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#3295065 - 07/18/13 03:37 PM Detroit files for bankruptcy
preds1
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Detroit has become the largest city in U.S. history to file for bankruptcy.

State-appointed emergency manager Kevyn Orr on Thursday asked a federal judge permission to place the city into Chapter 9 bankruptcy protection.

If approved, the filing would allow Orr to liquidate city assets to satisfy a host of creditors and city pensioners lined up to recoup losses from bad bond investments and unpaid contracts.

A number of factors -- most notably steep population and tax base falls -- have been blamed on Detroit's tumble toward insolvency.

Detroit lost a quarter-million residents between 2000 and 2010.

Orr was unable to convince enough creditors, bondholders and employee pension representatives to accept pennies on the dollar as he attempted a fiscal restructuring of Detroit.


Read more: http://www.foxnews.com/politics/2013/07/...s#ixzz2ZQqSdbw1

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#3295077 - 07/18/13 03:49 PM Re: Detroit files for bankruptcy [Re: preds1]
Crappie Luck Moderator
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And the unions sue

http://www.bloomberg.com/news/2013-07-18...tcy-filing.html
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#3295093 - 07/18/13 04:05 PM Re: Detroit files for bankruptcy [Re: Crappie Luck]
preds1
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10/13/2012

Obama: I "refused to let Detroit go bankrupt"

President Obama on Saturday painted a strong contrast between his record on the auto bailout with that of his presidential rival Mitt Romney, touting his own refusal to "let Detroit go bankrupt."

In his pre-taped weekly address Mr. Obama, referencing a 2008 op-ed in which Romney argued against bailing out the auto industry (entitled "Let Detroit Go Bankrupt"), outlined his administration's efforts to save the industry upon being elected.

"Just a few years ago, the auto industry wasn't just struggling - it was flatlining," Mr. Obama said. "GM and Chrysler were on the verge of collapse. Suppliers and distributors were at risk of going under. More than a million jobs across the country were on the line - and not just auto jobs, but the jobs of teachers, small business owners, and everyone in communities that depend on this great American industry."

His administration, he argues, "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."



http://www.cbsnews.com/8301-250_162-57531867/obama-i-refused-to-let-detroit-go-bankrupt/

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#3295110 - 07/18/13 04:20 PM Re: Detroit files for bankruptcy [Re: preds1]
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Color me surprised...........NOT
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#3295114 - 07/18/13 04:22 PM Re: Detroit files for bankruptcy [Re: RUGER]
Crappie Luck Moderator
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Philly is next

http://globaleconomicanalysis.blogspot.com/2013/04/philadelphia-5th-largest-city-in-us-is.html
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#3295148 - 07/18/13 04:53 PM Re: Detroit files for bankruptcy [Re: Crappie Luck]
Stalkhunter
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dont care
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#3295152 - 07/18/13 04:54 PM Re: Detroit files for bankruptcy [Re: Stalkhunter]
Stalkhunter
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let them go in the toilet, make it a state park or more hunting land
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#3295279 - 07/18/13 07:16 PM Re: Detroit files for bankruptcy [Re: Stalkhunter]
BMan
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They're already screaming for federal tax dollars.

Any member of Congress that votes to bail them out should be bullwhipped.
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#3295308 - 07/18/13 07:49 PM Re: Detroit files for bankruptcy [Re: BMan]
Vermin93
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Another epic failure by the 3 amigos: Democrats, unions and the black community.
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#3295318 - 07/18/13 07:58 PM Re: Detroit files for bankruptcy [Re: Vermin93]
Stalkhunter
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Dont worry they will bail that wasteland out count on it. I am sure Corker and Lamar will push for it as well.
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#3295355 - 07/18/13 08:28 PM Re: Detroit files for bankruptcy [Re: Stalkhunter]
FLTENNHUNTER1
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We are all going down...
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#3295393 - 07/18/13 08:49 PM Re: Detroit files for bankruptcy [Re: FLTENNHUNTER1]
Cleburne
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Maybe Chicago will be next.
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#3295464 - 07/18/13 09:31 PM Re: Detroit files for bankruptcy [Re: Cleburne]
Pic IN the Casa
TurdFarmer2.0
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Build a wall around it and let them eat each other.
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#3295467 - 07/18/13 09:32 PM Re: Detroit files for bankruptcy [Re: Crappie Luck]
Wes Parrish
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Sounds like Chicago is already technically bankrupt as well.

