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Keyword: bankrupt

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  • One Bankruptcy, Many Adversaries

    08/06/2014 7:48:12 AM PDT · by fishtank · 1 replies
    Institute for Creation Research ^ | Aug. 2014 | James J. S. Johnson, J.D., Th.D.
    One Bankruptcy, Many Adversaries by James J. S. Johnson, J.D., Th.D. * Theistic evolution is like a mega-bankruptcy case containing an almost countless number of adversaries and contests, like piecemeal mini-lawsuits that in aggregate address smaller conflicts within a large-scale mess.1 Within this big picture it’s important to keep in mind that every small-scale “contested matter” and every “adversary” conflict is an important opportunity to advocate for truth.2 Imagine the component problems involved in these famous bankruptcies: Texaco, Chrysler, Enron, CIT Group, Worldcom, General Motors, Washington Mutual, and Lehman Brothers.1 Let’s quickly review some federal bankruptcy law.
  • Americans Got $2 Trillion in Benefits from Federal Government in 2013

    08/04/2014 8:07:02 PM PDT · by Olog-hai · 38 replies
    Cybercast News Service ^ | August 4, 2014 - 4:53 PM | Ali Meyer
    The federal government paid $2,007,358,200,000 in benefits and entitlements in fiscal year 2013 from government programs, according to data from the Bureau of the Fiscal Service’s Monthly Treasury Statement. The treasury statement summarizes the financial activities of the federal government, including data on government receipts, outlays, and surplus and deficit totals. The September 2013 monthly treasury statement calculates these metrics for the entire fiscal year of 2013, which began on October 1, 2012 and ended on September 30, 2013. According to the statement, the federal government’s total outlays, otherwise known as spending, for means-tested and non-means tested government programs—not including...
  • US is Bankrupt: $89.5 Tril. in US Liabilities vs. $82 Tril. in Household Net Worth & Gap is Growing.

    08/04/2014 7:19:38 PM PDT · by SeekAndFind · 29 replies
    Biderman's Money Blog ^ | 08/04/2014 | Chris Hamilton
    There are many ways to look at the United States government debt, obligations, and assets. Liabilities include Treasury debt held by the public or more broadly total Treasury debt outstanding. ThereÂ’s unfunded liabilities like Medicare and Social Security. And then the assets of all the real estate, all the equities, all the bonds, all the depositsÂ…all at todayÂ’s valuations. But letÂ’s cut straight to the bottom line and add it all upÂ…$89.5 trillion in liabilities and $82 trillion in assets. There. ItÂ’s not a secret anymoreÂ…and although these are all government numbers, for some strange reason the government never adds...
  • Shock: 80% of U.S. population growth is from immigrants, resources being sucked dry

    07/30/2014 2:32:34 PM PDT · by Nachum · 44 replies
    Washington Examiner ^ | 7/30/14 | Paul Bedard
    A group dedicated to saving the planet by cutting runaway population increases is raising a new and shocking issue in Washington’s bitter fight over immigration reform: Most of the nation’s population growth is from immigrants, and they are consuming resources dangerously fast. According to Negative Population Growth Inc., 80 percent of the growth in U.S. population comes from immigration, legal, illegal and among American-born children of immigrants. “With increased population, we see a direct increase in the problems our nation faces on a daily basis: pollution, over-consumption, traffic gridlock, crowded schools and hospitals, overburdened social services, unemployment, crumbling infrastructure, urban
  • Teacher pay averages $84,489; LAUSD data missing

    07/29/2014 7:10:04 PM PDT · by TurboZamboni · 23 replies
    contra costa times ^ | 7-25-14 | Thomas Himes
    A newly released survey of 653 of California’s 1,058 school systems reports teachers were paid on average $84,489, while 33 administrators earned more than $250,000 in pay alone last year. The pay and compensation information was complied by The California Policy Center, a nonpartisan conservative public policy think tank that runs Transparent California, which posted the survey for the public to review at transparentcalifornia.com “We’re doing this because the public employs the public sector; and members of the public, as voters are being continually asked to approve tax increase and bond measures,” Policy Center Director Ed Ring said. “You can’t...
  • Debt servants: how sustainable are states’ legacy costs?

