Detroit Files For Chapter 9 Bankruptcy

Question

And so it begins, hopefully a road to recovery from decades of failed liberal policies:

It's the largest municipal bankruptcy in U.S. history, dwarfing Jefferson County, Ala.'s $3.1 billion sewage district restructuring.

In June 2012, the City of Stockton became the largest-ever city to file for bankruptcy, at the time.

The Motor City faces $20 billion of long-term liabilities. The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations.

Read more: https://www.businessinsider.com/detroit-likely-to-file-for-bankruptcy-2013-7#ixzz2ZR8Zef1d

14daroad · Answer

And so it begins, hopefully a road to recovery from decades of failed liberal policies:

It's the largest municipal bankruptcy in U.S. history, dwarfing Jefferson County, Ala.'s $3.1 billion sewage district restructuring.

In June 2012, the City of Stockton became the largest-ever city to file for bankruptcy, at the time.

The Motor City faces $20 billion of long-term liabilities. The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations.

Read more: https://www.businessinsider.com/detroit-likely-to-file-for-bankruptcy-2013-7#ixzz2ZR8Zef1d

14daroad · Answer

This is ridiculous:A city official notably said the federal government should bail out Detroit, though the president has made no indication that&#x2019;s a possibility.https://detroit.cbslocal.com/2013/07/18/detroit-bankruptcy-filing-could-come-friday/This is all these people know how to do, spend money.

Danrules24 · Answer

Matt Dillon is now at the WSJ? I wondered what happened to him after his acting career fizzled. &#xD;&#xA; &#xD;&#xA;Seriously though those bond holders are going to lose a bunch of money.

Absolutxedge22 · Answer

Drugs.

Ktrain · Answer

[Quote: Originally Posted by Danrules24]  Matt Dillon is now at the WSJ? I wondered what happened to him after his acting career fizzled. &#xD;&#xA; &#xD;&#xA;Seriously though those bond holders are going to lose a bunch of money.  [/Quote]Wild Things!!!!!https://www.break.com/video/ugc/denise-richards-and-neve-campbell-nude-588228

Danrules24 · Answer

[Quote: Originally Posted by Ktrain] &#xD;&#xA;&#xD;&#xA;Wild Things!!!!!&#xD;&#xA;&#xD;&#xA;https://www.break.com/video/ugc/denise-richards-and-neve-campbell-nude-588228&#xD;&#xA;&#xD;&#xA;&#xD;&#xA;[/Quote]

wallstreetcappers · Answer

I have no idea how this is a liberal/conservative issue.

Domestic automakers strip mined the city, left the area for ruin and we are shocked at the result?

Its akin to farm fishing..the corporation raids the natural resources, leaves their mess behind and the remaining infrastructure stands no chance.

Ktrain · Answer

Well you see, the scene I referenced in "Wild Things" contains bisexual acts that the conservative right would deem "devil&#x27;s work". In a later scene, Kevin Bacon gets shot with a gun that was involved in the fast and furious scandal. Therefore Obama is directly responsible for the death of Kevin Bacon.

Danrules24 · Answer

[Quote: Originally Posted by Ktrain] &#xD;&#xA;&#xD;&#xA;Well you see, the scene I referenced in "Wild Things" contains bisexual acts that the conservative right would deem "devil&#x27;s work". &#xD;&#xA;&#xD;&#xA;In a later scene, Kevin Bacon gets shot with a gun that was involved in the fast and furious scandal. Therefore Obama is directly responsible for the death of Kevin Bacon. &#xD;&#xA;[/Quote]&#xD;&#xA;Ok, that right there is some funny stuff. &#xD;&#xA;Apparently I&#x27;m of the rare breed of athiest conservatives. Maybe I should start a non-profit and file for tax exempt status.

14daroad · Answer

1. Detroit has been run by Democrats for 5 decades. And every liberal policy choice has been implemented and failed.2. Your comment about "strip mining" is not worthy of response.

14daroad · Answer

Forty percent of the city&#x2019;s streetlights don&#x2019;t work.Pension and retiree-health-care obligations make up the bulk of the city&#x2019;s unsecured debt.

