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Record Bankruptcy for Detroit
Wall Street Journal ^ | July 18, 2013 | Mathew Dolan

Posted on 07/18/2013 11:17:29 PM PDT by lbryce

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Hope is just over the next bend. The next bend and it's over. Hope you just bend over.
1 posted on 07/18/2013 11:17:29 PM PDT by lbryce
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To: lbryce

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.


2 posted on 07/18/2013 11:21:00 PM PDT by Stingray (Stand for the truth or you'll fall for anything.)
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To: Stingray

and somehow the commie rats who ran it into the dirt, will blame whitey and republicans for their own 52 years of liberal rule.


3 posted on 07/18/2013 11:24:07 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: Stingray

Why not give it to Canada.


4 posted on 07/18/2013 11:24:30 PM PDT by HiTech RedNeck (Whatever promise that God has made, in Jesus it is yes. See my page.)
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To: Stingray

and they wouldn’t be liberals without finding at least one way to blame republicans for their own self-inflicted suicide.


5 posted on 07/18/2013 11:29:34 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: Stingray

It’s like we rearranged the deck chairs and then suddenly the iceberg appears. Not a harbinger of good things to come.


6 posted on 07/18/2013 11:29:36 PM PDT by lbryce
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To: lbryce
It all began when the blacks decided to burn down Detroit in the 1960s.

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.

7 posted on 07/18/2013 11:37:00 PM PDT by Slyfox (Without the Right to Life, all other rights are meaningless.)
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To: lbryce
Time to post this again...

The Fabulous Ruins of Detroit

8 posted on 07/18/2013 11:41:06 PM PDT by SeeSharp
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To: Secret Agent Man

Liberals and their black shock-troops have destroyed more cities than nuclear weapons.


9 posted on 07/18/2013 11:41:12 PM PDT by SpaceBar
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To: FReepers; Patriots; FRiends






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10 posted on 07/18/2013 11:47:39 PM PDT by onyx (Please Support Free Republic - Donate Monthly! If you want on Sarah Palin's Ping List, Let Me know!)
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To: lbryce

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.


11 posted on 07/18/2013 11:49:07 PM PDT by Bullish (Psalm 46)
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To: lbryce

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.


12 posted on 07/18/2013 11:52:48 PM PDT by dixiechick2000 (To the GOPe ~ Chickens...comin' home...to roost!)
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To: Stingray

“This city will never recover.”
_________________________________
Most likely, neither will America, after a few more years of Obumbo and his band of Dimorats.


13 posted on 07/18/2013 11:57:20 PM PDT by AlexW
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To: dixiechick2000

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.


14 posted on 07/18/2013 11:57:36 PM PDT by socalgop
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To: socalgop

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.


15 posted on 07/19/2013 12:05:19 AM PDT by dixiechick2000 (To the GOPe ~ Chickens...comin' home...to roost!)
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To: HiTech RedNeck

“Why not give it to Canada.”

Depends on how much they charge to haul it away.


16 posted on 07/19/2013 12:17:20 AM PDT by haroldeveryman
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To: haroldeveryman

detroit is french for “to the right”
what is french for “to the wrong”?


17 posted on 07/19/2013 12:22:34 AM PDT by HiTech RedNeck (Whatever promise that God has made, in Jesus it is yes. See my page.)
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To: AlexW

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.


18 posted on 07/19/2013 12:27:06 AM PDT by HiTech RedNeck (Whatever promise that God has made, in Jesus it is yes. See my page.)
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To: HiTech RedNeck

I’ll bite.

A gauch?


19 posted on 07/19/2013 12:27:41 AM PDT by haroldeveryman
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To: haroldeveryman

demauvaise???


20 posted on 07/19/2013 12:30:58 AM PDT by HiTech RedNeck (Whatever promise that God has made, in Jesus it is yes. See my page.)
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To: HiTech RedNeck

Wrong = faux


21 posted on 07/19/2013 12:36:55 AM PDT by The Cajun (Sarah Palin, Mark Levin, Ted Cruz......Nuff said.)
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To: HiTech RedNeck

mal - bad

mauvaise - worse?


22 posted on 07/19/2013 12:39:15 AM PDT by haroldeveryman
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To: The Cajun; HiTech RedNeck

My coonass is rusty. Anyhow, I’m going to bed.


23 posted on 07/19/2013 12:42:52 AM PDT by haroldeveryman
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To: The Cajun

Goodbye Detroit! Hello Defaux! Desinistre?


24 posted on 07/19/2013 12:44:14 AM PDT by HiTech RedNeck (Whatever promise that God has made, in Jesus it is yes. See my page.)
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To: haroldeveryman

So is mine, LOL.


25 posted on 07/19/2013 12:44:33 AM PDT by The Cajun (Sarah Palin, Mark Levin, Ted Cruz......Nuff said.)
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To: lbryce
The Union Pension Protection Fund, or whatever the real name is, guarantees that you will pay for all the debt that Detroit just defaulted on. Bend over so Obama can smile.
26 posted on 07/19/2013 12:47:51 AM PDT by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: lbryce
LOL! Great.