    07/29/2014 6:58:16 PM PDT · by TurboZamboni · 7 replies
    public sector inc ^ | 7-27-14 | Iliya Atanasov
    A recent report by JP Morgan’s Michael Cembalest provides a fresh look at the problem of state indebtedness. Cembalest, global head of investment strategy, is best known for his writings on housing and for flagging Bernard Madoff’s fund and refusing to invest in it, even while other divisions at JPMorgan gleefully did so. Cembalest looks at state governments’ annual payments towards bonded debt interest and retirement liabilities (defined-benefit and defined-contribution pensions as well as retiree healthcare benefits) expressed as percentage of total annual revenue. In addition to assessing states’ default risk, this approach quantifies exactly how much debt expenditures are...
  • Waves of immigrant minors present crisis for Obama, Congress

    05/28/2014 7:04:08 PM PDT · by mandaladon · 32 replies
    Yahoo News ^ | 28 May 2014 | Richard Cowan
    WASHINGTON (Reuters) - Tens of thousands of children unaccompanied by parents or relatives are flooding across the southern U.S. border illegally, forcing the Obama administration and Congress to grapple with both a humanitarian crisis and a budget dilemma. An estimated 60,000 such children will pour into the United States this year, according to the administration, up from about 6,000 in 2011. Now, Washington is trying to figure out how to pay for their food, housing and transportation once they are taken into custody. The flow is expected to grow. The number of unaccompanied, undocumented immigrants who are under 18 will...
  • Ain’t it grand: Detroit selling homes for just $1,000

    05/02/2014 11:26:19 PM PDT · by Olog-hai · 21 replies
    Fox News ^ | May 02, 2014 | Garrett Tenney
    The Motor City has a deal for you—classical homes with a starting price of just $1,000. The online auction for abandoned, but sturdy homes is the latest plan by city leaders to fight blight and boost property values as Detroit crawls its way out of bankruptcy. […] The city isn’t hiding the fact that nearly all of the homes up for auction will require a lot of work to repair. …
  • Solar companies learn to play nice with environmentalists [setting aside land]

    04/17/2014 5:00:27 PM PDT · by Jim Robinson · 36 replies
    GIGAOM ^ | flashback AUG. 9, 2011 | by Ucilia Wang
    As more solar farms arise in the sunny corners of the U.S., it’s inevitable that solar developers will have to play ball with environmentalists. First Solar and SunPower announced an agreement with the environmental groups to add thousands of acres near their projects for wildlife protection. As more solar farms arise in the sunny corners of the U.S., it’s inevitable that solar developers will have to play ball with environmental groups. First Solar and SunPower announced an agreement on Tuesday with the Sierra Club and others to add thousands of acres near their proposed projects for wildlife protection. The agreement...
  • 85% of Pension Funds to Fail in Three Decades

    04/12/2014 11:54:28 AM PDT · by Kaslin · 19 replies
    Townhall.com ^ | April 12, 2014 | Mike Shedlock
    Bridgewater Associates did an analysis of pension funds recently and concluded 85% of them will fail if returns average 4%. Bridgewater notes that public pensions have just $3 trillion in assets to invest to cover future retirement payments of $10 trillion over the next many decades. It would take an investment return of roughly 9% a year to meet those obligations. With the 30-Year long bond yielding a mere 3.5% and with stock valuation through the roof, I expect negative returns for 7-10 years. Stretched out over 30 years, 4% seems about right. 9% is out of the question. CNBC...
  • Report: New Yorkers Forced to Choose Between Groceries and Obamacare

    04/01/2014 7:10:46 PM PDT · by 2ndDivisionVet · 58 replies
    Legal Insurrection ^ | April 1, 2014 | Rusty Weiss
    A new report from WHEC in Rochester is painting a very bleak scenario for New Yorkers, some forced to choose between buying groceries or purchasing Obamacare plans, some concerned about going bankrupt after falling ill. So why are New Yorkers concerned about going bankrupt due to Obamacare? Especially when the President has continually made such statements as, “I am as proud as I’ve ever been by the work we did to make sure that in this country, if you get sick you don’t go bankrupt and that you can get the health care that you need”? And why are they...
  • The Obama Debt Tracker - Obama doubles America's publicly held debt in just 5.2 years

