Detroit pursues Chapter 9 municipal bankruptcy

[CallMeWilliam]

http://www.mlive.com/news/detroit/index ... _muni.html

The city's population has declined 63 percent from its peak (1.5 million to 700k), including a 28-percent decline since 2000.

Snyder appointed Orr in March to address the city's ballooning debt, estimated at the time at about $14 billion. That estimate is now approaching $19 billion.

Ouch!

 

[Just Me]

It was only a matter of time. Detroit has been in decline for decades. While not the first in the US to do this, it is certainly the largest to do so.

 

[JickyJuly]

Hopefully something good will come of this. Detroit has so much potential.

 

[RedneckHick]

This appears to be a new trend that will affect a lot of large cities within the next few years. The manufacturing jobs that North America built itself upon in the last half of the 20th century are gone from this continent. Don't take this the wrong way but people often over inflate their worth. Should a factory worker make more than a nurse, teacher, police officer, soldier, firefighter or paramedic. As a business owner or manufacture, when you're looking at maximizing your profits the first place your looking at is the basic worker / assembly line. Farmers hire immigrants under government programs because many people rather not work for 8-10 an hour.

Things are changing in life.

 

[yossarian]

This is a job for Robocop.

 

[JickyJuly]

This appears to be a new trend that will affect a lot of large cities within the next few years. The manufacturing jobs that North America built itself upon in the last half of the 20th century are gone from this continent. Don't take this the wrong way but people often over inflate their worth. Should a factory worker make more than a nurse, teacher, police officer, soldier, firefighter or paramedic. As a business owner or manufacture, when you're looking at maximizing your profits the first place your looking at is the basic worker / assembly line. Farmers hire immigrants under government programs because many people rather not work for 8-10 an hour.

Things are changing in life.

Depends on what is being manufactured. Factory work in Detroit is heavy, repetitive manual labor. It's a hard job. People should be paid accordingly.

 

[RedneckHick]

I agree but it's dependent on the job. This will stir the pot for sure but my main beef is with mindless, repetitive assembly line workers demanding a unrealistic amount of salary for a a movement and task that is semi-automated and requires no set skill. Detroit's main industry is still driven by the automotive industry and North American cars aren't selling as much as in the past. All my vehicles have been North American for parts prices and well, I like old muscle but that being said, people demanded better quality in the products and they sought other options. So at the end of the day, if the company isn't making the profits it once was, something has to give.

Now, I don't agree with the CEO's still making a fortune and John Rich's Shutting Detroit Down song is a perfect example of the situation. The company Caterpillar a few years back had a hard decision to make that involved their employees. The bottom line was they either had to shut down some of their plant here in North America or ask their employees to work for less in order for the company to stay afloat. No one likes to regress in life but sometimes it has to be done.

I really don't want to upset or offend anyone, really just my views an opinions

 

[Bocefish]

Well done

 

[Bocefish]

Chicago may not be far behind. Their credit rating was once again just downgraded because the state is under nearly $100 billion in pension debt. Not to mention the other billions of debt they can't pay.

Every DAY they can't come up with a solution to the pension crisis is adding another $17 Million. They don't give a shit because they will just raise taxes over and over again while continuing to grow government.

The $17 million dollars the state wastefully burns on pensions every day... just one day could pay the first year's tuition, books and supplies at the University of Illinois for each and every graduate student in a large auditorium theatre. Instead, they lay off teachers, cancel programs... and pretty much screw tax paxers at every possible turn. Very similar to what Obama is doing with the national debt. Rant over :roll:

 

[JickyJuly]

I agree but it's dependent on the job. This will stir the pot for sure but my main beef is with mindless, repetitive assembly line workers demanding a unrealistic amount of salary for a a movement and task that is semi-automated and requires no set skill. Detroit's main industry is still driven by the automotive industry and North American cars aren't selling as much as in the past. All my vehicles have been North American for parts prices and well, I like old muscle but that being said, people demanded better quality in the products and they sought other options. So at the end of the day, if the company isn't making the profits it once was, something has to give.