14daroad · Answer

Detroit&#x2019;s health-care benefits are generous even by the standard of its free-spending public-sector peers. On a per-household basis, the city owes more for retiree health care than any of the cities at the center of the 30 largest U.S. metropolitan areas except for Boston and New York. Retiree costs make up two-thirds of the city&#x2019;s annual health-care bill, swamping those for current workers.Estimated at $5.7 billion in 2011, Detroit&#x2019;s OPEBs are certain to grow when Orr&#x2019;s office completes its revaluation of the costs. They already surpass most of Detroit&#x2019;s other liabilities, including general-obligation debt ($1.1 billion) and pensions (recently revised higher to $3.5 billion).https://www.bloomberg.com/news/2013-07-02/retirees-medical-bills-are-bringing-down-detroit.htmlThe public sector unions sunk Detroit, there is no doubt about it.

ClubDirt · Answer

all i know about detroit is i had to go there a few years ago for business and i asked a couple of people what there is to do there and everything basically said the same thing- stay in windsor.

wallstreetcappers · Answer

14,Does that mean you cannot reply?Do you think the automakers pulled out of town and left the city in the condition it was prior to them coming?When a city has the BULK of its middle class jobs yanked out and the city is highly dependent on that industry, what happens when the corporation leaves?Did you read the BK comments from the officials regarding the UE rate, the vacancy issues?Examples of this kind of demise are common..when I lived in PA we were close to the city of Reading, it had the exact same results..similar results are in many cities in PA and other states..a geographic area becomes dependent on a certain industry, that industry declines or goes away and the tax base goes away, the results of this and the buildings/resources left in ruin make the community a disaster zone.I am sure you know all about the damage done by industrialization, saying it does not exist or is the fault of democrats is pretty shallow thinking.

14daroad · Answer

The parasites killed the host.We will see it again in another big city soon.

darkhorse12 · Answer

Does Mich have a D or R governor?

Ktrain · Answer

https://en.wikipedia.org/wiki/Rick_Snyderhttps://www.michigan.gov/snyder

don juan · Answer

What killed the city ? Repulsicans ! &#xD;&#xA;They bought imported vehicles. Look around, every repulsican that you know drives an import. So don&#x27;t blame Detroit, look in the mirror as you think of yourself as a proud American.&#xD;&#xA;And you voted for them. You&#x27;re ashamed to admit that you are one, so you call yourself, Independent, or Libertarian !&#xD;&#xA;So I don&#x27;t need to read all your phony posts, as you gleefully suggest that we&#x27;ll see another city soon.

14daroad · Answer

President Obama: &#x201C;When my opponent said we should let Detroit go bankrupt&#x2014;no, don&#x2019;t boo. Vote!&#x201D;

14daroad · Answer

President Obama: &#x201C;We refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt.&#x201D;

wallstreetcappers · Answer

[Quote: Originally Posted by don juan]  What killed the city ? Repulsicans ! &#xD;&#xA;They bought imported vehicles. Look around, every repulsican that you know drives an import. So don&#x27;t blame Detroit, look in the mirror as you think of yourself as a proud American.&#xD;&#xA;And you voted for them. You&#x27;re ashamed to admit that you are one, so you call yourself, Independent, or Libertarian !&#xD;&#xA;So I don&#x27;t need to read all your phony posts, as you gleefully suggest that we&#x27;ll see another city soon.&#xD;&#xA; &#xD;&#xA;   [/Quote]Thats not accurate either..The US automakers were producing an inferior product (still do IMO) and they were beaten by a superior foreign opponent. It isnt about what party someone belongs to, the city was built on the back of the auto industry, when it left and there was nothing to replace it, down went the city.I dont get this party garbage..nothing about this has to do with party.Tax base decline, that is the issue..that and how could the city rebuild after all those disgusting auto plants were left as they were?

14daroad · Answer

I like how this is somehow relevant.By the way, seeing all the past comments from the left bragging how Obama "saved Detroit" is hysterical.The Democrats ?@TheDemocrats 23 Feb 12While Romney wanted to "let Detroit go bankrupt," President Obama extended loans that saved 1.4 million jobs

14daroad · Answer

I actually think GM builds quality cars.

Detroit Files For Chapter 9 Bankruptcy

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