    04/01/2014 3:22:05 PM PDT · by jpl · 20 replies
    The United States Department of the Treasury ^ | Monday, April 1, 2014 | The United States Department of the Treasury
    I wish that this were just another bad April Fools' Day joke, but sadly, this story is all too real. Since President Barack Hussein Obama was inaugurated into office a little over five years ago, Obama, Pelosi, and Reid have doubled America's publicly held debt, an increase of more than 6.3 trillion dollars: Date                   Debt Held by the Public         Intragovernmental Holdings   Total Public Debt Outstanding 03/31/2014        6,307,310,739,681.66          4,319,566,309,231.42          10,626,877,048,913.08 8/19/2011          12,619,319,113,193.99 ...
  • Wayne State University offers college course on Detroit bankruptcy

    03/30/2014 3:40:07 PM PDT · by Libloather · 33 replies
    M Live ^ | 3/30/14 | Gus Burns
    DETROIT, MI -- Wayne State administrators are using Detroit's financial calamity to teach. A new course, "Detroit: Metropolis in Transition," will be offered by the the Department of Urban Studies and Planning beginning this summer. **SNIP** The lecture will cover Detroit's history up to present day and "issues such as the city's frustrated attempts at regionalism and its persistence as the largest metro are in the United States without a comprehensive, rail-based public transit system."
  • Obamacare: Taxpayers in the Hole for $1.5 Trillion

    03/27/2014 10:18:04 AM PDT · by Star Traveler · 18 replies
    The Fiscal Times ^ | Thursday, March 27, 2014 | Edward Morrissey
    “What the hell is this, a joke?” Speaker of the House John Boehner said in reaction to news this week that yet another “deadline” in the Affordable Care Act had been unilaterally delayed by the Obama administration. Unfortunately, the answer to that question is yes, and it’s becoming increasingly clear that the joke is on the American taxpayer. Late Tuesday, the Department of Health and Human Services – which has taken to bragging about “enrollment” numbers that fall millions short of their original goals – announced that the March 31st deadline for open enrollment had become more of a guideline....
  • 3 huge cities flirting with bankruptcy (NYC, Chicago, LA)

    03/03/2014 4:18:34 PM PST · by Libloather · 40 replies
    MSN ^ | 3/03/14 | Karen Riccio
    Detroit's looming bankruptcy is making news again, this time focusing on current restructuring plans aimed to wipe out $18 billion in debt by axing pension checks of city retirees, including police and fire. Massive long-term retirement and healthcare promises were by no means solely responsible for the city's fall, but these massive pensions coupled with a tax base weakened by high unemployment and housing vacancies caused the budget to bleed out quicker. The Michigan city may be the most recent victim of bankruptcy, but many of the 61 largest U.S. cities have adopted the same retirement legacy leading to $118...
  • Post Office Latest Federal Agency to Ask for Ammunition

    02/15/2014 8:16:23 AM PST · by detective · 34 replies
    The New American ^ | 2/13/2014 | Joe Wolverton
    The U.S. Postal Service (USPS) has posted a request to purchase “assorted small arms ammunition,” reports political analyst Michael Lotfi. The solicitation by the USPS was posted on FBO.gov, the federal government’s federal business opportunities website. The process is now underway to arrange for the purchase of guns and ammo for some undisclosed use by the post office. As Lotfi points out, it is curious that the postal service can afford to arm itself given their precarious financial position: The USPS has been posting $1-5 billion quarterly losses for years. In fiscal year (FY) 2012 alone the USPS lost a...
  • 2014 Federal Budget in Pictures

    02/13/2014 9:34:00 AM PST · by 1rudeboy · 20 replies
    Federal spending and debt are out of control If America does not change course, the future will be dramatically worse. Now more than ever, it is crucial that Americans understand what our nation's spending, taxes, and debt mean for them and their families. The Heritage Foundation's Federal Budget in Pictures offers a unique tool to learn about the federal budget in a clear and compelling way.
  • GOP struggles to find 'yes' debt votes (Cornyn doesn't have enough GOP cloture votes for Reid)

