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Detroit to go bankrupt in less than a month [Heckuva job with that bailout, Barry]
Russia Today ^ | November 22, 2012

Posted on 11/22/2012 6:32:47 AM PST by SoFloFreeper

The city of Detroit, facing a serious cash crisis, is set to go bankrupt by the end of this year and would put city workers on furlough unless it strikes a deal with the city council that would bring in $30 million before Dec. 14.

Detroit has been in financial turmoil for years, losing a quarter of its population in the past decade and facing a shrinking auto industry that has reduced tax revenues. The Detroit City Council gave the mayor the option to hire a financial advisor and in return receive $30 million by the end of the year.

But the Council on Tuesday voted 8-1 to delay the decision on the deal, which would pay the Miller Canfield Law Firm $300,000 to advise Mayor Dave Bing. The deal would have released $10 million in bond money on Tuesday and another $20 million in December.

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


TOPICS: Business/Economy; News/Current Events; US: Michigan
KEYWORDS: cult; urban
Great photo at the link...some poor sap holding up a big sign that says "Detroit Needs Jobs"!

Bwa ha ha ha ha!

1 posted on 11/22/2012 6:32:51 AM PST by SoFloFreeper
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To: SoFloFreeper
bankrupt by the end of this year and would put city workers on furlough

Oh, you mean like...no cops or firemen?

AWESOME!

2 posted on 11/22/2012 6:36:14 AM PST by ROCKLOBSTER (Celebrate "Republicans Freed the Slaves" Month)
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To: ROCKLOBSTER

Oh, you mean like...no cops or firemen?


The place will burn! Crime will be out of control!


3 posted on 11/22/2012 6:38:38 AM PST by OwenKellogg
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To: SoFloFreeper

How can this be? I thought the assembly lines were “humming” and all was good.


4 posted on 11/22/2012 6:41:28 AM PST by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: OwenKellogg

Union bosses need to thank themselves for the mess they have created.


5 posted on 11/22/2012 6:42:04 AM PST by rovenstinez
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To: SoFloFreeper
So What!?

Bin Laden is Dead!

That provided Jobs right?

6 posted on 11/22/2012 6:42:48 AM PST by KC_Lion (Build the America you want to live in at your address, and keep looking up.-Sarah Palin)
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To: OwenKellogg
Crime will be out of control!

You mean unlike right now?

7 posted on 11/22/2012 6:44:00 AM PST by ROCKLOBSTER (Celebrate "Republicans Freed the Slaves" Month)
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To: SoFloFreeper

Puts me in mind of Robocop: “I’d buy that for a dollar!”

But no: I wouldn’t spend a dollar to buy the whole of Detroit, if I had to take on their debts and liabilities as well.


8 posted on 11/22/2012 6:44:29 AM PST by agere_contra ("An unjust law ceases to be a law: it becomes an act of violence". Thomas Aquinas)
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To: SoFloFreeper
Isn't Detroit where they film that disgusting cable show Hard Core Pawn about the family that operates a pawn shop and their customers?

If the people in that show, customers and owners of that pawn shop are any indication of what Detroit is actually like, then I am really glad I have never been there.

9 posted on 11/22/2012 6:44:52 AM PST by Ditter
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To: SoFloFreeper

Detroit has one huge industry:
Pawn Shops. It’s a growing industry and the tv shows it spawns are simply hilarious.


10 posted on 11/22/2012 6:48:04 AM PST by rodguy911 (FreeRepublic:Land of the Free because of the Brave--Sarah Palin our secret weapon)
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To: SoFloFreeper

Name me one African-american headed city that is successful.
Name me one African nation that is successful.


11 posted on 11/22/2012 6:49:33 AM PST by Tupelo (Republican, a national party no more.)
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To: SoFloFreeper

Well, minorities are running the show. Doing a great job every where.


12 posted on 11/22/2012 6:51:13 AM PST by Lockbar (Quality factory loaded ammunition ---- The New Gold)
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To: SoFloFreeper
The City Council also rejected a proposed contract to overhaul the Detroit Water and Sewerage Department, proposing to cut 81 percent of its workforce in an attempt to save cash.

The Water and Sewage dept. has to be run...regardless of the financial position the city is in...

If you can cut over 80 percent of the employees and still run the dept...that tells me a LARGE percentage of those jobs are patronage or political jobs...probably half actually never show up...and get a paycheck..

