Dem-Controlled Detroit Defaults

[Jroc]

This is where liberalism leads us ..Utopia?

In Detroit, more than a half-century of Democratic rule has taken the ultimate toll. On Friday, Kevyn Orr, the emergency fiscal manager appointed March 1 by Republican Gov. Rick Snyder, announced that the city intends to default on approximately $2.5 billion in unsecured debt. That default is detailed in a 128-page restructuring report aimed at preventing the largest municipal bankruptcy in the nation’s history. “We have to strike a balance between the legacy obligations to our creditors and our employees and retirees and the duty as a city to 700,000 residents for lights, police, fire, emergency management, cleaning the streets,” Orr told reporters.

Reality hit home on Friday when the city missed a $39.7 million payment on a debt obligation used to fund pensions. Orr met in a closed-door session with about 180 of the city’s creditors, including bond holders, union representatives, pensions trustees and others, seeking critical concessions that include taking ten cents on the dollar for what those creditors are owed, while underfunded pensions plans may get even less. Even if the deal is acceptable, Detroit’s chances of going bankrupt remain 50-50. “This is not a jaded effort just to get to a bankruptcy filing,” said Orr. “I sincerely want people to behave rationally and take this opportunity to work together.”



Rational behavior has been scarce in Detroit for quite some time. Beginning in 1962, Detroit has endured a steady diet of Democratic mayors and their social welfare agenda. Beginning in 1962, Mayor Jerome Cavanagh ushered in a “Model City” program to a nine-square-mile section of the city. It was based on a Soviet Union-style approach, aimed at rebuilding entire urban areas all at once. The effort was funded by a commuter tax and a new income tax that Cavanagh told residents would be paid by “the rich.” Yet the same central planning that that formed the heart of the Model City program was extended to the people themselves, who eventually resented being told by government how to run their businesses and their lives in exchange for government goodies. Unsurprisingly, the program was a monumental failure.

The city has 10,000 current city workers, roughly 20,000 city retirees, and 700,000 residents, and its current budget deficit could top $380 million by July 1. Nowling didn’t say whether Detroit would honor its next general-obligation bond payment, contending the city is “going to go month to month.” Kevyn Orr believes Detroit’s long-term debt tops $17 billion. Negotiations begin with union leaders next week, and continue through August. If they stall at any point along the line, Orr can file for Chapter 9 bankruptcy

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Dem-Controlled Detroit Defaults | FrontPage Magazine

 

[Wildman]

700,000 residents and 100,000 paying taxes..., works for democRATS

 

[Geaux4it]

Detroit and Chicago- Look no further my friends

Gun violence: 6 dead among 26 shot across Chicago - chicagotribune.com

This is what it looks like spinning down the drain.

Thanks Obama

-Geaux

 

[Jroc]

700,000 residents and 100,000 paying taxes..., works for democRATS

Yep 700,000 down from it's height of 2 million...Almost complete destruction by the liberals

 

[Jroc]

Detroit and Chicago- Look no further my friends

This is what it looks like spinning down the drain.

Thanks Obama

-Geaux

it started way before Obama, it's just liberalism in general...This is where it leads

 

[Geaux4it]

Detroit and Chicago- Look no further my friends

This is what it looks like spinning down the drain.

Thanks Obama

-Geaux

it started way before Obama, it's just liberalism in general...This is where it leads

Ok- Law or no law, I would be packing there without question.

Time for the citizens to clean the streets. LEO is inadequate

-Geaux

 

[Jroc]

Detroit and Chicago- Look no further my friends

This is what it looks like spinning down the drain.

Thanks Obama

-Geaux

it started way before Obama, it's just liberalism in general...This is where it leads

Ok- Law or no law, I would be packing there without question.

Time for the citizens to clean the streets. LEO is inadequate

-Geaux

We have concealed carry here...crime has dropped because of it

 

[Mad Scientist]

Why doesn't your beloved Federal Reserve bail them out by loaning them money at record low Interest Rates?

Oh that's because Detroit is a CITY and not a BANK! My bad!

 

[Jroc]

Why doesn't your beloved Federal Reserve bail them out by loaning them money at record low Interest Rates?

Oh that's because Detroit is a CITY and not a BANK! My bad!

What the hell are you babbling about? who loves the fed idiot? I don't want any bailouts

 

[LoneLaugher]

Weeeeeeeeeee! It's a nutter circle jerk! Weeeeeeeeee!

Dem controlled? Are you serious?

Michigan governor clears way for state takeover of Detroit | Reuters

Try harder.

 

[Jroc]

Weeeeeeeeeee! It's a nutter circle jerk! Weeeeeeeeee!

Dem controlled? Are you serious?

Michigan governor clears way for state takeover of Detroit | Reuters

Try harder.

ummm.....What's done is done idiot..but you're too stupid to see it

 

[Claudette]

How many Rep mayors has Detroit had??

 

[martybegan]

Weeeeeeeeeee! It's a nutter circle jerk! Weeeeeeeeee!

Dem controlled? Are you serious?

Michigan governor clears way for state takeover of Detroit | Reuters

Try harder.

So the city is so poorly run by the locals (democrats) for DECADES that the governor has to be called in (republican) and therefore its the republican's governors fault after a few years?

And you wonder why people say liberals/progressives are bad at math...

 

[WillowTree]

700,000 residents and 100,000 paying taxes..., works for democRATS

evidently they aren't paying their fair share!

 

[Jroc]

how many rep mayors has detroit had??

0

 

[editec]

Dem-Controlled Detroit Defaults

Do you imagine that if the GOP controlled that city it would be in better shape?

 

[Jroc]

Dem-Controlled Detroit Defaults

Do you imagine that if the GOP controlled that city it would be in better shape?

if we had conservative control for all that time we'd be thriving here yes

 

[The2ndAmendment]

All I can say is

trololololol

[ame=http://www.youtube.com/watch?v=sTSA_sWGM44]Trololo... The Full Original Version. - YouTube[/ame]

 

[Claudette]

how many rep mayors has detroit had??

0

Well that tells the tale right there.

Huge Public Sector Union goodies and hey, broke taxpayers.

What more could the Dems of the world want??

 

[jon_berzerk]

speaking of Detroit

Feds to search for Jimmy Hoffa's remains in Oakland Twp. field


OAKLAND TOWNSHIP, Mich. (WJBK) -
Investigators plan to dig up an Oakland County field Monday in hopes of discovering the remains of Jimmy Hoffa, an FBI spokesperson confirms to FOX 2.

Monday's dig comes after aging mobster Tony Zerilli said earlier this year that Hoffa's body was buried in the northern Oakland Township field, about 20 miles north of the restaurant where he was last seen in July 1975.

Zerilli says Hoffa was buried in a shallow grave in the area of Buell and Adams and the plan was to move the body at another time. But Hoffa's remains were never moved from the first spot where they were buried, he said.

"Once he was buried here, he was buried and they let it go," Zerilli said.

Former U.S. Attorney Keith Corbett, who prosecuted organized crime in Detroit for 20 years, said Detroit's Mafia families are related in addition to their sworn bonds. That's one reason the mystery of what happened to Hoffa has gone unsolved, he said.

"Organized crime was involved in the disappearance of Jimmy Hoffa," Corbett said.

Hoffa said he was going to meet a suspected member of the Detroit Mafia and a Teamster boss from New Jersey at a restaurant in suburban Detroit when he disappeared in July 1975. Hoffa, who was 62 at the time, was never seen again and was declared legally dead in 1982.



Feds to search for Jimmy Hoffa's remains in Oakland Twp. field - Dallas News | myFOXdfw.com