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Old 07-18-2013, 02:18 PM  
petegz28 petegz28 is offline
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Detroit files for Chapter 9 bankruptcy protection: local TV report

http://www.cnbc.com/id/100764427
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Old 07-19-2013, 10:39 AM   #61
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“We 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.”

-- President Obama in his weekly address, Oct. 13, 2012.
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Old 07-19-2013, 10:41 AM   #62
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“We 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.”

-- President Obama in his weekly address, Oct. 13, 2012.
I don't think that turd has got one thing right yet.
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Old 07-19-2013, 10:47 AM   #63
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Yea well he is a lifer so I don't doubt he is telling the truth. Another trick state employees are allowed to do is retain vacation and sick time. They save it all and take it their last year so their pension is based upon that number. Just more criminal activity IMO. Yes we agree on pensions. They need to be eliminated, period.

Just defined benefit pensions. Defined contribution pensions are fine. You budget for it and pay as you go. Defined benefit pensions are basically economic russian roulette, except 5 chambers are loaded.
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Old 07-19-2013, 10:48 AM   #64
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Originally Posted by BIG_DADDY View Post
Yea well he is a lifer so I don't doubt he is telling the truth. Another trick state employees are allowed to do is retain vacation and sick time. They save it all and take it their last year so their pension is based upon that number. Just more criminal activity IMO. Yes we agree on pensions. They need to be eliminated, period.

Side note that Massachusetts underwent several rounds of pension reform. I'm sure there's still alot of abuses, but it sure as hell helped. I forget all the parts, though I paid attention at the time, but I do seem to remember htat instead of basing everything off one final year of work, it's now the average of the last 3 years or somesuch.

But yeah, there's still games to be played, I'm sure.
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Old 07-19-2013, 10:50 AM   #65
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Originally Posted by Alex Smith HATER View Post
“We 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.”

-- President Obama in his weekly address, Oct. 13, 2012.
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Originally Posted by Comrade Crapski View Post
I don't think that turd has got one thing right yet.

Right, because he meant the CITY and not the CAR COMPANIES. You guys have it exactly right. Well done.
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Old 07-19-2013, 12:02 PM   #66
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Side note that Massachusetts underwent several rounds of pension reform. I'm sure there's still alot of abuses, but it sure as hell helped. I forget all the parts, though I paid attention at the time, but I do seem to remember htat instead of basing everything off one final year of work, it's now the average of the last 3 years or somesuch.

But yeah, there's still games to be played, I'm sure.
More states need to follow suit. IIRC, it was New Jersey that paid out the last years salary for their pension. So you had state employees promoting their janitor buddy to a civil engineer in their final year to raise their pension.

My pension (telco) is pretty honest and you have to earn it. They have the "rule of 83"...your age plus time worked for full benefits. EX: Full pension if you're 63 and were in the system 20 years. Then your pension is based on the last five years salary.
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Old 07-19-2013, 02:33 PM   #67
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Maybe put on hold - http://www.huffingtonpost.com/2013/0...n_3624518.html

"Detroit's historic bankruptcy filing is "unconstitutional" and must be withdrawn, according to rulings filed Friday afternoon.

Ingham County Circuit Judge Rosemarie Aquilina said that Detroit's bankruptcy filing violates the Michigan Constitution, which bans any action that threatens to cut the pension benefits of public employees, according to the Detroit Free Press.

Lawyers representing the city's pension funds and some retirees had won an emergency hearing Thursday afternoon to block the bankruptcy filing, CNN Money reports. The hearing was scheduled to start at 4:11 p.m. But at 4:06 p.m., word came that Detroit Emergency Manager Kevyn Orr had already filed the bankruptcy paperwork with the federal government.

Aquilina told those lawyers that she had planned to grant their injunction.

In three rulings she issued Friday, the judge wrote, “Plaintiffs shouldn’t have been blindsided,” and “this process shouldn’t have been ignored.”

In a statement, Michigan Attorney General Bill Schuette said the state would appeal:

Today Attorney General Schuette, on behalf of Governor Snyder, filed applications for leave to appeal with the Michigan Court of Appeals in the three pension cases before Ingham County Circuit Court Judge Rosmarie Aquilina. In addition, the Attorney General filed motions to stay the trial court rulings and any future proceedings while the appeals proceed. Later today, we expect to file additional motions seeking emergency consideration.

Aquilina, a Democrat appointee, also ordered that a copy of her order be sent all the way to the White House, saying that President Obama "bailed out Detroit" and might want to take a closer look, reports the Free Press.

Obama said Thursday that he is "monitoring the situation" but that the responsibility for Detroit's finances lies with municipal and state leadership."
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Old 07-19-2013, 02:35 PM   #68
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Quote:
Originally Posted by Alex Smith HATER View Post
“We 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.”

-- President Obama in his weekly address, Oct. 13, 2012.
Were you aware that sometimes people use the word "Detroit" as a synechdoche for the US auto industry in general? That should help you with your confusion.
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Old 07-19-2013, 09:27 PM   #69
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Were you aware that sometimes people use the word "Detroit" as a synechdoche for the US auto industry in general? That should help you with your confusion.
You can't backtrack fast enough. Just lay down and take it like a...*insert your own word*
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Old 07-20-2013, 09:03 AM   #70
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At a certain point, bankruptcy becomes a very good thing. It allows a chance to completely reorganize and be better going forward. Look at GM.

I have little doubt Detroit will come out of htis better off in the long run. That won't be true for everyone, however, including counterparties to current contracts (pensioners, etc.). Of course, Detroit also has serious issues that it needs to fix. It's not like the city's fiscal woes caused the collapse of the local economy -- it's the other way around.
Didn't Romney suggest something along these lines?
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Old 07-20-2013, 10:23 AM   #71
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lol ya, america is better/stronger every day
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Old 07-20-2013, 02:28 PM   #72
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Old 07-20-2013, 05:14 PM   #73
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Old 07-21-2013, 04:47 PM   #74
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Detroit (the city not the metaphor ): yet another African American™ success story.
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Old 07-21-2013, 05:54 PM   #75
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I have been looking at Detroit real estate, and it is insane.


$35 for houses. They need to be bulldozed, but it is very interesting.


From my understanding, the City of Detroit still wants to tax a $35 house way above it's value. That's just ****ing idiotic.
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