    02/12/2014 10:49:28 AM PST · by jimbo123 · 113 replies
    The Hill ^ | 2/12/14 | Erik Wasson and Peter Schroeder
    Republicans in the Senate are struggling to come up with the five votes they'd need to ensure passage on Wednesday of a House bill raising the debt ceiling. The measure is likely to win support from the upper chamber's 53 Democrats and the two Independents that caucus with Democrats. But only one Republican, Sen. Mark Kirk (Ill.), has so far said he would back the bill. The measure needs 60 votes because Sen. Ted Cruz (R-Texas) is filibustering the bill over the lack of spending reforms attached to it. Kirk told The Hill the vote would be close. “I think...
  • House passes debt-ceiling increase with no add-ons

    02/11/2014 2:35:53 PM PST · by Red in Blue PA · 206 replies
    This is a developing news story. An earlier version of the article follows: House GOP leaders announced Tuesday they will advance this week an increase in the government's borrowing cap that's free of any add-ons. A vote is scheduled for Tuesday night because of the threat of a winter storm. House Speaker John Boehner announced the plan after a poll of the Republican rank and file failed to show enough support for a plan to tie the hike in the debt limit to a plan to reverse a recently passed cut to military pensions. The Ohio Republican said he expected...
  • Voters in bankrupt San Bernardino sweep old guard from power

    02/06/2014 9:17:29 AM PST · by Beave Meister · 5 replies
    Reuters ^ | 2/5/2014 | TIM REID
    (Reuters) - Residents of bankrupt San Bernardino, California on Tuesday voted to complete a rout of the city's pro-union old guard, electing business-friendly pragmatists who have pledged to try to reduce pension costs and take on vested interests. As San Bernardino enters into a fourth month of mediation with its creditors, the biggest of which is Calpers, California's giant retirement system, voters on Tuesday elected Carey Davis as the crisis-hit city's new mayor. Davis, a businessman and political novice, ran in part on a campaign to reduce the city's pension obligations. In an interview in November, when he became one...
  • Bankruptcy In The USSA: Detroit Bondholders About To Be GM'ed In Favor Of Pensioners

    01/31/2014 3:39:07 PM PST · by Rusty0604 · 16 replies
    zerohedge ^ | 01/31/2014 | Tyler Durden
    First, the Obama administration showed during the course of the GM and Chrysler bankruptcy proceedings, that when it comes to Most Preferred Voter classes, some unsecured creditors - namely labor unions, and the millions of votes they bring - are more equal than other unsecured creditors - namely bondholders, and the zero votes they bring. Five years later we are about to get a stark reminder that under the superpriority rule of a community organizer for whom "fairness" trumps contract law any day, it is now Detroit's turn to make a mockery of the recovery waterfall. As it turns out,...
  • Dear Health Insurance Companies........

    01/31/2014 3:31:36 PM PST · by originalbuckeye · 3 replies
    1/31/14 | Originalbuckeye
    You are going to go bankrupt. There is talk that Obama may bail you out. Why would he do that when the whole point of Obamacare is to eliminate the competition for all those Health Care Dollars? Please, start gathering plans for after your demise. If we are ever able to get control again, we will need you to be ready to offer GOOD Health Care plans at reasonable prices. Please start writing new plans and streamline them. We don't want to have to pay to cover maternity care or pediatric dental care if we are over 60. We need...
  • California spends $1.37M on ObamaCare web stream featuring Richard Simmons

    01/31/2014 5:19:58 AM PST · by TurboZamboni · 10 replies
    Fox ^ | 1-30-14 | watchdog.org
    Facing a $78 million budget shortfall, California’s ObamaCare exchange has spent $1.37 million to fund an outreach video featuring exercise guru Richard Simmons gyrating on the floor and hugging a contortionist who is kneeling with his buttocks in the air. The “Tell a Friend — Get Covered” campaign by Covered California features other celebrities Olivia Wilde, comic Billy Eirchner, Fran Drescher and Tatyana Ali. The centerpiece of the effort was an eight-hour live web stream that ran on Jan. 16. None of the celebrities were paid for their work, Covered California said.
  • Chicago pension crisis called worst in nation

    12/31/2013 5:49:17 AM PST · by SeekAndFind · 18 replies
    American Thinker ^ | 12/31/2013 | Rick Moran
    Calling the Chicago pension crisis the worst in the nation is saying something - like, how bad can it get? The city's underfunded pension system for teachers, firefighters, police, and transit workers threatens to punch a hole in the city budget that would devastate city services. The teachers' alone are $1 billion short of funds, while the city as a whole is looking at a whopping $27 billion shortfall. The state of Illinois is even worse off with more than $100 billion in unfunded pension liabilities. Where is the money going to come from to fix the problem? Financial Times:...
  • Canada to phase out home mail delivery to cut big losses

