Posted on 07/20/2013 1:23:26 AM PDT by BarnacleCenturion
Sen. Rand Paul (R-KY) said he will use every resource he has at his disposal to stop President Barack Obama from bailing out newly-bankrupt Detroit because he believes the city can and must save itself and learn from its fiscal mistakes. "I basically say he [Obama] is bailing them out over my dead body because we don’t have any money in Washington.”
“There’s some good things that come out of bankruptcy,” Paul said in a phone interview from Iowa. “One is you get to start over. Bankruptcy lets you be forgiven of your debt. And you do so by getting new management, better management, and by getting rid of unwieldy contracts, contracts that give you where public employees are getting paid twice what private employees are and things come back more to normal. That’s the way cities and businesses can recover.
(Excerpt) Read more at breitbart.com ...
What most people outside MI do not know is that Colman Young and his cronies helped to create a toxic relationship between Detroit and rest of the state, especially the northern suburbs of Detroit. The emergency manager was Detroit’s last chance at a bailout from the state.
Rand shouldn’t be encouraging Obama.
He’ll bail out after the elections, just like Obamacare.
It is an instrument of hyperinflation. Once you bail out zero productives, you have worthless paper money. THis is an outright catastrophe scenario.
Right now we are saved by banks “hoarding” cash, simply because the economy is so bad, the banks cannot invest it in anything worthy yet. But Obama wants them to release the moneys on crap... preferably if the GOP is in power for a coup, or when he is himself dictator and wants to wreck it all to gain control.
Chicago has %97 billion in debt, NY has nearly $110 billion in debt. Virtually every city in the country is buried in Debt with creditors apparently figuring that they’ll all get a bailout some day. NY got a $12 billion “loan guarantee” in 1975 and their debt has continued to grow.
I don’t want to hear about those cities have a tax base to support it because if they have $100 billion in debt, they don’t have enough taxpayers to prevent the debt from growing.
Not bailing out Detroit will have an interesting effect on creditors nationwide.
Detroit needs to be fixed right here in Michigan. Trimmed down to a manageable size and privatized.
Whatever happened to “the Sequester?” I thought the US was out of cash. Apparently the cash shortage doesn’t apply to hair brained leftist schemes, travel expenses and third world bribes and friendship dues.
NY got $12 billion in “loan guarantees”. They’ll tell you its different but it had the same effect of kicking the can down the road and today they have over $100 billion in debt.
Detroit is a problem that we need to deal with right here in Michigan.
“He is illiterate. A sexual predator that masturbates in front of women in official meetings.”
You can’t pay for entertainment like that...except in certain areas of town. My mind drifts back to an old National Lampoon issue with a story titled “Confessions of a Mop Man”
He needs to donate his salary until he is out of office and no more vaca...for Moochelle...
Hell, that's probably a half a billion right there...
The states need to regain control and dictate to the feds. I can dream cant I?
> If Detroilet gets a bailout, just watch all the other liberal hellholes line up to get theirs too. Bad, bad precedent.
Suddenly all the liberal hellholes will be lined up with their hands out. I bet half the cities in Kalifornia, Louisiana, and Mississippi would be among them
He’ll bail them out and every R will sign the approval. It’s about time the Rs admitted we have a one party system.
Obama will bailout Detroit and the GOPe will not put up a real fight except for the cameras
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Precisely.
I admire the way Rand gets right in Obama’s face most of the time on these issues - its the only way to deal with him...
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Talk is cheap.
Please don't give the chi-town street punk, or the klintons any ideas!
I don’t think there’s any political clout to gain, by bailing Detroit out.
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Not if you look at the big picture:
1) It pleases the gibsmedats when the Obamessiah dips into our wallets.
2) The most important point: It hastens the financial collapse that Soros is steering us toward.
Blind squirrel and all that.
Interestingly, he is taking on the neocons straight out with his attack on Lynn Cheney and her father. He has already taken on the party establishment.
We shall see.
3/4 of "The Tribe" is only on board the Democrat train because they've been promised something. Let Detroit fail and many loyal thugs lose their promised stipends for past loyalty. He sets a bad precedent.
He'll do it - even if he has to sell three aircraft carriers to China to raise the money.
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