Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Detroit stares down bankruptcy
Mlive ^ | December 07, 2012 at 11:15 AM, updated | Dustin Block

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 ...


TOPICS: Government; US: Michigan
KEYWORDS: bankruptcy; chapter9; detroit; michigan
Howes writes:

"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.

http://www.detroitnews.com/article/20121207/OPINION03/212070365/State-laying-groundwork-managed-bankruptcy-Detroit?odyssey=tab|topnews|text|FRONTPAGE

http://www.forbes.com/sites/michelinemaynard/2012/12/06/let-the-city-of-detroit-go-bankrupt/

http://www.detroitnews.com/article/20121206/METRO01/212060379/Emergency-fiscal-manager-likely-next-step-Detroit?odyssey=tab%7Ctopnews%7Ctext%7CFRONTPAGE

http://www.freep.com/article/20121207/NEWS01/312070146/Snyder-Detroit-bankruptcy-is-a-possibility-but-not-desired?odyssey=tab|topnews|text|FRONTPAGE

1 posted on 12/07/2012 8:57:00 AM PST by taildragger
[ Post Reply | Private Reply | View Replies]

To: taildragger
Folks the Daniel Howes Story is a must read, aka the one on Drudge.

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...

2 posted on 12/07/2012 9:00:39 AM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
[ Post Reply | Private Reply | To 1 | View Replies]

To: taildragger

Oops, should read: “emerges from Chapter 9 very interesting”.


3 posted on 12/07/2012 9:02:35 AM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
[ Post Reply | Private Reply | To 2 | View Replies]

To: taildragger; cripplecreek

BTTT.... CrippleCreek please post to all Michiganders...


4 posted on 12/07/2012 9:05:26 AM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
[ Post Reply | Private Reply | To 3 | View Replies]

To: taildragger

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.


5 posted on 12/07/2012 9:06:47 AM PST by Lancey Howard
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lancey Howard
That is why Boehner must go. A freeper the other day here said they know him and said something to the effect he always had a cigarette or martini in hand when he saw him. Really? If so he needs help and cannot lead as the Narcissist in Chief continues to make it about me me me, and pursuing his new vision of Amerika, against a feckless leader.

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.

6 posted on 12/07/2012 9:11:18 AM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
[ Post Reply | Private Reply | To 5 | View Replies]

To: taildragger

I see Obama doing something very corrupt here.


7 posted on 12/07/2012 9:17:00 AM PST by quantim (Victory is not relative, it is absolute.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: quantim

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...


8 posted on 12/07/2012 9:20:11 AM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
[ Post Reply | Private Reply | To 7 | View Replies]

To: taildragger

I would BUY HIM a carton of smokes and a bottle of vodka if it would make him fight the democrat party.


9 posted on 12/07/2012 9:28:29 AM PST by ichabod1 (Spriiingtime for islam, and tyranny. Winter for US and frieeends. . .)
[ Post Reply | Private Reply | To 6 | View Replies]

To: taildragger

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.


10 posted on 12/07/2012 9:29:36 AM PST by quantim (Victory is not relative, it is absolute.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: quantim
The money came from TARP if my memory is correct, but that is done and that piggy bank is broken, then again we are talking about Turbo-Tax-Timmy so anything is possible.

Wouldn't be a hoot if it became a states rights issue if Synder said No.

11 posted on 12/07/2012 9:32:47 AM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
[ Post Reply | Private Reply | To 10 | View Replies]

To: taildragger
For the last 40 some years Detroit has been a city of violent parasites preying on the honest citizens of Michigan and the United States. They do no useful or productive work. They can't even build decent cars anymore even though the auto companies are headquartered there.

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.

12 posted on 12/07/2012 9:34:41 AM PST by detective
[ Post Reply | Private Reply | To 1 | View Replies]

To: Springman; cyclotic; netmilsmom; RatsDawg; PGalt; FreedomHammer; queenkathy; madison10; ...
Detroit voted against the emergency manager law that would have allowed the manager to nullify union contracts. Looks like that won't be an issue now. LOL

Image Hosted by ImageShack.us

Weekly/biweekly Michigan legislative activism thread

Michigan Action Alert on Right To Work
13 posted on 12/07/2012 9:35:21 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: taildragger
Good afternoon.

Didn't one of the Detroit city council members ask for some 0bama bucks from his stash?

5.56mm

14 posted on 12/07/2012 9:41:22 AM PST by M Kehoe
[ Post Reply | Private Reply | To 2 | View Replies]

To: cripplecreek
etroit voted against the emergency manager law that would have allowed the manager to nullify union contracts. Looks like that won't be an issue now. LOL

Exactamundo CC... Schadenfruede moment for Snyder, what a checkmate this was, The Nerd was 3 moves ahead. ( See Post No. 2)

15 posted on 12/07/2012 9:42:26 AM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
[ Post Reply | Private Reply | To 13 | View Replies]

To: taildragger

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.