Now, I don't agree with the CEO's still making a fortune and John Rich's Shutting Detroit Down song is a perfect example of the situation. The company Caterpillar a few years back had a hard decision to make that involved their employees. The bottom line was they either had to shut down some of their plant here in North America or ask their employees to work for less in order for the company to stay afloat. No one likes to regress in life but sometimes it has to be done.

I really don't want to upset or offend anyone, really just my views an opinions

I'm the child of a GM worker. Pretty much all of my family on both sides works for or has retired from GM. So, I'm biased. But, GM screwed people. It's not the unions fault for trying to get decent money. It's not the workers fault that the higher ups tried to cut cost by going cheap. People who work hard for their money should be paid well for it whether they have a piece of paper that says University or not. They didn't just cut hours and workers. The taxpayers bailed them out and in turn they screwed their workers (on top of the 20+ years they spent demolishing everything in the state between Flint and Detroit). My grandparents both retired from office work for the company and are now 75 and 86. After the taxpayers gave the company money to keep them afloat, they cut my grandparents retirement and insurance. On top of the fact that you shouldn't be able to take away something that was promised and earned, my grandparents now rely on Medicaid. New hires make the same amount of money as kids slinging hamburgers while putting together 20k dollar vehicles. It's insane. I'm rambling, but the point is Detroit should be looked at as a reason to pay people a living wage. Companies and shit politicians are at fault for what's happening to Detroit. Michigan is still full of good people hoping for the best.

 

[RedneckHick]

@ JickyJuly, I completely agree with your last post.

 

[MrRodry]

:?

Michigan judge orders withdrawal of Detroit bankruptcy petition

DETROIT (Reuters) - A Michigan judge on Friday ordered Detroit's state-appointed emergency manager to withdraw the federal bankruptcy petition he filed for the city on Thursday.

Ingham County Circuit Court Judge Rosemarie Aquilina's order said the 2012 Michigan law that allowed Governor Rick Snyder to approve the city's bankruptcy filing, the largest municipal bankruptcy filing ever in the United States, violated the Michigan Constitution.

The declaratory judgment came in lawsuits filed this month by Detroit pension funds, retirees and workers, which sought to prevent a bankruptcy filing that would ultimately impair retirement benefits in violation of constitutional protections for those benefits.

(Reporting by Karen Pierog; Editing by Dan Burns)

http://news.yahoo.com/michigan-judge-or ... 20104.html

 

[Nordling]

Chicago may not be far behind. Their credit rating was once again just downgraded because the state is under nearly $100 billion in pension debt. Not to mention the other billions of debt they can't pay.

Every DAY they can't come up with a solution to the pension crisis is adding another $17 Million. They don't give a shit because they will just raise taxes over and over again while continuing to grow government.

The $17 million dollars the state wastefully burns on pensions every day... just one day could pay the first year's tuition, books and supplies at the University of Illinois for each and every graduate student in a large auditorium theatre. Instead, they lay off teachers, cancel programs... and pretty much screw tax paxers at every possible turn. Very similar to what Obama is doing with the national debt. Rant over :roll:

Yeah, just pull assertions out of your butt, and they become true.

http://www.forbes.com/sites/rickung...isenhower-would-you-believe-its-barack-obama/

 

[Bocefish]

Hmmm... what was that Romney said about Detroit?

THE ACTUAL FACTS OF WHAT ROMNEY SAID ABOUT DETROIT:

http://www.whoromneyis.com/Issues/Romne ... ilout.html

 

[Nordling]

Ha ha! I'm sure that site is totally neutral biased. :lol:

 

[Bocefish]

Yeah, just pull assertions out of your butt, and they become true.

http://www.forbes.com/sites/rickung...isenhower-would-you-believe-its-barack-obama/

Assertions out of my butt? LMAO

Rick Ungar Is Wrong: Obama Is The Biggest Spender In World History!

http://www.forbes.com/sites/peterferrar ... d-history/

I'm not going to argue how pathetic Obama is as president anymore. Feel free to argue with yourself and start another thread instead of hijacking this one and see how far you get.