    12/17/2013 12:41:41 PM PST · by TurboZamboni · 44 replies
    Rooters ^ | 12-11-13 | David Ljunggren
    Dec 11 (Reuters) - Canada's postal service will phase out urban home delivery within five years and hike the cost of postage stamps to try to stem soaring losses, the post office said on Wednesday. Canada Post, like the U.S. Postal Service, is suffering as customers switch to digital communications. In August it said it was on track to run short of cash by the middle of 2014 unless major changes were made. The government-owned corporation - which has a mandate to be self-financing - last month reported a third-quarter loss of C$109 million ($103 million) before tax and said...
  • Detroit mayor touts accomplishments in last speech

    12/11/2013 7:53:54 PM PST · by Olog-hai · 15 replies
    Associated Press ^ | Dec 11, 2013 5:52 PM EST | Corey Williams
    Dave Bing delivered his final official speech as Detroit’s mayor on Wednesday, proclaiming that the city is much stronger now than it was four years ago despite going through the largest municipal bankruptcy in U.S. history. During the luncheon speech to the Detroit Economic Club, the former NBA basketball player lamented that his efforts to fix the city’s beleaguered finances were slowed by rules governing contracts with workers and an often adversarial City Council. […] Detroit has been under state oversight since March when Gov. Rick Snyder appointed turnaround specialist Kevyn Orr as emergency manager. Under state law, Orr has...
  • QUIT CLAIM DEED to the city of Detroit

    12/03/2013 10:09:46 PM PST · by doug from upland · 30 replies
    ebay ^ | 12-3-13 | dfu
    Until they pull it, here you go. QUIT CLAIM DEED TO THE CITY OF DETROIT
  • Report: DOE Withheld Data on Bankrupt Green Energy Company

    11/05/2013 4:42:40 PM PST · by Nachum · 11 replies
    Free Beacon ^ | 11/5/13 | Lachlan Markay
    The Department of Energy withheld troubling cost and performance data on a major stimulus award from a federal watchdog before the company servicing the award went bankrupt, according to a report released on Tuesday. The report focuses on the department’s handling of a pair of federal awards worth about $126 million for ECOtality, a San Francisco-based green energy company that declared bankruptcy in September. DOE’s inspector general, which authored Tuesday’s report, released an audit in July that expressed concerns about the department’s management of ECOtality’s $100 million stimulus award for the installation of electric vehicle charging stations. The report revealed...
  • Stanley Druckenmiller: How Washington Really Redistributes Income

    10/27/2013 10:56:52 AM PDT · by TurboZamboni · 28 replies
    WSJ ^ | 10-21-13 | James Freeman
    Stan Druckenmiller makes an unlikely class warrior. He's a member of the 1%—make that the 0.001%—one of the most successful money managers of all time, and 60 years old to boot. But lately he has been touring college campuses promoting a message of income redistribution you don't hear out of Washington. It's how federal entitlements like Medicare and Social Security are letting Mr. Druckenmiller's generation rip off all those doting Barack Obama voters in Generation X, Y and Z. "I have been shocked at the reception. I had planned to only visit Bowdoin, " his alma mater in Maine, he...
  • Congressman: 'Constitutional Crisis' if GOP Caves on Debt Ceiling

    10/15/2013 10:34:02 AM PDT · by 11th_VA · 62 replies
    http://www.breitbart.com/Big-Go ^ | 15 October 2013 | Matthew Boyle
    On the House floor on Monday, Rep. Tom McClintock (R-CA) argued that President Barack Obama’s activities during the government shutdown over Obamacare are a sign to him that Obama would act nefariously to attack the full faith and credit of the United States of America by taking the country into a default in a debt ceiling crisis if the president does not get everything he wants in negotiations. “Given the ruthless and vindictive way the shutdown has been handled, I now believe that this president would willfully act to destroy the full faith and credit of the United States unless...
  • Penthouse publisher FriendFinder files for bankruptcy protection