16 posted on 12/07/2012 9:47:32 AM PST by edcoil (It is not over until I win.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: taildragger

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.


17 posted on 12/07/2012 9:57:25 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: taildragger

............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.


18 posted on 12/07/2012 10:04:33 AM PST by Noob1999 (Loose Lips, Sink Ships)
[ Post Reply | Private Reply | To 11 | View Replies]

To: cripplecreek
It will get real interesting when RTW voids all those city/county laws that require that only union contractors can be hired for public projects.

When you can't require union membership you couldn't require union contractors.

19 posted on 12/07/2012 10:30:20 AM PST by Beagle8U (Free Republic -- One stop shopping ....... It's the Conservative Super WalMart for news .)
[ Post Reply | Private Reply | To 17 | View Replies]

To: taildragger

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.

http://blog.mlive.com/news/detroit_impact/print.html?entry=/2012/12/obama_visiting_metro_detroit_a.html


20 posted on 12/07/2012 11:11:58 AM PST by KeyLargo
[ Post Reply | Private Reply | To 1 | View Replies]

To: taildragger

Michael Moore calling for revolt against republican serial killers.

http://twitchy.com/2012/12/07/meltdown-hilarity-michael-moore-calls-for-revolt-against-mich-gop-political-serial-killers/?utm_source=autotweet&utm_medium=twitter&utm_campaign=twitter


21 posted on 12/07/2012 11:21:05 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: taildragger

Interesting simultaneous events. A socialist union-infested city crashes and burns, having to submit to an external manager. At the very same time, the state presents the solution, a right-to-work emancipation.

This will be fun to watch. And instructive.


22 posted on 12/07/2012 11:50:21 AM PST by lurk
[ Post Reply | Private Reply | To 1 | View Replies]

To: taildragger

And the leftist media will in general ignore this story.


23 posted on 12/07/2012 12:10:01 PM PST by junta ("Peace is a racket", testimony from crime boss Barrack Hussein Obama.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lancey Howard
...........freepers,I currently am on a long term visit to St. Maarten but spent a year in the US Virgin Islands recently. Here's some background regarding a portion of an article I have cut and pasted below: The US Virgin Islands does not have a voting representative in D.C. It does have a non voting person present and ensconced there in D.C. Her name is Donna Christenson. She has made the following proposal (below) which, in effect, and if granted, would reward 50+ years of corruption related to mis use and or mis appropriation of public funds by the government power authority (WAPA)and the USVI government itself. Essentially, they are one and the same. Residential power rates are now .49 per kwh and will undoubtedly go to at or near $1.00 if they don't get this money and soon. Scores, if not hundreds of businesses have closed because the electrical bill arrives and they simply cannot pay it. Murder rate (per 100k of people) is # 8 in the world just ahead of South Africa, # 9. They do need the money because they so ineptly handled their relations with Hovensa (large refinery owned by Hess and Chavez)over the past 50 years that Hess jr, in effect, told the VI gov't and WAPA to GTH last January and shut down the worlds 6th largest refinery (at one time) 90 days later. You know, same old story, they "taxed and regulated and unappreciated them out of existence". Like US politicians the past 50 years, the USVI pols have not served the people well and now it is getting to where the rubber is going to meet the road, and soon. The current pols down here in the Caribbean that sent Ms. Christenson to Washington with this proposal are indeed desperate. With no credit and no cash (like Detroit),frantic is probably a better word. The pols MAIN problem is, Hovensa employed 25% of the people on St. Croix AND provided all of USVI with cheap subsidized fuel for their near worn out public power generators. Those days are OVER Dec. 31! Top officials I have talked to fear the necessity of mobilizing the National Guard because at a dollar per kwh, no one can afford to live or work there and grocery stores will close as they can't keep food refrigerated. Hungry people get irrational quick. Here below is only a portion of her proposal, it was too long to put it all in. In short though, Detroit is much bigger but this phenom of public corruption and incompetence, ingrained for decades, is coming to a head ALL OVER !!! .A proposal that every tax filer in the U.S. kick in $1 to come up with $1,000 for every resident of the USVI. Christensen bill seeks $115 million from feds for WAPA ‘energy crisis’ ST. THOMAS — V.I. Delegate to Congress Donna Christensen introduced a bill this week to give more than $100 million in federal funds to the V.I. Water and Power Authority. She said Wednesday that the bill likely will have to be reintroduced when the 113th Congress convenes Jan. 3. The bill, called the Virgin Islands Energy Crisis Relief Act, does three things: • It would make the U. S. Department of Agriculture Rural Utilities take $100 million from its existing loan program and turn it into a grant for WAPA to subsidize fuel costs. • It would authorize the U.S. Commerce Department to make $15 million in grants available to help WAPA convert its generators from burning oil to burning liquid natural gas. • It would allow for more assistance to come to the territory through the Low Income Home Energy Assistance Program— known as LIHEAP— program. The program provides direct subsidies to consumers. “The situation is so serious for homes and businesses that we’re looking for any kind of money that could be applied,” Christensen said.
24 posted on 12/07/2012 12:24:38 PM PST by Cen-Tejas (it's the debt bomb stupid!)
[ Post Reply | Private Reply | To 5 | View Replies]

To: KeyLargo
He can come out but how does he stop the Governor.