 

[Shaun__]

Yeah, just pull assertions out of your butt, and they become true.

http://www.forbes.com/sites/rickung...isenhower-would-you-believe-its-barack-obama/

Assertions out of my butt? LMAO

Rick Ungar Is Wrong: Obama Is The Biggest Spender In World History!

http://www.forbes.com/sites/peterferrar ... d-history/

I'm not going to argue how pathetic Obama is as president anymore. Feel free to argue with yourself and start another thread instead of hijacking this one and see how far you get.

You know congress makes the budget? The president is legally required to spend what they tell him to spend. You really need to complain about congress, if you have an issue with spending. Too many people keep giving them a free pass.

 

[Bocefish]

You know congress makes the budget? The president is legally required to spend what they tell him to spend. You really need to complain about congress, if you have an issue with spending. Too many people keep giving them a free pass.

I agree Congress needs to remove their collective heads from their asses, but the President, in accordance with the Budget and Accounting Act of 1921, must submit a budget to Congress each year. In its current form, federal budget legislation law (31 U.S.C. 1105(a)) specifies that the President submit a budget between the first Monday in January and the first Monday in February. In recent times, the President's budget submission, entitled Budget of the U.S. Government, has been issued in the first week of February. http://en.wikipedia.org/wiki/United_Sta ... et_process

 

[Shaun__]

You know congress makes the budget? The president is legally required to spend what they tell him to spend. You really need to complain about congress, if you have an issue with spending. Too many people keep giving them a free pass.

I agree Congress needs to remove their collective heads from their asses, but the President, in accordance with the Budget and Accounting Act of 1921, must submit a budget to Congress each year. In its current form, federal budget legislation law (31 U.S.C. 1105(a)) specifies that the President submit a budget between the first Monday in January and the first Monday in February. In recent times, the President's budget submission, entitled Budget of the U.S. Government, has been issued in the first week of February. http://en.wikipedia.org/wiki/United_Sta ... et_process

And? Congress can toss that into the toilet if they want too. All the president can do is pass or veto the entire budget, since the Supreme Court ruled line item vetoes of things in the budget unconstitutional. Congress basically has all the power in the budget fight, unless the president is wiling to shut everything down. If spending is out of control it is all congress.

 

[Bocefish]

:?

Michigan judge orders withdrawal of Detroit bankruptcy petition

DETROIT (Reuters) - A Michigan judge on Friday ordered Detroit's state-appointed emergency manager to withdraw the federal bankruptcy petition he filed for the city on Thursday.

Ingham County Circuit Court Judge Rosemarie Aquilina's order said the 2012 Michigan law that allowed Governor Rick Snyder to approve the city's bankruptcy filing, the largest municipal bankruptcy filing ever in the United States, violated the Michigan Constitution.

The declaratory judgment came in lawsuits filed this month by Detroit pension funds, retirees and workers, which sought to prevent a bankruptcy filing that would ultimately impair retirement benefits in violation of constitutional protections for those benefits.

(Reporting by Karen Pierog; Editing by Dan Burns)

http://news.yahoo.com/michigan-judge-or ... 20104.html

They don't think a County judge can rule on the Federal filing.

After Obama repeatedly swore up and down he wouldn't let Detroit go bankrupt while running for re-election, switch to the present day... when Biden was asked if the administration could help Detroit, Biden said: "We don't know."

 

[Brad]

I'm the child of a GM worker.

I'm the child of a Chrysler worker. (may he RIP) The Belvidere, IL assembly plant to be exact.
:thumbleft:


And I agree with what Jicky said.
:-D

 

[Shaun__]

I'm the child of a GM worker.

I'm the child of a Chrysler worker. (may he RIP) The Belvidere, IL assembly plant to be exact.
:thumbleft:


And I agree with what Jicky said.
:-D

I am the child of a Ford worker. They closed my Dad's plant shortly after he retired.