This is what being run entirely by Democrats and Unions since 1961 looks like. Sweet, right? Just sit there on that Plantation and don't question when we tell you that this is the best you can get.

Oh, yeah, and be sure to hate Republicans... you know, those guys who died by the millions to free you, then keep your lazy, useless asses free? Yah, they're your real enemy.

You brian-dead, ghetto trash, oxygen-wasting butt-pimples. If you doubt my veracity, just watch one episode of "Hard Core Pawn." It's quite an eye-opener. You'll get it, real quick.

;-\

27 posted on 07/19/2013 12:51:56 AM PDT by Gargantua (America's starting to smell like a steaming pile of Obama.)
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To: lbryce
"The problem with socialism is that you eventually run out of other people's money" ― Margaret Thatcher
28 posted on 07/19/2013 12:57:30 AM PDT by TChad
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To: Slyfox

If Obama ran the country will it look like Detroit?


29 posted on 07/19/2013 1:13:28 AM PDT by ChiMark (America no more)
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To: Gargantua

This won’t matter to the Detroit populace. They made this city and are responsible for what is has become.

Where’s Jesse and Al?


30 posted on 07/19/2013 1:22:50 AM PDT by ChiMark (America no more)
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To: HiTech RedNeck

“BUT. God needs to be invited into our struggles.”
___________________________________________

When I was in public school back in the 50s, we started every morning, taking turns, reading a short bible passage. The Jewish kids would read from the old testament, Christians from the new.
Today, the teachers and every one involved would be thrown in jail for doing that.


31 posted on 07/19/2013 2:08:46 AM PDT by AlexW
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To: lbryce

They will put Detroit up for sale and China will buy it and open a Chinese industrial complex. watch.............


32 posted on 07/19/2013 3:06:10 AM PDT by ronnie raygun (Yesterdays conspiracies are todays truths)
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To: lbryce

Detroit fell because of corruption, liberal ideas, and white fools.


33 posted on 07/19/2013 3:10:54 AM PDT by GOPJ (Department of Justice to Americans:'How many fingers am I holding up, Winston?')
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To: lbryce

town ran by liberals.. BK.. who are they going to blame? they had a free run of that city and no republican had one damn word to say about it.. so liberal policies work?


34 posted on 07/19/2013 3:28:11 AM PDT by freshlook
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To: HiTech RedNeck

200 years ago they walked in and took it without a fight.

We should stage a reenactment, and conveniently let them keep it.


35 posted on 07/19/2013 3:40:45 AM PDT by VanDeKoik
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To: ChiMark
If Obama ran the country will it look like Detroit?

Worse. The Federal government has guns and can print money.

36 posted on 07/19/2013 3:57:30 AM PDT by motor_racer (Pete, do you ever get tired, of the driving?)
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To: lbryce

Obama: “If I had a home town, it would look like Detroit.”


37 posted on 07/19/2013 4:08:36 AM PDT by Rocky (Obama is pure evil.)
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To: lbryce
"I was planning on retiring in October, but now I'm not sure. I have a lot of questions," said Herbert Jenkins, 50, who has spent the last quarter century working for the city and repairing its potholes."

This is a fitting epithet for the city of Detroit. When filling pot holes for 25 years entitles one to retire at age 50, God help us.

38 posted on 07/19/2013 4:19:08 AM PDT by norwaypinesavage (Galileo: In science, the authority of a thousand is not worth the humble reasoning of one individual)
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To: VanShuyten

The Union Pension Protection Fund, or whatever the real name is, guarantees that you will pay for all the debt that Detroit just defaulted on. Bend over so Obama can smile.
*****************************************************************
If it’s that federal insurance program, it only pays a percentage of the insured pension and their is a maximum that any given retiree can get. In other words, every retiree would take som “bath”, but those with the higher pension would see their pension cut by a higher amount & percenctage. This is from my memory only so don’t take it to the bank.


39 posted on 07/19/2013 4:26:30 AM PDT by House Atreides ( D)
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To: Slyfox

You didn’t mention forced busing of school children. When children were forced to ride a school bus for 45 minutes each way, rather than walk 5 minutes to a nearby school, parents moved outside the busing zone. And it was the intact families, with tax paying parents, that moved.


40 posted on 07/19/2013 4:27:19 AM PDT by norwaypinesavage (Galileo: In science, the authority of a thousand is not worth the humble reasoning of one individual)
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To: lbryce
From the article: "I was planning on retiring in October, but now I'm not sure. I have a lot of questions," said Herbert Jenkins, 50, who has spent the last quarter century working for the city and repairing its potholes. It's such a sad day for Detroit."

When pothole repairmen only have to work 25 years, and can retire at age 50 (meaning he will probably collect a pension for more years than he actually worked) is it any wonder the city is broke?