13 posted on 11/22/2012 6:51:33 AM PST by Popman
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To: SoFloFreeper

pay the Miller Canfield Law Firm $300,000 to advise Mayor Dave Bing
**********
Like any good contract (from the perspective of the awardee) this is just the base amount. A few extensions, options and add-on’s and you’re quickly up to $500K. LOL


14 posted on 11/22/2012 6:52:15 AM PST by Starboard
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To: SoFloFreeper
Uh oh! You mean they're about to run out of other people's money? Oh noes! There'll be trouble a brewin!

Hey! Hey! Where my free stuff at?


15 posted on 11/22/2012 6:52:37 AM PST by COBOL2Java (The GOP-e said "Beat a Marxist with a Liberal!" What a colossal blunder.)
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To: SoFloFreeper
The Council’s rejection of the Miller Canfield contract means the city will not receive the first $10 million scheduled for release today,” Bing said in a statement. “As a result, it will be more difficult for the city to maintain its liquidity until the receipt of property tax revenues beginning in January. Today’s vote is one more example of how City Council has stalled our efforts to bring financial stability to the city of Detroit."

No, it sounds like the city council is attempting to bring accountability into the Mayors office.

16 posted on 11/22/2012 6:53:30 AM PST by Fzob (In matters of style, swim with the current; in matters of principle, stand like a rock. Jefferson)
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To: SoFloFreeper

Detroit = 99% Democrats/Crony Socialists. Bankruptcy? How can this be? What would Kwame do? Bring back Kwame! We want Kwame!


17 posted on 11/22/2012 6:57:56 AM PST by PGalt
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To: Tupelo

Pretty sobering questions.

Does Washington DC count as a “African-american headed city”? Because I bet they’re not going hungry there.


18 posted on 11/22/2012 6:58:57 AM PST by agere_contra ("An unjust law ceases to be a law: it becomes an act of violence". Thomas Aquinas)
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To: SoFloFreeper

Detroiters could go to Cleveland and live large...

http://www.youtube.com/watch?v=tpAOwJvTOio


19 posted on 11/22/2012 7:06:08 AM PST by PGalt
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To: Popman
Eventually something like Cholera is going to sweep cities like Detroit. As the looters suck the last of the life out of the host, all civilized order is going to collapse and places like Detroit are going to resemble Somalia.
20 posted on 11/22/2012 7:12:13 AM PST by Truth29
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To: Popman

wow.

80%!!


21 posted on 11/22/2012 7:13:02 AM PST by GeronL (http://asspos.blogspot.com)
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To: SoFloFreeper

This is good news as far as i’m concerned. Let it burn. Kurt Russell should do a new movie: “Escape from Detroit”.


22 posted on 11/22/2012 7:15:30 AM PST by nagelbett
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To: agere_contra
Does Washington DC count as a “African-american headed city”? Because I bet they’re not going hungry there.

I'm not sure that it would be...isn't DC a ward of the U.S. Congress, for financial purposes?
23 posted on 11/22/2012 7:19:25 AM PST by Milton Miteybad (I am Jim Thompson. {Really.})
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To: SoFloFreeper

Maybe an entity can actually buy Detroit...say a billion dollars... Run it like a business...sell shares to the citizens ...

I mean “ government “ had done so swell running it...

I am no longer amazed that grown adults who run places like Detroit continue in live in a fantasy world where one day they wake up and everything is fixed by magic without making any hard painful choices...

Like telling the unions the game is over...


24 posted on 11/22/2012 7:31:25 AM PST by Popman
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To: SoFloFreeper

When the feral government is handing out money, he who is the most irresponsible gets the most.


25 posted on 11/22/2012 7:41:20 AM PST by E. Pluribus Unum (Government is the religion of the psychopath.)
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To: SoFloFreeper
Detroit...

26 posted on 11/22/2012 7:59:55 AM PST by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Tupelo

The skin color of the person heading the city is beside the point.

Detroit is the result of liberals having their way with it for years.

If you look at any list of sizable American cities that are in severe financial distress, you’ll find they all suffer the same problem: being lead by liberals.

Someday, very soon I hope, people will wake up to this fact.


27 posted on 11/22/2012 8:00:37 AM PST by upchuck (America's at an awkward stage. Too late to work within the system, too early to shoot the bastards.)
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To: SoFloFreeper
Wait, wait, wait.

This story is from Russia Today???

We don't have a media in this country no more?

28 posted on 11/22/2012 8:07:32 AM PST by Texas Eagle (1)
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To: Chode
That was a beautiful house at one time. Love that turn of the 19th century home. Letting a thing like that go to waste is a crime. They way houses were built back then it should have lasted 200 years or more.
29 posted on 11/22/2012 8:12:50 AM PST by central_va ( I won't be reconstructed and I do not give a damn.)
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To: Chode
Detroit...  America...
30 posted on 11/22/2012 8:14:28 AM PST by upchuck (America's at an awkward stage. Too late to work within the system, too early to shoot the bastards.)
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To: upchuck

Yep. Look at California....run by moronic WHITE liberals for years. Even Arnold, who once embraced capitalism, became a statist.