    09/29/2013 3:40:22 PM PDT · by dynachrome · 20 replies
    LA Times ^ | 9-18-13 | Stuart Pfeifer
    The company that owns Penthouse magazine and a host of online dating and adult websites filed for bankruptcy protection Tuesday. FriendFinder Networks Inc.'s move comes as many in the adult entertainment industry struggle because of an increase in free online options. The Boca Raton, Fla., company said bankruptcy was "the most efficient and cost effective way for the company … to continue to operate our business."
  • Revealed: The House GOP’s Debt-Ceiling Plan

    09/26/2013 7:27:58 AM PDT · by SeekAndFind · 29 replies
    National Review ^ | 09/26/2013 | Jonathan Strong
    Below is an outline of the GOP’s debt-ceiling bill obtained by National Review Online. The document originated from the House Appropriations Committee staff and is dated yesterday. A GOP-leadership aide says there are some differences between this and their latest summary, so take that for what it’s worth. As always with the House Republicans, it is subject to discussion from members, many of whom are quite vocal in providing their input on such plans.House leadership is planning to pass the bill as early as Saturday. The bill itself is expected to be released imminently. The outline is not a...
  • Move Over Detroit - The Fiscal Crisis in Chicago is Far Bigger.

    09/18/2013 5:30:22 AM PDT · by Kaslin · 24 replies
    Townhall.com ^ | September 19, 2013 | Mike Shedlock
    Move over Detroit. The fiscal crisis in Chicago is far bigger. Pensions 31% fundedMoody's downgraded Chicago Debt 3 Notches (just 4 steps above junk)City debt on negative watchPension Liability is $61,000 Per Household ($23,000 Per Capita) Via email, Ted Dabrowski at the Illinois Policy Center writes ... While all eyes are focused on a solution for Illinois’ state-run pension systems, Chicago’s own debt crisis is looming. Chicago taxpayers are on the hook for more than $63 billion in pension, health insurance and other debt. That’s the total debt of the city and its sister governments, as well as Chicagoans' share...
  • The Fed's 'hidden agenda' behind money-printing [Weimar Republic: Germany, 1920s...]

    09/25/2013 11:50:30 AM PDT · by SoFloFreeper · 15 replies
    CNBC ^ | 9/25/13 | Peter J. Tanous
    The markets were surprised when the Federal Reserve did not announce a tapering of the quantitative easing bond buying program at its September meeting. Indeed, its signal to the market that it was keeping interest rates low was welcome, but there may be a hidden agenda. Since it began in late 2008, QE has spurred a vigorous debate about its merits, both positive and negative. On the positive side, the easy money and low interest rates resulting from quantitative easing have been a shot in the arm to the economy, fueling the stock market and helping the housing recovery. On...
  • Obama to ask business leaders to push Congress to raise debt limit

    09/18/2013 3:44:19 AM PDT · by markomalley · 19 replies
    Reuters ^ | 9/18/2013 | Steve Holland
    President Barack Obama will appeal to business leaders on Wednesday to urge Congress to approve an increase in the U.S. debt limit and avoid a default that is possible as early as mid-October. Obama is to address the Business Roundtable as part of a renewed push to focus on domestic budget and economic issues after a month dominated by foreign policy. The U.S. Treasury is expected to exhaust measures to avoid exceeding the $16.7 trillion debt limit as soon as mid-October. If the cap is not raised, the United States will not be able to pay all of its bills...
  • California agency on road to biggest bust since Detroit

    09/11/2013 10:03:17 AM PDT · by george76 · 15 replies
    CNBC ^ | 11 Sep 2013
    The toll-road authority of Orange County, Calif., is nearing the biggest municipal default since Detroit's record bankruptcy ... The Foothill-Eastern Transportation Corridor Agency... risks default on $2.4 billion in debt, according to a consultant to the Debt and Investment Advisory Commission of California Treasurer Bill Lockyer.
  • Detroit Teachers Moonlight As ‘Sugar Babies’ (i.e., Paid Escorts) To Offset Wage Cuts

    08/28/2013 7:55:18 PM PDT · by DogByte6RER · 44 replies
    CBS Detroit ^ | August 28, 2013 | CBS Detroit
    Detroit Teachers Moonlight As ‘Sugar Babies’ To Offset Wage Cuts DETROIT (WWJ) - It’s back-to-school season and many Detroit teachers are struggling in the wake of budget cuts and overcrowded classrooms. According to the National School Supply and Equipment Association, the average teacher spent at least $485 on school supplies for their classroom last year. So, what are some Detroit women doing to offset their struggles in the classroom? Well, they’re becoming “sugar babies” of course — seeking financial assistance from wealthy men online. In the Detroit School District alone, 201 teachers are moonlighting as sugar babies to offset wage...
  • The New York Times takes down the Clinton Foundation.

