For You Detroit Fans
About: the mayor of detroit had radical plan to bulldoze one quarter of the city
- motor city
& this is your police chief:
REPORT: Detroit police chief traded promotion for sex...
Condom kept as proof...
or state senator proposal: Dissolve City of Detroit. !
The goal of a managed bankruptcy is to streamline the protracted process by minimizing the chaos, uncertainty, delay and steep costs associated with Chapter 9. It would be the largest municipal bankruptcy in the nation's history, an unambiguous symbol of the city's epic failure and a chance for a fresh start.
"That's exactly the strategy you should do," said Douglas Bernstein, managing partner of Plunkett Cooney's banking, bankruptcy and creditor rights group. "You're never going to be able to get all the unions — and all you need — to agree in advance, not a chance. You try to do it outside of bankruptcy or you drop it in. It's prudent, too. It's very prudent."
In bankruptcy, pre-packaged deals arrange settlements with all creditors in advance of a filing that is usually followed quickly with a plan of reorganization (called "plan of adjustment" in Chapter 9). A pre-negotiated deal akin to the one being explored in the Governor's Office would reach settlements with some creditors and leave others to be litigated in court.
Police prepare for major protests in
Michigan capital over union bill
To protest right-to-work bill, Michigan teachers call in sick...
Only 7% of Detroit Public-School 8th Graders Proficient in Reading... <==
'WE ARE UNION!' Tempers flare at Capitol...
I lived there.
According to Forbes rankings, Detroit is the most miserable city in the United States.
Home to violent crimes, high unemployment, decreasing population and economic crises, Detroit beat out Miami (last years winner) along with Flint-MI, Chicago-IL, and Modesto-CA. The news comes on the heels of a panel of experts who said last week "the automotive city was facing a fiscal emergency and potential bankruptcy, as well as a possible financial takeover by the state."
The criteria: "Forbes looked at 200 of the country's largest urban areas and ranked them on factors including crime rates, foreclosures, taxes, home prices, commute times, weather and decreasing populations."
Detroit has been run by Democrat mayors since 1964.
In the report, Orr uses charts and graphs to paint the bleak picture of the city’s finances, including over $15 billion in long-term debt and an accumulated operating deficit of $325 million.
“We’ve been collecting operating deficits at about $18 million to $20 million a year. That’s nobody’s fault, I think, frankly, the mayor and the council has done the best they can with what they have. The city has probably cut as much as it can cut to the bone now, and so its been trying to operate on the basis of borrowing short-term loans all the time,” he said.
Orr said he isn’t ruling out bankruptcy for the city just yet.
By Malia Mattoch McManus
HONOLULU | Sat May 25, 2013 8:08am EDT
(Reuters) - The city of Detroit may be facing a deepening financial crisis but that hasn't stopped four trustees of its public pension funds from spending $22,000 of retirement system funds to attend a conference in Hawaii The trip 4,500 miles west to a four-star resort on the world-famous Waikiki Beach in Honolulu doesn't sit well with the top officials now running Detroit's finances under an emergency order from the state of Michigan. Emergency Manager Kevyn Orr has not ruled out a bankruptcy as the city struggles under a $15 billion debt burden, which is being strained further by its hefty pension obligations.this week.
The president tomorrow will once again address the issue of race in American life in a speech commemorating the 50th anniversary of the March on Washington. Administration officials, however, bristled at suggestions that he make even a symbolic trip to the predominantly black city of Detroit, which last month filed for bankruptcy.
“There’s not a goddam [thing] we can do right now to help them,” an Obama aide told Politico’s Glenn Thrush.
In tomorrow’s speech, the president will look to link King’s vision with his own achievements, including the passage of Obamacare. In a radio interview this morning, President Obama argued that King would have been in favor of the law. “Oh he’d like that,” Obama said. “Well, because he understood that health care, health security is not a privilege, it’s something in a county as wealthy as ours, everybody should have access to.”
Feds to pour hundreds of millions into broke Detroit...
City eyes freezing pensions...
pissing good money after bad to pretend to solve a problem
better than sticking my head up Matt Drudge's ass.
OMG, imagine what Limbaugh would say . anyway private property and racial prejudices will work against such solutions. strangely enough, however, some communities are trying to bring back versions of the Homestead Act. but even then, do we really want government to concern itself with such monetary issues?
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