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Detroit’s bankruptcy: A warning to NYC
New York Post ^ | 07/23/2013 | Nicole Gelinas

Posted on 07/23/2013 7:47:14 AM PDT by SeekAndFind

Edited on 07/23/2013 7:47:53 AM PDT by Admin Moderator. [history]

What a difference four decades makes. In the mid-

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


TOPICS: Culture/Society; Government; News/Current Events; US: Michigan; US: New York
KEYWORDS: bankruptcy; chapter9; detroit; lessons; michigan; newyork; nyc; rosemaryaquillina
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To: cripplecreek
"Unfortunately people running away just go somewhere else and start the process all over."

Yep. The solution follows the folly.

21 posted on 07/23/2013 9:29:56 AM PDT by YHAOS
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To: cripplecreek
Unfortunately people running away just go somewhere else and start the process all over.


22 posted on 07/23/2013 9:43:53 AM PDT by Bubba_Leroy (The Obamanation Continues)
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To: thefactor; YHAOS; cripplecreek; Texas Fossil

23 posted on 07/23/2013 9:45:48 AM PDT by SeekAndFind
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To: cripplecreek

>>Only because conservatives lack the courage and vision to come up with solutions of our own.<<

Conservatives?? REPUBLICANS lack courage and vision!

The communists have successfully destroyed Detroit, et al.

You know, I seem to recall all this cheerleading about investors coming in an salvaging Detroit around the time the RenCen was being built...am I wrong? How did that work out?

Maddening, sickening, disgusting, and utterly sad.


24 posted on 07/23/2013 9:46:18 AM PDT by viaveritasvita ("The One who reigns forever, He is a friend of mine, the G-d of angel armies, is always by my side.")
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To: SeekAndFind

LOL Detroit is going to go bankrupt in 2023?


25 posted on 07/23/2013 9:46:55 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Yosemitest

>>Bulldoze it!<<

How about we fence it off and make some sort of museum out of it — The Detroit Institute of What Communism Looks Like.


26 posted on 07/23/2013 9:50:07 AM PDT by viaveritasvita ("The One who reigns forever, He is a friend of mine, the G-d of angel armies, is always by my side.")
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To: cripplecreek

>>Unfortunately people running away just go somewhere else and start the process all over.<<

I do believe the welcome wagon has a couple of broken wheels and no volunteer drivers to welcome them in my neck of the woods. Our city limits sign should read: “We’re full up, so sorry, turn around and go back. No Trespassing. Get lost. Your commie ideas are not welcome here.”


27 posted on 07/23/2013 9:54:15 AM PDT by viaveritasvita ("The One who reigns forever, He is a friend of mine, the G-d of angel armies, is always by my side.")
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To: viaveritasvita
Nope! You can take pictures of it, and then BULLDOZE IT!
Anything LIBERAL or DEMOCRAT ... needs to be TOTALLY DESTROYED !!!
28 posted on 07/23/2013 9:55:19 AM PDT by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: SeekAndFind
Thanks for the BEEP!

I think I've already shot my wad on this subject, but thanks anyway.

29 posted on 07/23/2013 9:56:21 AM PDT by YHAOS
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To: SeekAndFind

Thanks for the table. That one is credible. Interesting to see how bad NYC is, the harbors and banking were always the anchor that maintained them. The solvency horizon for NYC is further out.

Now banking is Global and much of it is easily transferred to other physical locations. The harbor is still important.

BUT, the table shows Detroit’s solvency horizon as 2023 also??


30 posted on 07/23/2013 9:57:43 AM PDT by Texas Fossil
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To: viaveritasvita
You know, I seem to recall all this cheerleading about investors coming in an salvaging Detroit around the time the RenCen was being built...am I wrong? How did that work out?

If republicans behaved then the way they do now its understandable. I see nothing but defeatism outside Michigan just like it was a week before the right to work fight. A week before all you would hear at FR is that Michigan is a lost cause and will be union forever.


31 posted on 07/23/2013 10:06:50 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Texas Fossil

The funny thing is that falling state taxes are bringing banking to Detroit. The city taxes are high for now but the state taxes have fallen enough for them to justify the move. JP Morgan has opened a regional HQ in Detroit, Quicken loans has transferred some 2000 people to their Detroit HQ, Ernst & Young has their building downtown. There’s also Compuware.

The big guys actually do just fine in Detroit because they can afford it. Its the little guys who can’t afford the high taxes, multiple layers of regulation, and army of inspectors they have to pay.


