Skip to comments.Detroit To Default Today, "Shared-Sacrifice" To Follow
Posted on 06/14/2013 9:24:34 AM PDT by Former Proud Canadian
And so the next casualty of the inevitable municipal collapse appears, which is, as expected, that one-time symbol of all that was right with a (once upon a time) manufacturing America, having since been replaced with the anti-symbol of all that is broken: Detroit.
DETROIT BEGINS MORATORIUM ON ALL DEBT SERVICE PAYMENTS FOR UNSECURED FUNDED DEBT
DETROIT TO DEFAULT ON CERTIFICATES OF PARTICIPATION DUE TODAY
And, true to from in the New Normal America, where the "fairness doctrine" rules supreme under Big Brother's watchful eye, the premise of the upcoming glorious recovery is a well-known one: "the shared-sacrifice." To wit: "The City currently faces approximately $17 billion in total liabilities. Detroit is insolvent...
(Excerpt) Read more at zerohedge.com ...
Get ready,the state of Michigan will be reaching for your wallet soon.
The democrats own Detroit.
Hahaha. They are getting a billion dollars interest free to build the bridge. That’s enough.
The proper solution would be to dis-incorporate the city of Detroit and form new communities from the remnants of that section of Wayne County.
Bingo gringo! GM like screwing of bondholders to protect bloated pensions.
“The democrats own Detroit.”
So ask them how they feel about “owning” something that’s worth less than nothing!
yep... but when I talk to my liberal family back there, they blame everything on the evil Republican governor. It really is quite sickening, and I can’t talk to them about it. they are completely deluded.
after 80 years of dem/union rule, and it’s the fault of a guy barely in office 2 years.
And the debt? The debt holders get the property?
notice i didn’t say a word about the unions.
It's just a matter of time
You liquidate anything owned by the city and distribute it among the bondholders. Consider it a going-out-of-business sale.
I guess if I lived there and owned a house, I’d equity it out to the hilt and walk away. Let Obama and government deal with it. Best thing to do is leave.
The deal was Obama would get a second term, and then bailouts of CA, IL, MI and NY would be forthcoming.
But that pre-supposed that he would have rolled the Pubbies on the sequester by now and have an open checkbook. OOOOOPS!
The taxpayers have sacrificed already. The residents have done nothing.
It's THEIR turn.
This means their creditors will be screwed with the exception of the union pension liabilities. The “shared sacrifice” will be something like the union will pay a few dollars for their own insurance or pension and taxes will be raised to pay for the rest of it.
Maybe we should auction it off to the highest bidder.
I bet Merkel would be interested... it could be the US Euro annex!
The democrats always demand money with no oversight. Its like giving a crack head a blank check. Jenny Granholm would have given it to them while cutting out some tax breaks for unions.
With republicans in control of the state, the crackheads aren’t getting a blank check. They’re getting things like privatization of services and carefully controlled allowances. Its why they fought so hard against a free bridge, the city doesn’t control the funds which is really all they wanted.
I’ve got fairly high hopes for Detroit despite the mess because this isn’t being done in typical democrat fashion and business is slowly returning to the city.
Just another way of making the productive people pay for the crime, drugs, prostitution and jihadi activity in that hell hole of a city.
The politicians share.
The taxpayer sacrifices.
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