Posted on 07/25/2013 8:01:52 AM PDT by SeekAndFind
That thread soon turned a discussion about the proper use of apostrophes in the English language instead of a discussion about Detroit.
I am hoping that the mods will allow this thread to go through ( I actually corrected the author's little mistake in the article).
Hopefully, people will focus on the TOPIC at hand and not be side tracked.
Bump
At our coffee group this morning, the Detroit issue came up. The analogy I used was that the parasite outgrew the host and killed it.
Coming soon to our country, I fear. Stock up and arm up while your fiat dollars still have some worth - when Obama’s plan to destroy the country is fulfilled, it will be too late.
Those few states and cities that can keep their houses in financial order will most likely be plundered by the feds to keep the freeloaders fed.
We need to have a real enforceable balanced budget amendment so that no government entity, not even the feds, can run deficits indefinitely. That will force of day of reckoning for all politicians. The sooner the better.
Atlas Ping. This article has been reposted so that there can be a vigorous discussion of its points and not its punctuation.
It is exactly that - the parasite outgrew its host. Parasite is, unfortunately, looking at a larger host to suck the lifeblood from — the US Government. “They’ can pay our pensions.
Detroit, Michigan, California, New York City and all the other blood-sucking union pension dumps need the Scott Walker treatment.
Yeah, that was a bummer yesterday. Detroit is my hometown too. When I first read Atlas Shrugged in college in the late 1950s (it was required reading in my Lit 101 class) I did not believe it could possibly happen anywhere in America, especially in thriving Detroit. Then came the 60s, the race riots, the auto union strikes, the rise of the Japanese auto industry and the flood of Detroiters to the burbs. I then realized Rand was right and left the Detroit area for good in the early 70s and now return only for funerals of relatives and friends.
This article is dead on. Stossel will do a special on Detroit tonite at 9pm on FoxBiz fyi.
Since when does one's rights to contractual commitments of municipal bonds or as a pensioner depend on whether you deserve sympathy? The bondholders are entitled to rely on the dedicated sources of repayment, such as the utilities, without reference to whether or not they were "cynical" in doing so. If they were wrong in their calculation they will lose that source of repayment but not because there motives were suspect.
Similarly, if the pensioners lose their pensions it should be because they fall behind other creditors, such as bondholders, preferred because of contractual commitment in the bonds to sources of income, or otherwise by law.
It is as Mae West replied when someone observed, "Goodness, what a beautiful ring." Ms. West replied, "goodness had nothing to do with it."
I visited Detroit on Thanksgiving in 1950. It was a big, beautiful, metropolis. If anyone could have been transported from 1950 Detroit to its 2013 remnant, they would have been shocked and flabbergasted.
Anyone that thinks Detroit is is the USA’s first third world city has never been to Memphis or New Orleans.
a warning to other Americans
***********
It should be, but probably won’t. Too many other trivial distractions out there to bother being enlightened about the consequences of a failed city. The media will also ignore the Detroit story because it runs counter to their utopian/progressive agenda.
It has been opined that if Detroit’s bondholders are stiffed, then money in the municipal bond market will “dry up.”
I have a different take here. If cities become a riskier investment because Detroit is allowed to welch on its debts, there will still be money available.
The question is whether the cities can afford the new vigorish rate in the future.
This article is dead on. Stossel will do a special on Detroit tonite at 9pm on FoxBiz fyi.
**********
Hey, thanks for mentioning this. I enjoy his shows. And this one should be really good.
any news on the state judge who tried to trump federal law by ordering the bankruptcy stopped?
It seems if this is the case the easy solution is to simply de-charter Detroit.
Although a string of other cities have failed in recent years, Detroit is the real canary in the coal mine. And the mine is getting ready to collapse.
http://news.yahoo.com/fight-over-detroit-bankruptcy-begins-federal-court-040959917.html
Detroit manager scores first win over unions in bankruptcy bid
Reuters
By Bernie Woodall and Joseph Lichterman
DETROIT (Reuters) - A U.S. bankruptcy court judge on Wednesday dealt a blow to Detroit’s public employee unions and pension funds opposed to the city’s historic bankruptcy filing by suspending legal challenges in Michigan state courts while he reviews the city’s petition for protection from creditors.
Judge Steven Rhodes ordered three lawsuits filed by city workers, retirees and pension funds be halted and extended that stay to suits against Michigan’s governor, treasurer and Detroit’s emergency manager. Rhodes’ action ensures that the only path to fight the city’s Chapter 9 bankruptcy petition runs through his courtroom in downtown Detroit.
snip
Proof that "Cloward-Piven" will and does work. It is not lost on Obama and his Marxists.
Careful, those are the renowned “Chocolate Cities” that you dare question.
The Judge ruling that the Pension fund had to be paid was ludicrous. What part of no money in the Pension fund did she not understand? Where were all her rulings when the mismanagement was going on. Why not rule for an Audit for criminal proceedings?
Nope, the liberal is going to redefine reality. Isn’t that at its root what liberalism is?
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.