Detroit Files for Bankruptcy

Zipperfish

House Member
Apr 12, 2013
3,688
0
36
Vancouver
Re: Breaking News: Detroit Files for Bankruptcy

You would have beat karrie if you hadn't have explored the "How is this Obama's fault" angle. :lol:
 

tay

Hall of Fame Member
May 20, 2012
11,548
0
36
Those of you who are old enough remember a Detroit that was the symbol of American Industry amongst other things...........


Detroit is now the symbol of how the People no longer matter, nor does the country. It is a symbol of how the only acceptable solutions to those who run things is profit taking.

Detroit is the symbol of the current direction industrialised civilisation is taking. It is a representative snapshot of the big picture

Detroit goes bankrupt. TOO BIG TO FAIL UBS AG, Bank of America and Merrill Lynch will get 75 cents on the dollar on nearly $340 million in secured debt, while unsecured creditors, such as retirees and general obligation bonds, will likely get just pennies on the dollar. WTF IT JUST GOES ON...


And I guess we'd be remiss if we didn't thank Reagan and Bill Clinton for their 'free trade efforts' on behalf of the corporates.......





www.youtube.com/watch?v=qtaD4acVcC8
 

captain morgan

Hall of Fame Member
Mar 28, 2009
28,429
146
63
A Mouse Once Bit My Sister
Those of you who are old enough remember a Detroit that was the symbol of American Industry amongst other things...........


Detroit is now the symbol of how the People no longer matter, nor does the country. It is a symbol of how the only acceptable solutions to those who run things is profit taking.

Detroit is the symbol of the current direction industrialised civilisation is taking. It is a representative snapshot of the big picture

Detroit goes bankrupt. TOO BIG TO FAIL UBS AG, Bank of America and Merrill Lynch will get 75 cents on the dollar on nearly $340 million in secured debt, while unsecured creditors, such as retirees and general obligation bonds, will likely get just pennies on the dollar. WTF IT JUST GOES ON...


And I guess we'd be remiss if we didn't thank Reagan and Bill Clinton for their 'free trade efforts' on behalf of the corporates.......


Detroit is in debt to the tune of $18-20 billion by last count.... The 75 cents on the dollar for $340 million is peanuts by all accounts.

Wanna blame anyone, blame the city council for spending far beyond their capacity for the last years and taxing business out of the area.
 

EagleSmack

Hall of Fame Member
Feb 16, 2005
44,168
95
48
USA
Detroit is in debt to the tune of $18-20 billion by last count.... The 75 cents on the dollar for $340 million is peanuts by all accounts.

Wanna blame anyone, blame the city council for spending far beyond their capacity for the last years and taxing business out of the area.

Does it surprise you? Not me.
 

captain morgan

Hall of Fame Member
Mar 28, 2009
28,429
146
63
A Mouse Once Bit My Sister
Does it surprise you? Not me.


I was reading about Stockton, CA... A city of less than 300,000 that has an annual pension and related benefits obligation of $800 million per year... That's just to cover off (primarily) city and muni employees.

... And they sit there scratching their collective heads wondering how they got in that position
 

Tecumsehsbones

Hall of Fame Member
Mar 18, 2013
55,396
6,979
113
Washington DC
Just what is the cause of Detroit's population decline?
I calculate lotsa folks were just so embarrassed by the mayor they upped sticks and hit the road.

Yeah, that's gotta be it. The collapse of the heavy manufacturing system, particularly autos, couldn't have had anything to do with it.

Hey, I know! It was the unions!
 

taxslave

Hall of Fame Member
Nov 25, 2008
36,362
4,336
113
Vancouver Island
I calculate lotsa folks were just so embarrassed by the mayor they upped sticks and hit the road.

Yeah, that's gotta be it. The collapse of the heavy manufacturing system, particularly autos, couldn't have had anything to do with it.

Hey, I know! It was the unions!

Partly right. Industrial tax base left because of being taxed out of business. SO did most citizens that could. All that is left are the poor and the rich city workers that for the most part live in lower taxed burbs.