    08/14/2013 8:59:32 AM PDT · by safetysign · 28 replies
    Telegraph ^ | 08/14/2014 | Tim Stanley
    Is the New York Times being guest edited by Rush Limbaugh? Today it runs with a fascinating takedown of the Clinton Foundation – that vast vanity project that conservatives are wary of criticising for being seen to attack a body that tries to do good. But the liberal NYT has no such scruples. The killer quote is this: For all of its successes, the Clinton Foundation had become a sprawling concern, supervised by a rotating board of old Clinton hands, vulnerable to distraction and threatened by conflicts of interest. It ran multimillion-dollar deficits for several years, despite vast amounts of...
  • The Tales of Three Bankrupt Cities

    08/13/2013 7:44:30 AM PDT · by SeekAndFind · 9 replies
    National Review ^ | 08/13/2013 | Michael Barone
    In the industrial midwest, the city government of Detroit went into bankruptcy in July. Out in California, the city governments of Stockton and San Bernardino entered bankruptcy proceedings in 2012. But the Detroit and California bankruptcies, like Tolstoy’s unhappy families, are not alike. They suffer from quite different ailments. You can see the difference by comparing their populations in the 1950 and 2010 censuses. In 1950, Detroit – then the nation’s fifth-largest city – had 1,849,568 people. In 2010, it had 713,777. Stockton and San Bernardino were not much more than small towns in 1950, with 70,853 and 63,058, respectively....
  • Public Pensions After Detroit

    08/03/2013 4:16:02 PM PDT · by Libloather · 14 replies
    NY Times ^ | 8/03/13
    Detroit’s bankruptcy and the problems facing its pension funds offer two important lessons to other communities. One is that state and local governments need to do a much better job managing retirement funds. The other is that they should not pre-emptively reduce hard-earned benefits at the first sign of trouble. Several state and local pension systems around the country are under serious stress. Not surprisingly the hardest hit retirement funds are in places devastated by global economic forces like Detroit, as well as inland cities in California like Stockton, which was battered by the real estate collapse and has also...
  • Under Sequester, U.S. Giving Islamists $500 Million

    07/30/2013 7:07:22 AM PDT · by opentalk · 16 replies
    Investors Business Daily ^ | July 29, 2013 | Editorial
    Mideast: The sequester has "cost jobs," says President Obama, and "gutted investments in education and science and medical research." But somehow he's earmarked $500 million for Hamas terrorists. Circumventing Congress and with no fanfare, President Obama last week issued an executive order enabling him to send an additional $500 million directly to the Palestinian Authority in the West Bank — much of which you can bet will wind up going to the Iranian-backed Hamas terrorist organization. According to Obama, "it is important to the national security interests of the United States to waive the provisions of" Congress' legislative restrictions "in...
  • The Motor City: Broken and Out of Warranty

    07/19/2013 10:03:07 AM PDT · by NOBO2012 · 6 replies
    Dewey From Detroit ^ | 7-19-2013 | Dewey From Detroit
    Detroit: officially a man-made disaster It’s official; Detroit is now legally as well as morally bankrupt. “The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.” In short order there will be allegations of racist-fueled white flight and business abandonment of the city. Charges of unfair treatment will be leveled against “the system” that  led to the Motor City’s devolution. This will be followed immediately by...
  • Obama To Detroit: "No Bailout For You"

    07/19/2013 6:40:34 AM PDT · by Zakeet · 31 replies
    Zero Hedge ^ | July 19, 2013
    While in the past President Obama has been more that willing to throw good money after bad and "refuse to let Detroit go bankrupt," it seems when push comes to shove - under the intense scrutiny of a nation awash in scandal, a drastically bifurcated congress - that despite the imploring from local congressmen for "moar" already - that the savior of the city will not this time ride to the rescue on his white horse. In a statement, the White House said they "are monitoring the situation in Detroit closely," with no hint - just as they have made...
  • New "Pure Detroit" Parody! MAJOR LAUGHS IF YOU'RE FROM THE MIDWEST!!