32 posted on 07/23/2013 10:16:45 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Yosemitest

Communism needs to be totally destroyed. But it will take an act of G-d to do it. We (those of us informed enough to know who the enemy is and who are not afraid to name them) have tried before and it hasn’t worked. One could go all the way back to the Israelites who didn’t listen when G-d told them to “totally destroy” (the enemies of G-d, of which communism is a more modern version of) to see how it works: Weeelll, what do you mean by “totally destroy?” Can’t we keep some of the livestock? How about the strong young men and the lovely young women? Why can’t we rebuild the place?!

Never. Gonna. Happen.

A living museum: Charge the folks who want to gawk. Drive them around in model T replicas. Feed them at underground restaurants. “Look Gladys, over there! There’s one of those poor fools who didn’t get out while they could.” “Yep, yep, I see ‘im Chester. I think I saw one of them brown paper bag t-shirts in the souvenir store!”


33 posted on 07/23/2013 10:19:46 AM PDT by viaveritasvita ("The One who reigns forever, He is a friend of mine, the G-d of angel armies, is always by my side.")
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To: viaveritasvita
A living museum?
Will this idiot be there in a cage, so we can sell tickets?

Detroit's Model Citizens Line Up for Money from Obama's "Stash"
34 posted on 07/23/2013 10:32:42 AM PDT by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: cripplecreek

Insanity

No other word explains the mess.


35 posted on 07/23/2013 10:33:48 AM PDT by Texas Fossil
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To: SeekAndFind

What do nearly all of those cities have in common? Hmmm, let me think. It starts with a “D” and ends with “emocrat Control.”


36 posted on 07/23/2013 10:36:25 AM PDT by Bubba_Leroy (The Obamanation Continues)
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To: Texas Fossil
BUT, the table shows Detroit’s solvency horizon as 2023 also??

The table just shows solvency horizons for municipal pension systems. In other words, if Detroit had no other debts or expenses and is unable to increase income to its pension system, in 2023 it would no longer be able to pay out pensions to everyone that has been promised them.

Since Detroit has a whole lot more debts and expenses besides its pension system, and tax revenue is not sufficient to even cover its debt service, Detroit is already bankrupt.

37 posted on 07/23/2013 10:41:10 AM PDT by Bubba_Leroy (The Obamanation Continues)
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To: cripplecreek

>>If republicans behaved then the way they do now its understandable. I see nothing but defeatism outside Michigan just like it was a week before the right to work fight. A week before all you would hear at FR is that Michigan is a lost cause and will be union forever.<<

I don’t quite understand your 1st sentence — would love to hear you expand upon it.

As to the rest, if we moved from talking about Detroit to talking about MI in general, I missed it (apologies, I should be doing the payroll instead of FReeping LOL).

I was totally behind Snyder re RTW, but I wasn’t holding my breath. I stood up and cheered when I heard the news. A stunning accomplishment, Michiganders, if you can keep it.

MI is (hopefully!) not a lost cause; Detroit is. The Detroit as we once knew it is gone. Whether it comes back for an temporary period of time, whether it downsizes and survives, whether it is bulldozed or turned into a museum...the Detroit we once knew is gone forever.

I will wait to see if/how the unions come up with ways to circumvent RTW. It remains to be seen just how long MI will be RTW (hopefully, forever). The ‘Rats are not going to give up their $$$$$ from workers easily, CC. What do you bet, the PTB in DC are right now as we speak scheming and planning behind the Soviet door on how to either circumvent or manipulate the new law to their advantage.

And, as much as I like the Republican Snyder, it doesn’t overrule my belief in:

Look at the new boss, same as the old boss.


38 posted on 07/23/2013 10:43:21 AM PDT by viaveritasvita ("The One who reigns forever, He is a friend of mine, the G-d of angel armies, is always by my side.")
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To: Bubba_Leroy
Detroit is already bankrupt

Yes, I already knew that. And the idiot judge ruled that the filing was wrong & embarrassing to Obozo. hee hee hee

39 posted on 07/23/2013 10:49:45 AM PDT by Texas Fossil
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To: Yosemitest

She’ll be part of an amusement ride...the model T will stop at a specific location and, for an additional fee, the gawkers can join in the fray. Kind of like the E-rides at Disney, we can call this one the EBT ride. For an additional additional fee, you can even don costumes such as hoodies...you’ll get a script with the appropriate Ebonics to use as you interact with the players. BHO stash can be handed out at the end of the ride as a consolation prize!


40 posted on 07/23/2013 10:57:03 AM PDT by viaveritasvita ("The One who reigns forever, He is a friend of mine, the G-d of angel armies, is always by my side.")
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