Skin color is irrelevant. Liberalism is a disease that destroys prosperity regardless of pigmentation.


31 posted on 11/22/2012 8:20:29 AM PST by SoFloFreeper
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To: OwenKellogg

“Crime will be out of control!”

The crime committed by local government and the unions has been out of control for decades. It’ll now merely shift towards an increase in the already rampant street crime.

Just cordon it off and let them reap their rewards.


32 posted on 11/22/2012 8:26:09 AM PST by dagogo redux (A whiff of primitive spirits in the air, harbingers of an impending descent into the feral.)
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To: central_va
absolutely... my house was built in 1850 out of wood, and with a little care will be here in 2050 although i won't be
33 posted on 11/22/2012 8:36:39 AM PST by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: upchuck
100%
34 posted on 11/22/2012 8:38:12 AM PST by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Tupelo

“Name me one African-american headed city that is successful.
Name me one African nation that is successful.”

Answer: NON, NADA, ZIP!!
The real question: Why is that?

Is it inept leadership or morons for voters, or both, inquiring minds want to know. When “black leadership” comes to mind, I always see Hank Johnson asking the Navy guy if he is concerned that Guam is going to “tip over” if the Navy puts another 21,000 people on the island. Take a look around Africa! Mud huts as far as the eye can see. I think we all know the answer, don’t we.


35 posted on 11/22/2012 8:40:03 AM PST by vette6387
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To: Truth29

You are being a little rough on Somalia!


36 posted on 11/22/2012 8:44:04 AM PST by SWAMPSNIPER (The Second Amendment,a Matter of Fact,Not a Matter of Opinion)
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To: SoFloFreeper
Raise taxes on the remaining businesses, and increase government spending.

This time it will work!

37 posted on 11/22/2012 9:18:40 AM PST by St_Thomas_Aquinas (Viva Christo Rey!)
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To: Chode
A civilization of hard working, church-going people, that built slate roof homes, reduced to "Hard Core Pawn."

I wish I could laugh. But this is our future.

38 posted on 11/22/2012 9:23:07 AM PST by St_Thomas_Aquinas (Viva Christo Rey!)
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To: upchuck

“We are one nation. We are one people. We will rise and we will fall together. Anyone who doesn’t believe it should come here to Detroit. It’s like the commercial says: This is a city that’s been to heck and back. And while there are still a lot of challenges here, I see a city that’s coming back.”—President Obama
Detroit is our future. Thank you Mr. President. Before you take the President’s advice remember that the Detroit Police Officer’s Association has announced “let the public know they enter Detroit at their own risk.”


39 posted on 11/22/2012 9:27:20 AM PST by Vehmgericht
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To: cripplecreek

This story made Russia Today.


40 posted on 11/22/2012 9:33:27 AM PST by Springman (Rest In Peace YaYa123, Bahbah, and Just Lori.)
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To: SoFloFreeper

They need to bulldoze the joint and give it back to the indians. They can build a another sacred casino there. Problem solved. Lots of union jobs.


41 posted on 11/22/2012 9:36:43 AM PST by FlingWingFlyer (Amnesty - Obama's bailout of Mexico. Barry sticks it to America again!)
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To: St_Thomas_Aquinas

from slate roofs to EBT's and all in my lifetime...
42 posted on 11/22/2012 9:45:46 AM PST by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: COBOL2Java

Not really. There’s always more of other people’s money where it came from. They just lost their first share of it, Hussein will be more than willing to confiscate another infusion of reparation money-I mean bailout-for them. And another, and another. When the producers have been sucked dry, we will all learn who our daddy is.


43 posted on 11/22/2012 11:02:39 AM PST by mrsmel (One Who Can See)
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To: Ditter
Isn't Detroit where they film that disgusting cable show Hard Core Pawn about the family that operates a pawn shop and their customers?

Difficult for me to watch that show. Get flashbacks from growing up in the Detroit area. Detroit is a state of mind. Was not easy growing up around there. Moved to Los Angeles and at least the weather was better. LA will look like Detroit after the next big earthquake. They wont have the funds to rebuild LA.

44 posted on 11/22/2012 11:12:12 AM PST by justa-hairyape
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To: SoFloFreeper

BTTT


45 posted on 11/22/2012 5:31:40 PM PST by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
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