 

[Just Me]

I agree but it's dependent on the job. This will stir the pot for sure but my main beef is with mindless, repetitive assembly line workers demanding a unrealistic amount of salary for a a movement and task that is semi-automated and requires no set skill. Detroit's main industry is still driven by the automotive industry and North American cars aren't selling as much as in the past. All my vehicles have been North American for parts prices and well, I like old muscle but that being said, people demanded better quality in the products and they sought other options. So at the end of the day, if the company isn't making the profits it once was, something has to give.

Now, I don't agree with the CEO's still making a fortune and John Rich's Shutting Detroit Down song is a perfect example of the situation. The company Caterpillar a few years back had a hard decision to make that involved their employees. The bottom line was they either had to shut down some of their plant here in North America or ask their employees to work for less in order for the company to stay afloat. No one likes to regress in life but sometimes it has to be done.

I really don't want to upset or offend anyone, really just my views an opinions

I'm the child of a GM worker. Pretty much all of my family on both sides works for or has retired from GM. So, I'm biased. But, GM screwed people. It's not the unions fault for trying to get decent money. It's not the workers fault that the higher ups tried to cut cost by going cheap. People who work hard for their money should be paid well for it whether they have a piece of paper that says University or not. They didn't just cut hours and workers. The taxpayers bailed them out and in turn they screwed their workers (on top of the 20+ years they spent demolishing everything in the state between Flint and Detroit). My grandparents both retired from office work for the company and are now 75 and 86. After the taxpayers gave the company money to keep them afloat, they cut my grandparents retirement and insurance. On top of the fact that you shouldn't be able to take away something that was promised and earned, my grandparents now rely on Medicaid. New hires make the same amount of money as kids slinging hamburgers while putting together 20k dollar vehicles. It's insane. I'm rambling, but the point is Detroit should be looked at as a reason to pay people a living wage. Companies and shit politicians are at fault for what's happening to Detroit. Michigan is still full of good people hoping for the best.

I can not agree more. I think it is completely ridiculous that whether your worked for a government or private entity that you can declare bankruptcy to try to get out of paying what was promised in a contract. Pensions should be untouchable. They should not be able to use that money to make their bottom line look better when it suits them. It is only their fault for not putting away the money that was promised.

 

[Brad]

I'm the child of a GM worker.

I'm the child of a Chrysler worker. (may he RIP) The Belvidere, IL assembly plant to be exact.
:thumbleft:

And I agree with what Jicky said.
:-D

I am the child of a Ford worker. They closed my Dad's plant shortly after he retired.

Now all we need is someone from Kenosha, WI and we have the big 4 covered. I like that.
:thumbleft:

 

[Bocefish]

http://www.cnbc.com/id/100674600

A federal bankruptcy judge on Wednesday suspended pending lawsuits in state courts that are challenging Detroit's bankruptcy filing.

U.S. Bankruptcy Judge Steven Rhodes said there is nothing in the 10th Amendment, which guides state vs. federal jurisdiction, that bars federal jurisdiction in this case. He said his court will be the exclusive venue for any legal action regarding the bankruptcy.

Detroit's Emergency Manager Kevyn Orr—a bankruptcy expert appointed by Gov. Rick Snyder earlier this year to oversee Detroit's finances—has said the federal bankruptcy filing is necessary to get the city out from under some $18 billion in liabilities.

Meanwhile... Obama launches another speaking campaign to tell everybody how great the economy is and to forget about all the "phony scandals" going on to raise his 48% approval rating. :lol:

 

[CallMeWilliam]

Somewhat of a gamble but who knows it might pay off...
http://www.theglobeandmail.com/sports/h ... e13399759/

 

[Just Me]

Somewhat of a gamble but who knows it might pay off...
http://www.theglobeandmail.com/sports/h ... e13399759/

It might pay off but it would be as ridiculous as someone going through personal bankruptcy to be allowed to buy a new house and car because it might revitalize them personally rather than pay off the debts they already owe. Not to mention how stupid it is to allow millionaire/billionaire sports franchise owners to hold cities and counties hostage by threatening to move the franchise unless the tax payers subsidize their business by building them a new sports arena every few years. :angry4: