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BREAKING: Detroit CAN file bankruptcy; pensions CAN be reduced forcibly
WXYZ-TV ^ | 12/3/2013 | Ross Jones

Posted on 12/03/2013 8:42:44 AM PST by VideoPaul

Officially, the City of Detroit is the largest municipality in U.S. history to enter Chapter 9 bankruptcy.

(Excerpt) Read more at wxyz.com ...


TOPICS: Culture/Society; Government; News/Current Events; US: Michigan
KEYWORDS: bankruptcy; detroit; michigan; pension
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To: Gaffer

“. Mea Culpa, my bad, so sad, slap my ass and call me Suzie.”

That’s usually an extra 10 bucks. Do you take Bitcoin?


21 posted on 12/03/2013 9:01:38 AM PST by EQAndyBuzz ("Senator Cruz basically made the Democrats fight for a whole bunch of things that they already had.")
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To: edpc

We refused to let Detroit go bankrupt. PERIOD.

(LOL! thanks for the reminder, edpc)


22 posted on 12/03/2013 9:02:39 AM PST by PGalt
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To: Gaffer
What, an honest judge?

How does the Judge's Union explain this?

23 posted on 12/03/2013 9:02:42 AM PST by Navy Patriot (Join the Democrats, it's not Fascism when WE do it, and the Constitution and law mean what WE say.)
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To: lurk
 What is the fair market value of a corrupt, crime-ravaged, crumbling city with a criminal population?

And why would they want Detroit when they already have made an offer for Washington.

24 posted on 12/03/2013 9:16:35 AM PST by KarlInOhio (Everyone get online for Obamacare on 10/1. Overload the system and crash it hard!)
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To: VideoPaul

There’s a documentary called Burn. It’s about the Detroit Fire Department. They are by far the busiest urban fire service in the world, running on a shoestring with old apparatus. One fire truck had 175,000 miles on it.

I think they would do well to open an urban fire academy to teach other departments how to fight fires under that level of stress.

Gee, they could actually make some money.


25 posted on 12/03/2013 9:16:38 AM PST by cyclotic (Hey BSA-I'm gone. Walk Worthy-traillifeusa.com)
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To: VideoPaul

States need to assert their independence from the Feral Government.


26 posted on 12/03/2013 9:16:42 AM PST by Paladin2
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To: faithhopecharity

And it would be fair to raise taxes on individuals and businesses? Hell NO!!!! As they say....You Pays your money, and takes your chances.....just like everybody else!!!
Shame on them for believing in skittle defecating unicorns!


27 posted on 12/03/2013 9:19:26 AM PST by free from tyranny
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To: cripplecreek; All
Detroit Eligible To File Chapter 9; Pension Haircuts Allowed Bankruptcy Judge Rules

Update, and it's official:

As somewhat expected - though hoped against by many Detroit union workers - Judge Steven Rhodes appears to have confirmed Detroit is eligible for bankruptcy protection (after pointing out that the city's accounting was accurate and it is indeed insolvent) making this the largest ever muni bankruptcy. The city will now begin working toward its next major move - the submission of a plan to re-adjust its more than $18 billion in debt - including significant haircuts for pension funds (possibly 16c on the dollar recovery) and bondholders. With Detroit as precedent, we can only imagine the torrent of other cities in trouble that will be willing to fold.
28 posted on 12/03/2013 9:21:26 AM PST by Zakeet (If socialists understood economics, they wouldn't be socialists - Friedrich Hayek)
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To: VideoPaul

“Elections have consequences.”


29 posted on 12/03/2013 9:22:25 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: faithhopecharity

I don’t blame members for being angry but their anger should be directed at union and political leadership for making deals everybody knew were unsustainable.

One way I would try to help them out is offering up abandoned properties tax free for cleaning up for later sale. If they want to keep the properties themselves, waive the back taxes and let them pay the taxes going forward. I think there are probably lots of options to help them out.

As far as the city is concerned, they have to ease up on taxes and regulation to bring the thriving underground economy back above ground.


30 posted on 12/03/2013 9:23:26 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: faithhopecharity

Public sector pensions should be reduced to match the average private sector pension. Retroactivly.


31 posted on 12/03/2013 9:25:20 AM PST by Cementjungle
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To: VideoPaul

bkmk


32 posted on 12/03/2013 9:29:20 AM PST by Sergio (An object at rest cannot be stopped! - The Evil Midnight Bomber What Bombs at Midnight)
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To: Zakeet
I'm now reading Domestic Enemies: The Reconquista by Bracken, where he describes an economy where all pensioners are now impoverished. Spooky to see it happen.

Liberal judges are OK with this because they know that pensioners don't pay into union coffers. Liberal judges are OK with shifting money from pensioners back to government workers who contribute to Democrats.

33 posted on 12/03/2013 9:30:52 AM PST by aimhigh
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To: faithhopecharity

So any promise made no matter how untenable is sacrosanct? Are you a government employee pensioner? Unions agreed to take promises in the hope that they could force contributions. The only thing that counts in a pension fund is hard assets. If the unions would have insisted on immediate cash contributions the politicians and voters would have scaled things way back. Instead they hoped to force a future someonelse to pay.

Sorry but I am under no obligation to fund promises I was not a party to.


34 posted on 12/03/2013 9:31:42 AM PST by FreedomNotSafety
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To: VideoPaul

If this ruling survives the myriad appeals, how long before Washington uses it to reduce Military Pensions, etc.


35 posted on 12/03/2013 9:39:51 AM PST by commish (The takers rule. Time to implement the triple G plan - GOD, GUNS, & GOLD)
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To: VideoPaul

“Dear retired city employees of Detroit who supported the Democrats: Yes, we Democrat politicians took off with the money and left you with an empty bag, but it is a nice bag. We got it in Tahiti on a vacation that you paid for. See, we’re always thinking of you! So you’ll have less money each month. Big deal. Our champagne was tepid. We all have problems. The only way to fix this is for you to send even more money to the Democrat party! We Democrat politicians will then hold another meeting in Tahiti to figure this out. If you get hungry, just use your Democrat bag to catch some snipe. They’re full of vitamins! See, we’re always thinking of you! Love and kisses, The Democrat Politicians.”


36 posted on 12/03/2013 9:43:50 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: VideoPaul

Nice. Sorry about those who were depending on pensions and COLA’s but, this is totally unsupportable.


37 posted on 12/03/2013 9:46:02 AM PST by Vendome (Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
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To: edpc

What he said was “If you like your Detroit, you can keep your Detroit...” and he’s following though on that promise, too! /s


38 posted on 12/03/2013 9:46:52 AM PST by IllumiNaughtyByNature ($1.84 - The price of a gallon of gas on Jan. 20th, 2009.)
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To: Vigilanteman

“Lease Detroit to the Chi-Coms in return for a write-down in debt. They will have a special administrative region, sort of like Hong Kong, on North American soil. The residents will vote in local, but not state and national, elections.”

Interesting, but not really a good idea.

To some degree this has happened all ready at some ports and construction projects here.


39 posted on 12/03/2013 9:47:58 AM PST by ifinnegan
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To: VideoPaul

The article is perfect timing as we were discussing over lunch the possibility of municipal pension failures.

A few people here are retired from government, receive their checks and can’t conceive of that ever happening.


40 posted on 12/03/2013 9:48:34 AM PST by Rebelbase (Tagline: optional, printed after your name on post)
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