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#3295621 - 07/19/13 05:48 AM Re: Detroit files for bankruptcy [Re: Wes Parrish]
nodog
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And yet I read where profits are up, some close to 70% and the stock market had a good day.

A quote by Alexander Hamilton shins like a light on a hill. The same man and for obvious reasons wanted the constitution to stop At ..."the pursuit of happiness" no amendments. no bill of rights because he said nothing further needed written down said

"This country is here so the wealthy can make money off of it".

The raping of America continues. How can news of a major U.S. city going bankrupt not effect negatively the economy? I'll tell you how, our economy feeds off of the misery of others. This is good news to those who hold control of the countries wealth, so what if millions suffer, they'll make money off of it. The petty vulture sweeps in and buys up the misery of another for pennies (a foreclosed home) to sell it for a profit not giving one thought to the poor retch who just lost it, just think of the hand ringing the robber barons are doing at the thought of getting a major city are doing.

There was a time in this country when people would buy up foreclosed farms for pennies, but not for themselves, they gave it back to the poor soul who lost it. People looked out for each other.

A people cannot last living like this, the history of a people who are no more is a perfect example of it, it's the history of the Saxon's.
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#3295651 - 07/19/13 07:11 AM Re: Detroit files for bankruptcy [Re: nodog]
Wes Parrish
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Nodog, the bigger problem is people who take little responsibility for themselves, and expect others to do for them, things for which they are very capable of doing for themselves, but unwilling.

How hypocritical is it for anyone to expect others to do for us what we are capable but unwilling to do for ourselves?

Too many people are too quick to blame others for their problems.

I guess it was Bush's fault Detroit went bankrupt?

Why are some cities thriving while some are bankrupt? What's are the differences?

 Originally Posted By: nodog
There was a time in this country when people . . . . . People looked out for each other.

Most people still do.
It's just that many people understand the difference between really helping someone (or a city) vs. enabling failure and dependence.

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#3295655 - 07/19/13 07:15 AM Re: Detroit files for bankruptcy [Re: nodog]
Crappie Luck Moderator
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I completely disagree Nodog.

Capitalism is not to to blame for Detroit's or any other city's problems. Socialism and social engineering killed the cities just as they have killed the goose throughout history.

There is nothing wrong, evil or corrupt in private citizens taking risk and buying foreclosed homes to sell for profit. It takes those homes off the banks books and is some cases off the Govt.'s books (Fannie/Freddie).

The stock market is not the economy. The Stock market is just the stock market. It remains high due to $85 Billion per month of "New" money going to the big banks to invest. NONE of that goes to the "People"

"Life, LIberty and the pursuit of happiness" was written By Thomas Jefferson not Hamilton and is in the Declaration of Independence, Not the Constitution.

That text was originally "LIfe, Liberty and the Pursuit of PROPERTY" but even in the beginning, progressives and political correctness thought better to use softer, more FEELING text and changed it to "Happiness" \:\) Now isn't that sweet?

The battle of the federalists vs anti-federalist gave us the Constitution and Bill of rights. A series of their papers were printed in the Independent Journal to promote the ratification of the Constitution. The anti-federalists gave us the Bill of Rights as they believed ANY govt. to become tyrannical and there needed to be a list of rights to limit the Govt.'s power over the people.

Some famous anti-federalists were:

Thomas Jefferson
Patrick Henry
Samuel Adams
George Mason
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#3295658 - 07/19/13 07:17 AM Re: Detroit files for bankruptcy [Re: Wes Parrish]
MUP
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 Originally Posted By: Wes Parrish


Why are some cities thriving while some are bankrupt? What's are the differences?


Liberal leadership <cough> vs. Conservative leadership imo.
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#3295667 - 07/19/13 07:24 AM Re: Detroit files for bankruptcy [Re: Crappie Luck]
Wes Parrish
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 Originally Posted By: Crappie Luck
Capitalism is not to to blame for Detroit's or any other city's problems. Socialism and social engineering killed the cities just as they have killed the goose throughout history.

Exactly.
In fact, it was capitalism that made Detroit great economically. Socialism bankrupted the city by running off Capitalism.
Capitalism creates wealth; socialism does not.

It's not that some aspects of limited socialism aren't good, but just a fact that too much socialism is very counter-productive to any society, and all socialism reduces economic output.

There has to be a balance.
For thousands of years, wise people have stated 10% of one's resources was a good number to give to the less fortunate. When governments have stepped in and forced a higher number, we see the path of Detroit's economy, and poorer, not wealthier citizens.

