motor City in its highly read top spot.
Also I find the timing of right to work possibly rapped up before Detroit goes in and potentially emerges from Chapter 9. In that RTW Enviroment and a new Balance Sheet for Detroit, they will no longer be beholden to disolved "Contracts" and free to pursue free-market vendors internally for city functions as well...
Oops, should read: “emerges from Chapter 9 very interesting”.
BTTT.... CrippleCreek please post to all Michiganders...
Detroit is merely the tip of tip of the bankruptcy spear. Watch for concentrated Democrat parasite nests (”cities”) from coast to coast follow suit, one by one. It will get even more interesting when the state of California enters the “managed bankruptcy” stage.
If the GOP fails to maintain a majority (”firewall”) in the House against more rat “stimulus” packages and other municipal union welfare binges, working, taxpaying, traditional American families (”Republicans”) will get to watch half of what remains of their paychecks go to bail out the corrupt Democrat scum.
Anything less will have them loosing the House in 14' and then Obama will crank up the presses and bail all these failed institutions out at the futher expense of the currency.
I see Obama doing something very corrupt here.
How? As screwed up as Boehner is I can’t see him giving him money for Detwaa, ditto any other sceme to funnel money w/ out Congress. My gnomes tell me at this point Detwaa doesn’t matter to the Anointed one, he used them, and he has Hawaii and more on his plate...
I would BUY HIM a carton of smokes and a bottle of vodka if it would make him fight the democrat party.
Use the Obamamotors framework for a reference.
Bailout by EO and screwing taxpayers by sticking the billions onto the national debt and ignoring 200 years of bankrupty laws. And of course rewarding the unions which is the biggest reason Detroit is broken in the first place.
Wouldn't be a hoot if it became a states rights issue if Synder said No.
They are parasites who want something for nothing. The Detroit City Council recently demanded Obama “bring home the bacon”. That means take money from honest taxpayers and give it to the thieves and parasites of Detroit.
Like all liberals and socialists they have “run out of other peoples money”. The only practical solution is to cut of all government handouts and get the current parasites to leave. Then bring in honest people, throw out the current politicians and start over from scratch.
Didn't one of the Detroit city council members ask for some 0bama bucks from his stash?
Exactamundo CC... Schadenfruede moment for Snyder, what a checkmate this was, The Nerd was 3 moves ahead. ( See Post No. 2)
Why again it is the fed’s fault? This is city issue and Boehner has nothing to do with it.
Tell the city to double sales taxes to save their spending issues.
Detroit will be getting some bacon but its going to be Canadian bacon and there will be little local control of it. The more I look at this whole big picture, I’m amazed at how masterfully the democrats got their legs kicked out from under them.
The bridge deal seriously diminishes Matty Maroun’s influence in Detroit and now the union influence is fixing to evaporate as well. The bridge will bring a considerable number of jobs to Detroit in freight handling and warehousing without having to fight the unions.
............The money came from TARP if my memory is correct,.................
It’s not about where the money came from. TARP was only providing bridge funding. The real issue is Bloom/Obama pushing aside of all bond investors and non-union employees, so the unions could take over Gov’t Motors, thus, all investors got screwed while the unions walked away almost whole.
Never before happened in the normal pecking order of creditors in bankruptcy law.
When you can't require union membership you couldn't require union contractors.
Obama visiting Metro Detroit auto plant on Monday
updated December 07, 2012
DETROIT, MI - President Barack Obama’s first trip to Metro Detroit since being re-elected will take place at an auto plant in Redford Township.
Obama will visit the Daimler Diesel Plant “for an event on the economy,” according to a White House statement. Further details on the visit have yet to be released.
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