Michigan legislative action thread
Posted on 12/03/2013 8:42:44 AM PST by VideoPaul
Officially, the City of Detroit is the largest municipality in U.S. history to enter Chapter 9 bankruptcy.
(Excerpt) Read more at wxyz.com ...
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.
Hi, Suzie! (-:
Good. This business about politicians giving away our future for political favors needs to come to an end.
“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.
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.
“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.”
Well, you can keep your insurance if you like it as well.
Do we still have a Piper to pay?
And your doctor.
I also expected the same as you did...Hi, I’m Babbette, friend of Suzie ;-)
‘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?
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?
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.
It ain’t over till it’s over..................
Govt pensions should be reduced prospectively but not against those workers who have already earned them. ( That would really be unfair. )
Absolutely...this is the proper recourse for “their” perverse generosity of the taxpayer’s money.
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....
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