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What Bankruptcy Means
for Detroit Residents

National Journal, by Marina Koren

Original Article

Posted By:MissMolly, 12/4/2013 5:37:21 AM

A federal ruling Tuesday has taken the fight over fixing Detroit´s massive debt issues—brought on by a shrinking tax base generated from high unemployment and deserting residents—out of the hands of feuding city officials and creditors and under court supervision. And it´s given the city, which filed for Chapter 9 bankruptcy in July, a break from paying off its $18 billion debt while it assembles a restructuring plan for its finances. The presiding judge called the hiatus "an opportunity for a fresh start." But the eligibility for bankruptcy protection is by no means a get-out-of-jail-free card. That fresh start requires

      


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Reply 1 - Posted by: steveW, 12/4/2013 5:44:43 AM     (No. 9639362)

Democrats are so smart about economics, they should win Nobel prizes every day!

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Reply 2 - Posted by: miceal, 12/4/2013 5:47:18 AM     (No. 9639364)

Detroit and it´s "rat" infested city government and union thugs deserve every nasty thing that happens to them. My "give a crap" meter is zeroed out for those bums!

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Reply 3 - Posted by: StormCnter, 12/4/2013 5:54:42 AM     (No. 9639369)

Your generalization is too broad, #2. I know normal, middle-class families trying to hang on in Detroit, despite the unemployment situation. One educated, highly skilled husband and father is working three low-paying jobs just to stay afloat. They can´t leave because their nice home is worthless in a Detroit environment. Everyone in Detroit is not a corrupt leech.

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Reply 4 - Posted by: Country Boy, 12/4/2013 6:39:54 AM     (No. 9639411)

Henry Ford Sr. saw this coming about 80 years ago. Seriously. He tried to move his operations to Alabama (no unions).

FDR´s TVA wouldn´t give Ford an electric contract. Country is just dammed lucky he didn´t move to Japan.

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Reply 5 - Posted by: Spidey, 12/4/2013 6:54:28 AM     (No. 9639426)

We haven´t heard the last of unions taking this on the chin,they´re worried it could spread to other underwater, crap hole cities.Watching what the new mayor of NY does will be a real hoot.

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Reply 6 - Posted by: Mobyclik, 12/4/2013 7:27:01 AM     (No. 9639471)

If the ´gimme crowd´ feels that any of their freebies are going to be cut off, they´ll be heading to a town or city near you that hasn´t been destroyed by liberalism yet. Golden goose is dead? No prob, find another one to leech off of.

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Reply 7 - Posted by: god of irony, 12/4/2013 7:38:43 AM     (No. 9639489)

You deserve the government you elect.

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Reply 8 - Posted by: Aud, 12/4/2013 8:26:48 AM     (No. 9639558)

Isn´t the Post Office in trouble because of some old court ruling about pension funding?

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Reply 9 - Posted by: The Patriot Code, 12/4/2013 8:51:15 AM     (No. 9639606)

And still, just about everyone is afraid to acknowledge the primary reason why Detroit is in shambles.

Birmingham, Atlanta, Richmond, Memphis, Oakland, etc., etc., etc. are all racing toward the same fate.

Did you know that Detroit was once known as "Paris of the Midwest?

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Reply 10 - Posted by: gartenfrau, 12/4/2013 9:10:09 AM     (No. 9639635)

#9 That doesn´t surprise me, as you can tell that Detroit was once a magnificent city from the ruins of what once was. I took my brother´s family over the weekend to some of the decent things in Detroit, but also drove through some of the devastation. I took them to Belle Island which still has some old buildings from the Belle Epoque. We drove through Inidan Village, where all the old homes are in great shape. He was shocked to see that you cross one road and it´s complete devastation with some blocks completely gone, others with numerous burned out houses.

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Reply 11 - Posted by: TXknitter, 12/4/2013 9:21:43 AM     (No. 9639651)

I think everyone fully realizes that every person in Detroit isn´t some sort of leech. However, the folks who live in Detroit are going to have to suffer for what the city´s politicians have done. Gross injustice would be for good taxpayers in other states to be expected to pay the freight so no government workers suffer. I do not remember a similar outcry when Enton workers lost everything.

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Reply 12 - Posted by: TXknitter, 12/4/2013 10:42:14 AM     (No. 9639679)

Uh, that would be Enron workers in #11´s post.

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Reply 13 - Posted by: mickturn, 12/4/2013 12:21:05 PM     (No. 9639890)

I´m taking 10,000 to 1 bets that the Libs will be in charge after this fiasco is settled...any takers?

That is 10,000 for you if you DO NOT believe Libs will be in charge post this mess.

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Reply 14 - Posted by: mickturn, 12/4/2013 12:22:11 PM     (No. 9639896)

On second thought just send your $1 bets to a good charity for Christmas...you know you will lose if you think the Libs won´t live through this...

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