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#3295698 - 07/19/13 07:59 AM Re: Detroit files for bankruptcy [Re: Wes Parrish]
Wildcat
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Guess who is going to take the biggest hit from this.

The retired city employees.

the city owns them $9 BILLION and now they will only get 10 cents on the dollar.

But not to worry, Obama will come though and pay the $9 BILLION with US taxpayer money.
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#3295701 - 07/19/13 08:03 AM Re: Detroit files for bankruptcy [Re: Wildcat]
Wildcat
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Read George Washington's books.

Alexander Hamilton was a social liberal.

Hamilton was the first Secretary of the Treasury while Thomas Jefferson was the first Secretary of State and those two fought like cats and dogs at almost every single cabinet meeting and Washington would send them out of the room just to get away from them.
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#3295831 - 07/19/13 10:09 AM Re: Detroit files for bankruptcy [Re: Wildcat]
Crappie Luck Moderator
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#3296042 - 07/19/13 02:03 PM Re: Detroit files for bankruptcy [Re: Wildcat]
Rebel
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 Originally Posted By: Wildcat
Guess who is going to take the biggest hit from this.

But not to worry, Obama will come though and pay the $9 BILLION with US taxpayer money.


Or maybe printed out of thin air from the Fed.
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#3296148 - 07/19/13 04:08 PM Re: Detroit files for bankruptcy [Re: Rebel]
Crappie Luck Moderator
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Judge rules Detroit Bankruptcy unconstitutional and dishonors Obama

http://minx.cc/?post=341790
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#3296191 - 07/19/13 04:44 PM Re: Detroit files for bankruptcy [Re: Stalkhunter]
OHVATN
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Detroit is a case study in what is ultimately going to happen to this nation, states, and cities. This is what happens when (in this case a local economy) gets financialized (i.e., extracting value), the manufacturing economy (i.e., producing things of value) is hollowed out, voters who don't pay taxes become the majority, and then vast majority, and they vote in representatives who give more and more benefits to these voters at no cost to them, but at increasingly huge cost to the few productive voters who remain (and eventually bug out if they can), and the combination of statists, corporatists, non-taxpaying voters, labor unions, moronic politicians can't and refuse to do what is needed because it means they will lose power and benefits. Ultimately, whether it's the governor of Michigan or the Chinese premier or whoever, someone comes along and finally takes the punch bowl away.

The thing that shows how "f'd" up this country is, however, is this: here is a huge municipal bankruptcy which is probably the precursor of many more (Meredith Whitney again to be proven right; where are her detractors now?) and the S&P 500 has back to back record days while the Chairman of the Federal Reserve has spent two days testifying before Congress and can say with a straight face that he pays as much attention to Main Street as he does to Wall Street (and not one member of Congress has the cahones to call him on it). Fact is, the Fed does pay a lot of attention to Main Street - facilitating the extraction of value from the productive elements of our society for the use of Wall Street.

Rant over.
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#3296199 - 07/19/13 04:48 PM Re: Detroit files for bankruptcy [Re: Crappie Luck]
fishboy1
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Ayn Rands quote is very telling.

Have you ever met a liberal/socialist who wants to be one of the little people? NO... They ALWAYS want to be one of the elite order MAKERS not one of the order takers.

That is because the pain of bad policy always falls on someone else if you are one of the elite. This promotes recklessness, cruelty, and dehumanizing people. Every idea is a good idea if it costs you nothing.
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#3296815 - 07/20/13 02:17 PM Re: Detroit files for bankruptcy [Re: Wes Parrish]
nodog
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 Originally Posted By: Wes Parrish
Nodog, the bigger problem is people who take little responsibility for themselves, and expect others to do for them, things for which they are very capable of doing for themselves, but unwilling.



That is not the bigger problem, those people are the followers, not the leaders. The responsibility people fail to protect is freedoms only demand and yes freedom does demand of us something. What freedom demands is not that people are free to do X, that is a violation of freedom and produces government. What freedom demands is that the person who cherish's freedom treats the freedoms of another as their own. When company X takes advantage of the consumer because their is no law saying they can't that is the bigger problem simple because company X is entrusted with more and so more is required of them.

If individuals are on the take, it's because their teachers (the leaders of the nation, not government) have taught them how to be. Benevolent leaders produce benevolent people, corrupted leaders produce corrupted societies, That's our bigger problem.

