City officials: Detroit will go broke in a week if consent deal lawsuit isn't withdrawn

Detroit Free Press | June 8, 2012 | Suzette Hackney & Matt Helms

[upchuck]

Link only due to copyright complaint: http://www.freep.com/article/20120608/NEWS01/120608025/1001/rss01

[Izzy Dunne]

FREEP.com

[gunsequalfreedom]

The story is overblown. It is only because the city council did not give enough notice of a meeting in which it planned to approve a bond.

Story should read, Because council did not provide the public with adequate notice of its meeting, it may find itself in a financial pinch due. By failing to post notice of the meeting in a timely manner, the city council is not able to take action on a bond needed to fund the city.

It actually is already broke. It just had not run out of the ability to borrow to hide the fact.

[GOPJ]

Detroit’s a city based on every stupid liberal idea ... let them go broke... Time to show the nation ideas have consequences... bad ideas produce places like Detroit.

[upchuck]

DEMOCRATS!
Know
Best

[cripplecreek]

An emergency manager is the only way out of this mess as far as I can tell.

[houeto]

http://www.freep.com/article/20120608/NEWS01/120608025/1001/rss01

[cripplecreek]

It actually is already broke. It just had not run out of the ability to borrow to hide the fact.

True, the fact is that many American cities are still borrowing and following Detroit down the same path.

[Gaffer]

Personally, I’m gonna pop up some popcorn...Nothing I’d like to see more than a force of corrupt cops tryting to quell a city full of leeches.

[dfwgator]

They need to bring in OCP.

[MinuteGal]

If the city's by-laws or charter doesn't have a provision for emergency meetings with 24 or 48 hours notice to the public, then something is wrong...or this is BS.

Having held public office, I was aware there's always a provision for emergency meetings in public entities. It covers drastic weather emergencies, disaster emergencies, financial emergencies, riot emergencies, whatever.

I lean toward BS in this case. Watch the whole drama dissolve quickly with an existing solution.

Leni

[aces]

yep, the saddest thing in the world is a mosquito trying to suck blood from a mummy....looks similar

[Menehune56]

Successful parasites don’t kill the host.

[Vaduz]

Indeed see California.

[luvbach1]

Maybe Hard Core Pawn can help them out.Its income is probably better than the city’s.

[rightwingintelligentsia]

Maybe Obama can send them some money from his “stash.”

[publius911]

...the city council is not able to take action on a bond needed to fund the city.
It actually is already broke. It just had not run out of the ability to borrow to hide the fact.

Who the hell would lend a bankrupt city MORE money? The interest rate must be astronomical, and Detroit assumes that the National (working) taxpayer will pick up the future tab.

When you are in a financial hole so deep that you can't be seen, borrowing more money becomes a crime. For most of us mortals, anyway.

[SunkenCiv]

Thanks cripplecreek.

[PGalt]

Detroit’s a city based on every stupid liberal idea ... let them go broke... Time to show the nation ideas have consequences... bad ideas produce places like Detroit.

Thanks for the ping; your insight/post; your quote (above) worth repeating.

[Beagle8U]

If you read the article very carefully you find the quite well hidden meat of the lawsuit, and it wasn't just the posting of the meeting in advance.

Those that filed the suit claim the city charter forbids the city to enter into an agreement for services with any entity that is in default with the city.

They are claiming that the state is in default to the city for revenue sharing or some such crap.

It looks to me like liberals in city government think they have found a way to get out of the agreed to cuts.

In my opinion what they will do is force the state to appoint an EFM and take over the whole damn city.

The city government didn't get in such shape by being run by the sharpest tools in the shed.