Posted on 07/22/2013 6:14:02 AM PDT by Kaslin
The difference in my mind is that when a person needs a job and is looking for a job, they don’t pay much attention to whether the job they find is in the private or public sector. They just rejoice when they get a job.
I acknowledged that those who have extravagant pensions should also have their place at the end of the line, but I’m betting there are those who have regular pensions and regular pay. In the Army we called them privates, but every hierarchy has those who aren’t even close to being those who call the shots, and who aren’t pulling down the big bucks.
My sense wasn’t that they wouldn’t take a hit. My sense was that the hit should disproportionately strike those who have extravagantly played the system.
I was pleased to see the Chapter 9 case filed. But after thinking about this state challenge, I wonder if I want to see this stay in Bankruptcy Court or be withdrawn. My paramount goal in this is that the people responsible bear the costs. I don't want to see either an explicit federal bailout, or an implicit (back door) federal bailout. The Obama Administration is getting very good at the back-door bailouts.
If it stays in the bankruptcy courts, it has the virtue of decisive bankruptcy Judges being empowered to put and end to a lot of things that caused the mess. On the other hand, if this Circuit Court Judge's patronizing of the retirees and public employees unions carries the day and they do not get bankruptcy protection, there may be less opportunity for implicit subsidy, and Detroit would have to make one whale of an explicit bailout request, which could be a good poster child for the GOP in 2014.
“Judge Rosemary Aquilina said Its also not honoring the (United States) president, “
I recall another regime that declared it illegal to dishonor their leader. That didn’t end easily....
Agree.
Bankruptcy is federal and will trump the state court.
That said, Federal Bankruptcy Judges will often outsource the rullings on issues of state law UP TO THE POINT OF FINALITY becuase state courts know state law. The big example is mortage forclosures and other areas where federal law does not exist.
Pensions ARE covered by the bankruptcy code and federal law.
This judge should be sanctioned for violating the automatic stay.
The judge is an idiot. OK, we already know that. But the purpose of bankruptcy is to protect the viability of the bankrupt party from a tsunami of lawsuits and attempts to attach assets, temporarily protecting it from chaotic destruction. Obviously, putting the bankruptcy on hold doesn’t get any bills paid, but it does open Detroit up to complete financial destruction.
Ef 'em. They voted for their Union representatives and in Detroit they're 98% lib-Dem voters. They deserve the screwing they're about to get. I don't care if they starve in the streets.
I’m a Christian. I care if they starve in the streets.
I don’t care if they suffer the consequences of their own actions, but those who are just the little people, who were just doing a job, who were not the big whigs, even though they might have voted wrong, I see no reason to wish them catastrophe.
At the same time, I pray they see the light.
According to the law, the bondholders come first.
In the current environment, there are no laws.
I cite as examples John Corzine and MFGlobal and “rehypothecation”. Another example, The UAW pensions got moved way ahead of the bondholders in the GM case.
In place of laws, we now have political lynch mobs.
In the Trevon Martin case, we had a political lynch mob to indict and convict Zimmerman.
In the case of illegal immigation, we have a pro amnesty lynch mob.
Here we have a “screw the bondholders” lynch mob.
I don't think the state constitution has anything to do with it, pension plans fall under the ERISA guidelines.
With that being said, I recall the great Detroit Tiger pitcher and sociopath Denny McClain, along with his equally treacherous partner Roger Smigiel, bought out Peet Packing, a meat packing plant in Chesaning, Michigan in order to raid the company's 3 million dollar pension plan after it closed.
I know many retirees who are going to be affected and if my dad were still alive, he would be too since he was a retired cop as was my grandfather.
This isn't about penalizing retires simply because they were working for a liberal city government as several posters above seem to be pleased with, this is about people who spent their lives in their jobs, regardless of their political affiliation, and were guaranteed a pension upon retirement.
Those guarantees came from the mouths of politicians. Anyone who believes the promises of politicians deserves to take it in the backside.
Who are you refering to, the workers on pensions?
Use that same argument to a retiree of Delphi and he's likely to put a bullet in your ignorant head.............
Just curious Lurker, is there any private sector pension plan out there that went bankrupt that you wouldn’t blame the worker simply for his participation in it?
I invite them to try to put a bullet into me.
The “workers” in Detroit are 98% lib Dem. They voted for this crap for decades. Let them choke on it. I hope they all starve. Delphi workers didn’t work for government. Learn the difference, pogue.
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