    07/18/2013 6:49:15 PM PDT · by StevenCrowder · 47 replies
    youtube.com/stevencrowder ^ | 07/18/13 | Steven Crowder
    Inspired by the tourism board of Detroit. A "Pure Michigan" parody. It's short, and you'll laugh your head off!
  • Obama 2012: “We refuse to let Detroit go bankrupt.” July 2013: Detroit Files For Bankruptcy

    07/18/2013 6:08:13 PM PDT · by Nachum · 23 replies
    Youngcons.com ^ | 7/18/13 | David Rufful
    Obama: “We refuse to let Detroit go bankrupt.” Biden: Romney would “let Detroit go bankrupt.” Despite the promises of Obama and Biden, Detroit became the largest city to file for bankruptcy on July 18, 2013.
  • Harry Reid: Insufficient Government Spending Hurts U.S. Economy

    07/09/2013 8:16:56 AM PDT · by Sub-Driver · 20 replies
    Harry Reid: Insufficient Government Spending Hurts U.S. Economy July 8, 2013 - 4:37 PM By Ryan Kierman (CNSNews.com) – Senate Majority Leader Harry Reid said in a press release Friday that insufficient government spending, caused by Republican "austerity policies" is hurting the U.S. economy and preventing a quicker recovery. “We need to continue advancing policies that spur growth and create jobs," Reid said. "It's time for Republicans to let go of their failed austerity policies that weigh down our economy and prevent a speedier recovery. We simply can't cut our way to prosperity." During President Barack Obama's first three years...
  • Sarah Palin on Why Americans Can’t Trust the Federal Government (FoxNews/Bolling 6-22-13)

    06/22/2013 8:25:42 AM PDT · by Syncro · 70 replies
    FoxNewsInsider ^ | June 22, 2013 | Eric Bolling/Sarah Palin
    Saturday at 11:30a ET on Cashin’ In, Eric Bolling sits down with Sarah Palin. In this sneak peek of the interview, Palin addresses why Americans can’t trust the federal government. “When you have a government that will not even acknowledge to the American public that we are bankrupt […] Read more at Fox News Insider
  • The Waste List: 66 Crazy Ways That The U.S. Government Is Wasting Your Hard-Earned Money

    06/21/2013 5:28:40 AM PDT · by lbryce · 7 replies
    The Eonomic Collapse ^ | June 20,.2013 | Michael
    Why did the U.S. government spend 2.6 million dollars to train Chinese prostitutes to drink responsibly? Why did the U.S. government spend $175,587 "to determine if cocaine makes Japanese quail engage in sexually risky behavior"? Why did the U.S. government spend nearly a million dollars on a new soccer field for detainees being held at Guantanamo Bay? This week when I saw that the IRS was about to pay out 70 million dollars in bonuses to their employees and that the U.S. government was going to be leaving 7 billion dollars worth of military equipment behind in Afghanistan, it caused...
  • California Democrats wrap up state budget, flex supermajority power

    06/16/2013 5:28:04 AM PDT · by Oldeconomybuyer · 21 replies
    Sacramento Bee ^ | June 16, 2013 | By David Siders and Jim Sanders
    As the state Senate finished voting Saturday on a bill to extend a tax on managed care plans, Senate President Pro Tem Darrell Steinberg told reporters at the back of the room, "That is what's called a supermajority." Gov. Jerry Brown is expected to sign the spending plan before the next fiscal year begins July 1.
  • New Accounting Rules Will Force States to Admit Problems

    06/14/2013 3:00:50 PM PDT · by Kaslin · 13 replies
    Townhall.com ^ | June 14, 2013 | Mike Shedlock
    Many states, especially California and Illinois, have had severe pension underfunding problems for many years. However, new actuarial pension rules will finally force states to admit the problem. Thus, it should not be surprising that talk of "technical bankruptcy" and “service insolvency” is growing. Here are some pertinent ideas from California on the Brink: Pension Crisis About to Get Worse   Moody’s new credit standards for public pensions would nearly double the unfunded liabilities for state and local pension plans in California to $328.6 billion from $128.3 billion. California has the second lowest credit rating at Standard & Poor’s of all 50 states;...