The price of gas and it's subsequent abuse of freedoms only demand will not go unpunished, government will grow by leaps and bounds because of it because of it's abuse of the personal freedoms of so many. There is nothing anyone will be able to do about the growth this abuse of personal freedom will have because it's effects are so reaching. If you think government is too big now, just wait. People will give government all power to get back at this industry. The sad thing about it is the industry knows it, but like an addict, it believes it will always be able to stop in time.

Those who have are the leaders and because they have they bear a greater responsibility to freedoms demands.
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#3296825 - 07/20/13 02:29 PM Re: Detroit files for bankruptcy [Re: Wes Parrish]
nodog
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 Originally Posted By: Wes Parrish
 Originally Posted By: Crappie Luck
Capitalism is not to to blame for Detroit's or any other city's problems. Socialism and social engineering killed the cities just as they have killed the goose throughout history.

Exactly.
In fact, it was capitalism that made Detroit great economically. Socialism bankrupted the city by running off Capitalism.
Capitalism creates wealth; socialism does not.



Is there in this country a history of worker abuse? Capitalism without obeying freedoms demands is not capitalism, it's tyranny.

That tyranny is the reason Detroit turned to government for redress. Unions are not public governments, but the are every bit governments, the workers turned to governments because their freedoms were abused and our governments grew because the industry abuse the freedoms of the nation.

The history of coal mines in this country is text book government intervention and growth.

Little of what's happening today is because of what's going on today, these things started many decades ago and are now coming full circle. Our children's children's children will be paying for are abuses of freedoms demands.

People are not free to be capitalist and disregard the freedoms of everyone else they associate with, in fact if they want all to go well the freedoms of others to live a life of life liberty and the pursuit of happiness is their only concern because in doing so they protect their own.
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#3296829 - 07/20/13 02:42 PM Re: Detroit files for bankruptcy [Re: OHVATN]
nodog
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 Originally Posted By: OHVATN
Detroit is a case study in what is ultimately going to happen to this nation, states, and cities. This is what happens when (in this case a local economy) gets financialized (i.e., extracting value), the manufacturing economy (i.e., producing things of value) is hollowed out, voters who don't pay taxes become the majority,


Every penny these people who don't pay tax's is used up. Those who control the country's wealth get every penny these people have and are given by the government. Everything they buy is taxed, everything and since most do not live well they also purchase things that are taxed the highest.

The wealthy are perfectly happy with how money flows from government to these people and back into their holdings. The total ignorance of the whole thing is if those who controled the wealth and jobs would've treated the people under them well they'd be probably paying 10% of all they do now in tax. A benevolent people will not empower a government to go after people who treat them fair. That's a summing up of our war for independence, the people could've sided with England, but instead sided with the "obvious" loser and won.

If Detroit is a perfect example of what';s going to happen to the country the wealthy say Hurrah! They are doing better than ever. This is not what's going to happen to the country. What will happen is in a short time the U.S. will become another society that once was, taken over by an outside government, the final step of the violation of freedoms demand. It's happened many times before. There was a nation much like ours, the super power of it's day that was no more in less than 8 years, it's military was second to none.


Edited by nodog (07/20/13 03:04 PM)
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#3296838 - 07/20/13 03:00 PM Re: Detroit files for bankruptcy [Re: Wildcat]
nodog
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 Originally Posted By: Wildcat
Read George Washington's books.

Alexander Hamilton was a social liberal.

Hamilton was the first Secretary of the Treasury while Thomas Jefferson was the first Secretary of State and those two fought like cats and dogs at almost every single cabinet meeting and Washington would send them out of the room just to get away from them.


Hamilton was a tyrannical capitalist. The worst sort, one who not only treated people as someone to take advantage of for personal gain, but someone who also used the law to legalize the action. Much the same way corporations use lobbyists today. Hamilton was the corporation, lobbyist and capitalist. Some may say things are taken care of better today, some like the way Hamilton was handled then. He was shot in a duel.

There is nothing new under the sun, today is no different from Hamilton's day, there's just more of it.

Washington wasn't far removed from his English roots. Did you know he despised his troops, would've had them all shot, he just needed them too much. He was a politician, nuff said.
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#3297097 - 07/20/13 09:13 PM Re: Detroit files for bankruptcy [Re: nodog]
Wildcat
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I guess union men have a different view of history as it was written in the books, it sure shows here.
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#3297294 - 07/21/13 07:17 AM Re: Detroit files for bankruptcy [Re: Wildcat]
mike243
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It was morally bankrupt when I moved there in the early 60's & never came out of the crapper in the last 48 years since IMO
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