Skip to comments.Record Bankruptcy for Detroit
Posted on 07/18/2013 11:17:29 PM PDT by lbryce
DETROITThe city of Detroit filed for federal bankruptcy protection Thursday after decades of decline, a new low for a city that once defined industrial America's might but was hollowed out by the flight of residents and businesses to the suburbs.
The filing by the automobile capital and onetime music powerhousewhich has liabilities of more than $18 billionis the country's largest-ever municipal bankruptcy case.
The move to restructure the debt is bound to set off months, if not years, of legal wrangling, asset sales and cuts to benefits for Detroit workers and retirees, including 20,000 on city pensions. Owners of the city's bonds are expected to battle with retirees and others for pieces of the city's diminished wealth
(Excerpt) Read more at online.wsj.com ...
The city has been living on borrowed money and time for decades. This was going to happen sooner or later. Decades of piss-poor management and the unholy symbiosis between unions and liberal politicians finally, “fundamentally transformed” Detroit.
This city will never recover.
and somehow the commie rats who ran it into the dirt, will blame whitey and republicans for their own 52 years of liberal rule.
Why not give it to Canada.
and they wouldn’t be liberals without finding at least one way to blame republicans for their own self-inflicted suicide.
It’s like we rearranged the deck chairs and then suddenly the iceberg appears. Not a harbinger of good things to come.
Most of the tax-paying whites moved out, either outside of Detroit or out of state.
Meanwhile, the democrats gained control by default. The black panthers and the SDS absolutely loved it.
You really can't blame whites for leaving, but you can blame the black panthers and their lib-commie friends for willingly instilling fear in the vital portion of the taxpaying public.
The vital public will not move back. Detroit is dead. Even Mo-Town has left.
It is time to turn out the lights and close the door.
Liberals and their black shock-troops have destroyed more cities than nuclear weapons.
Once it was the wealthiest city in America. Socialism crept in and has done what it always does. Made it destitute. Soon this will come to States and then to America completely.
Hey bonehead liberals, you can’t borrow money forever. You must at some point pay the piper for the music you’ve enjoyed.
This is so sad. Sad for those who trusted the unions and the government.
Obama, and Jarret, said, “Nyet!” to a bailout.
Lordy...he does love the citizens of Detroit...doesn’t he?
He was bragging about saving it during the last election.
“This city will never recover.”
Most likely, neither will America, after a few more years of Obumbo and his band of Dimorats.
Detroit going bankrupt is a function of unsustainable union and pension obligations. Chapter 9 bankruptcy is a great tool to renegotiate those contracts, as happened in Stockton.
Detroit’s actually on a rebound, thought it is and does need to shrink. This was a move made by the state-appointed emergency manager because it is the only option that will give him sufficient leverage to renegotiate union deals.
Thanks! I know a bit about bankruptcy, and think you are right. However, it is sad because there are many individuals who will suffer, even though it’s their own fault.
I still find that sad, because that’s all that they knew.
“Why not give it to Canada.”
Depends on how much they charge to haul it away.
detroit is french for “to the right”
what is french for “to the wrong”?
I never put it past God to do wonders. BUT. God needs to be invited into our struggles. God won’t barge in without being invited. And to be frank, Christianity (and Judaism) lite failed to prove inviting to the Lord. One way it can be “lite” is to depend more on institutions than upon our private heart obedience, by the way. For example, people complain about the loss of prayer in schools, and that indeed was a loss of a nice thing, but more importantly it was a symptom of a deeper spiritual laxity. The US government was set up to be a mirror of the people and the less trouble the people at large put into keeping the mirror clean and free from graffiti, the dirtier it gets.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.