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BREAKING: Detroit CAN file bankruptcy; pensions CAN be reduced forcibly
WXYZ-TV ^ | 12/3/2013 | Ross Jones

Posted on 12/03/2013 8:42:44 AM PST by VideoPaul

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1 posted on 12/03/2013 8:42:44 AM PST by VideoPaul
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To: VideoPaul

I must confess. I’d even mentioned even on another thread that I thought a judge would have gone completely in another direction. Mea Culpa, my bad, so sad, slap my ass and call me Suzie.


2 posted on 12/03/2013 8:44:48 AM PST by Gaffer
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To: Gaffer

Hi, Suzie! (-:


3 posted on 12/03/2013 8:45:39 AM PST by MeganC (Support Matt Bevin to oust Mitch McConnell! https://mattbevin.com/)
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To: VideoPaul

Good. This business about politicians giving away our future for political favors needs to come to an end.


4 posted on 12/03/2013 8:46:39 AM PST by Fido969
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To: VideoPaul

“Calling pensions a contract, [Judge] Rhodes says that it’s widely understood that bankruptcy allows contracts to be impaired. It seems like he’s laying the groundwork for cuts to pensions, but we’ll see.

Rhodes says that pensions have protections under the Michigan constitution, but don’t have protection in federal bankruptcy court.”

This is a huge precedent. It means that states that protect public pensions with their state constitutions are still subject to bankruptcy like any other contract.

This will get appealed to the court of appeals, and will almost certainly be certworthy after the appeals court ruling.


5 posted on 12/03/2013 8:46:56 AM PST by VideoPaul
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To: VideoPaul
Lease Detroit to the Chi-Coms in return for a write-down in debt. They will have a special administrative region, sort of like Hong Kong, on North American soil. The residents will vote in local, but not state and national, elections.

Give it 50 years or so, but you will have a lot of Chinese speaking black people well trained in capitalism once the lease expires.

6 posted on 12/03/2013 8:47:56 AM PST by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: VideoPaul
Nonsense. Apparently, nobody got the memo from The Won back in Oct 2012.....

“We refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way.”

7 posted on 12/03/2013 8:48:34 AM PST by edpc (Wilby 2016)
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To: edpc

Well, you can keep your insurance if you like it as well.


8 posted on 12/03/2013 8:49:21 AM PST by VideoPaul
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To: VideoPaul

Do we still have a Piper to pay?


9 posted on 12/03/2013 8:49:43 AM PST by billhilly (Has Pelosi read it yet?)
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To: VideoPaul
This will get appealed to the court of appeals, and will almost certainly be certworthy after the appeals court ruling.

Which brings us full-circle back around to Harry Reid's sudden decision to kill off the filibuster...


10 posted on 12/03/2013 8:50:37 AM PST by Buckeye McFrog
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To: VideoPaul

And your doctor.


11 posted on 12/03/2013 8:50:42 AM PST by edpc (Wilby 2016)
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To: Springman; cyclotic; netmilsmom; RatsDawg; PGalt; FreedomHammer; queenkathy; madison10; ...
Bankruptcy goes forward and union pensions are not protected. Judge says city didn't negotiate in good faith.

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Michigan legislative action thread
12 posted on 12/03/2013 8:52:29 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Gaffer

I also expected the same as you did...Hi, I’m Babbette, friend of Suzie ;-)


13 posted on 12/03/2013 8:53:34 AM PST by Bobalu (White Boy Think A Lot)
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To: Vigilanteman

‘Lease Detroit to the Chi-Coms in return for a write-down in debt. They will have a special administrative region, sort of like Hong Kong, on North American soil. The residents will vote in local, but not state and national, elections.’

And what would be the amount of the debt write-down? What is the fair market value of a corrupt, crime-ravaged, crumbling city with a criminal population?


14 posted on 12/03/2013 8:54:13 AM PST by lurk
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To: VideoPaul

We 401k and IRA holders have to take a hit every time the market tanks, why shouldn’t public sector employees take a hit every time the government tanks?


15 posted on 12/03/2013 8:54:22 AM PST by struggle
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To: VideoPaul

This will get appealed to the USSC. If the unions lose there, they’ll find some grounds to appeal it again. This will happen five or ten times, by which time the Court will have been stuffed with communists.


16 posted on 12/03/2013 8:55:15 AM PST by Steely Tom (If the Constitution can be a living document, I guess a corporation can be a person.)
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To: Gaffer

It ain’t over till it’s over..................


17 posted on 12/03/2013 8:56:25 AM PST by Red Badger (Proud member of the Zeta Omicron Tau Fraternity since 2004...................)
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To: VideoPaul

Govt pensions should be reduced prospectively but not against those workers who have already earned them. ( That would really be unfair. )


18 posted on 12/03/2013 8:59:28 AM PST by faithhopecharity
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To: Fido969

Absolutely...this is the proper recourse for “their” perverse generosity of the taxpayer’s money.


19 posted on 12/03/2013 9:00:40 AM PST by Hotlanta Mike ("Governing a great nation is like cooking a small fish - too much handling will spoil it." Lao Tzu)
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To: edpc

Nonsense. Apparently, nobody got the memo from The Won back in Oct 2012.....

“We refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way.”


D’oh! Another Obama lie....


20 posted on 12/03/2013 9:01:36 AM PST by Hotlanta Mike ("Governing a great nation is like cooking a small fish - too much handling will spoil it." Lao Tzu)
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