I also hope the Governor doesn't go.

I knew he was coming, my pilot buddies got the 411 out on the TFR...

25 posted on 12/07/2012 1:05:01 PM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
[ Post Reply | Private Reply | To 20 | View Replies]

To: cripplecreek

Last Month I had to run back home to Michigan to see my sick mother. I took a day off from that and visited friends in Traverse City.

If I remember correctly, the Fat One has a home there and I was wondering if he was home. I would have liked to drive by his place and flip him off.


26 posted on 12/07/2012 1:15:00 PM PST by OldMissileer
[ Post Reply | Private Reply | To 21 | View Replies]

To: OldMissileer

Tub -O- Turds lives at Torch lake.

His tweets.

Still enraged by actions of Republican shock troops in the lame duck MI legislature yesterday. Revolt, anyone?

Obama won Michigan by TEN points. So why are Repubs running the show in Lansing? Cause WE failed to run the right candidates to defeat them.

Repubs gerrymandered our state like political serial killers. Their goal was 2 snuff out the will of the people. Did the Dems sue 2 stop it?

Let’s be clear: You do NOT have the right to enjoy the great pay & benefits the union fought for unless u join the friggin’ union.

You want the “right” not to join the union? Fine. Then I want u to cancel your health ins, work every wknd and reduce your pay to $5 an hour

My production co is repped by 4 unions. I don’t give a damn what illegal shit the Repubs do in Lansing - I will not obey this law.

If you write, direct, edit, shoot, or do sound for me on my next movie, you will not work for me unless you belong to the union.


27 posted on 12/07/2012 1:36:28 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
[ Post Reply | Private Reply | To 26 | View Replies]

To: taildragger
supplanting a mayor and City Council that have been unable to implement meaningful reforms

Unable? They don't want to. They still waiting for their Obama money, from his stash. They want Obama to pay for their electricity and their gas bill....

28 posted on 12/07/2012 2:37:45 PM PST by GeronL (http://asspos.blogspot.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: detective

The only practical solution is to cut of all government handouts and get the current parasites to leave.

Agree somewhat but “get the current parasites to leave” is cause for concern. Where do you propose? How about Chicago? or maybe review the old East German plan and consider walls?


29 posted on 12/07/2012 6:43:34 PM PST by Joan Kerrey
[ Post Reply | Private Reply | To 12 | View Replies]

To: OldMissileer

He has a home down the shore from me on Torch Lake. It’s 10,000 sq ft.


30 posted on 12/07/2012 7:22:03 PM PST by Mountain Bike Vomit Carnage (I am so clever that sometimes I don't understand a single word of what I am saying.)
[ Post Reply | Private Reply | To 26 | View Replies]

To: KeyLargo

While he is there he should drive two miles east and one mile north and check with his peeps in Brightmoor hood. I am sure he would get a nice reception.


31 posted on 12/07/2012 8:05:20 PM PST by The Free Engineer
[ Post Reply | Private Reply | To 20 | View Replies]

To: cripplecreek

“Obama won Michigan by TEN points.” - Actually a margin of five points fatso.

Obama won Michigan because of federal PIE, along with all the other so-called swing states.

Does Fatso know how bad his Lansing union punk buddy Virg Bernero got his ass kicked by a political neophyte, venture capitalist, corporate CEO?

Stuff it Moore. By the way Michael, I heard Debbie Stabenow was single...heard there was a lot of money in fat farms!


32 posted on 12/07/2012 8:23:50 PM PST by quantim (Victory is not relative, it is absolute.)
[ Post Reply | Private Reply | To 27 | View Replies]

To: Cen-Tejas

Thanks for the post. BTTT.


33 posted on 12/09/2012 10:20:59 AM PST by PA Engineer (Liberate America from the Occupation Media.)
[ Post Reply | Private Reply | To 24 | View Replies]

To: Joan Kerrey
How about an agricultural and industrial community where they are expected to be self sufficient. No taxpayer handouts. They can either work to build and grow the things they need or not.
34 posted on 12/11/2012 4:59:34 PM PST by detective
[ Post Reply | Private Reply | To 29 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson