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.
all city pensioners should be required to live in the city to collect....if they don’t, they forfeit 50% of their pension...
Obama will find a way. I already am cursing at him for a bailout that has yet to occur but will. He bailed out GM. He will make up (someone will make it up foe him since he is pretty dumb)a story about how a failure of Detroit will cast the entire nation into a great depression and therefore its far better to bail them out and make his union pals whole.
The politicians share.
The taxpayer sacrifices.
JUST ANOTHER BEAUTIFUL DAY IN THE NEIGHBORHOOD
Politicians say, “More taxes will solve everything”...
...and the band played on....
some may argue just living in detroit ia already a personal sacrifice.
They don't even deserve that. It's still wealth transfer from people that earned it to people that did not, only better managed.
Not all of us are afraid of losing a whipping boy.
Lefty quagmire, just walk away Re’nee.
But don’t come here!
I’m 55 and was born and raised about 100 miles West of Detroit. The town has always been, to my recollection, a failure of a city.
That’s not a bad idea. Narrow it down and let the Democrat voters suffer the consequences of their actions.
Until Detroit addresses the problems essentially their tax/spending nothing changes except Michigan getting their bills instead of the residents of Detroit. Were I a Michigan governor/legislator I would tell Detroit, heal thyself or die, the choice is yours but the state will not fund your parasitic existence anymore.
The voted the Leftists in the last few years. They need to figure out how to pay for things.
Maybe they could sell all the houses in Detroit for a dollar each and it could be bulldozed and a new city built with a promise of no new Democrats running things for the next 100 years.
If they don't like that plan, they should ask the Saudis to bail them out.
...and the band played on....*
People movin’ out, people not movin’ in,
Why, because of the mess the Dems have got them in.
Run run run, but you sure can't hide.
and the only safe place to live, is in Hamtramck on the weekends.
and the band played on....
He had the votes in Congress for a bailout in 2009. He doesn’t have those votes today.
Yes. 100% correct but he’s done plenty on his own and gotten away with it. And when he starts using words like ‘entitled and we owe it to them’ Boehner will start to weep and he’ll get his way.
I never ever wanted to be wrong more.
Is Suze Orman still swearing by Muni Bonds?
-— 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 cant talk to them about it. they are completely deluded. ——
Wooooooooooooow.... You’re right. Words would be wasted.
“Shared-Sacrifice” To Follow>>>>>>>
What a joke. The rest of Michigan will be forced to bail them out. There is no shared sacrifice.