41 posted on 07/19/2013 4:30:48 AM PDT by Go Gordon (Barack McGreevey Obama)
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To: lbryce

The critical point in the Detroit bankruptcy is how the Bond Holders are treated. Unless the bonded investments are a guarantee of repayment, Bonds of all municipalities(and state, and federal) are in jeopardy. Easy money to local government will evaporate, and we will see a large increase in the interest rates of those willing to buy bonds, to cover the risk of default. How the courts treat Bond holders will be critical in whether Detroit is the first of many to default or only a local tragedy.


42 posted on 07/19/2013 4:32:57 AM PDT by 2001convSVT (Going Galt as fast as I can.)
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To: Stingray; cripplecreek
This city will never recover.

Ya need to talk to "cripplecreek" who IMHO is wired to what is going on behind the scenes. It seems big and smart money is about to buy in low. He will give you the 411 on the Iron Ore and Tar Sands coming to the City via ships, how they will be powered by LPG, Trade and Manufacturing in Canada and a potential Manufacturing back in Detroit with resurgence of a healthy Detroit and how it may become a trading hot spot....

43 posted on 07/19/2013 4:50:26 AM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks.....)
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To: lbryce

Will the Indians take it back?!?


44 posted on 07/19/2013 4:56:48 AM PDT by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: HiTech RedNeck
Why not give it to Canada?

How do they do that without residents of Detroit becoming citizens of Canada, free to roam their country at will? I assume you're being sarcastic, but selling them the lakeside and the other side of the bridges connecting with Canada, population (what's left of it) moved elsewhere in Detroit would have benefits.

Another idea that comes up every now in then is breaking up these large, dysfunctional cities. Instead, politicians keep coming up with schemes to integrate smaller towns with each other or folded into adjacent cities. Smaller governments work best, as long as they're not starved by all state and federal money going to propping up unsuccessful cities.

Often times, a good idea is just something that starts out silly being twisted and turned a bit. Problem is, no one in charge is dealing with problem-solving anymore.....except for propping up the puppet masters. JMHO

45 posted on 07/19/2013 5:07:02 AM PDT by grania
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To: Gargantua

Why did Detroit go bankrupt? Look for the Union Label.

http://www.time.com/time/photogallery/0,29307,1882089,00.html


46 posted on 07/19/2013 5:09:02 AM PDT by csmusaret (Will remove Obama-Biden bumperstickers for $10)
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To: VanDeKoik

My favorite quip is that at one point MI and OH fought for Toledo....and OH lost.


47 posted on 07/19/2013 5:11:06 AM PDT by grania
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To: HiTech RedNeck
detroit is french for “to the right”

No it isn't.

48 posted on 07/19/2013 5:19:08 AM PDT by Moltke (Sapere aude!)
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To: taildragger
No 411 here. I'm just a conservative who pays attention. There's a degree of economic and individual freedom in Detroit that you won't find in other large cities in America. Meanwhile on the east and west coast companies are being slowly strangled by excessive taxation and regulation. JP Morgan just opened a regional HQ in Detroit. Quicken loans is importing people from other cities. During the Detroit Grand Prix, Firestone announced that they would be opening an R&D facility in Detroit.

Even at its worst, Detroit is still the second busiest freight crossing on the continent but its been bottlenecked by a single aging bridge. I think the approval for the new bridge has been one of the biggest factors bringing investment to the city.

When it comes right down to it, people need to stop giving Detroit the global warming treatment built on consensus opinions and start thinking for themselves realistically. Detroit isn't going anywhere and that's a simple fact. We can sit back and pout as the democrats pointlessly dump taxpayer money into the city while claiming credit or we can be traditional conservative builders and start taking back what is rightfully ours. Personally I think the current sit and pout attitude of conservatives is a sure fire loser.

The only true fix for Detroit and the other coming collapses of other larger cities are Family, Faith, and Free markets.

The major issue of this campaign is the direct political, personal and moral responsibility of Democratic Party leadership--in the White House and in Congress--for this unprecedented calamity which has befallen us. They tell us they have done the most that humanly could be done. They say that the United States has had its day in the sun; that our nation has passed its zenith. They expect you to tell your children that the American people no longer have the will to cope with their problems; that the future will be one of sacrifice and few opportunities.

My fellow citizens, I utterly reject that view. The American people, the most generous on earth, who created the highest standard of living, are not going to accept the notion that we can only make a better world for others by moving backwards ourselves. Those who believe we can have no business leading the nation.

I will not stand by and watch this great country destroy itself under mediocre leadership that drifts from one crisis to the next, eroding our national will and purpose. We have come together here because the American people deserve better from those to whom they entrust our nation's highest offices, and we stand united in our resolve to do something about it.


Ronald Reagan Nomination Acceptance Speech Republican National Convention Detroit, Michigan July 17, 1980
49 posted on 07/19/2013 5:24:48 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: HiTech RedNeck

Hey, what have we ever done to you?

Keep it!


50 posted on 07/19/2013 5:28:13 AM PDT by A Formerly Proud Canadian (I once was lost but now I'm found; blind but now I see.)
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