This forum post is hidden because you have chosen to ignore afisher. Show Details
This forum post is hidden because you have submitted an abuse report against it. Show Details
Thanks for writing about the reality - aka Chapter 9 filing. In a related story - RW are already airing their own fears about if the bond owner's are going to have to share in the "hair-cuts". Of course, they are saying that all the debt should be placed directly on the shoulder's of the tax-payers. In Response to Re: Just another ultra liberal fiscal nightmare called Detroit and Social Security Disability....WHEN ARE WE GOING TO LEARN?:
More GOPer-drivel, spiced with RWBS - so many lies I decided to concentrate on your moronic understanding of the mortgage crisis, but instead of trying to salvage your untenible position on that, you slither right on to Detriot, so here's the reality on that phantom of your misconception
GOPer-dupes have been told by their Uberrich masters that this is just like a family going bust (from medical bills??) and it is a disaster for all concerned.
The reality is that municipal bankruptcy is NOT a liquidation of assets and renunciation of debt obligations as is the case with personal bankruptcy.
It is a RESTRUCTURING of debt. Right now, Detroit has annual income of $3.2Billion and long term debts of $15 Billion - the same ratio as a family with a $75,000 income having a $330,000 mortgage - not all that disastrous.
Then we have the matter of the money the Repugs controlling the State OWE Detroit:
• $39,730.58 for "electrical services" to the DNR and MDOT.
• $1,255 for delinquent parking tickets for state-owned vehicles.
• $1,395,377.10 for unspecified invoices to DNR and MDOT.
• $4,723,926.65 for water and sewer at the state fairgrounds.
• $267,946.76 for storm-water drainage on state highways.
• $224 million for unpaid revenue-sharing funds.
Rather than pay what they owe, the GOPers in the Statehouse would MUCH rather find ways to shaft pensioners and fire workers, the Repug solution to any and all organizational problems.
For DECADES the Reichwing has ranted about how various nations, States and Cities will "go bankrupt" and this will bring down entire societies BUT IT NEVER HAPPENS. Sweden (a favorite bankruptcy candidate of the RW) is doing GREAT, and Detroit will still be there for many years UNLESS the Repugs refuse to actually fix anything, which, given their current policies in Washington, is possible.
Do you EVER get your facts straight? And "straight from Faux Spews and hate radio" doesn't count..
What Dodd-Frank did was OUTLAW RED-LINING! The Uberrich have ordered their mindless dupes to lie about this because IT COST THEM MONEY! Before Dodd-Frank, the Uberrich could buy up entire neighborhoods, evict the black residents and gentrify the place for big profits. After Dodd-Frank, BLACK individuals could obtain mortgages to buy and fix up individual homes, saving neighborhoods for the residents.
It was Jrbush the preppytwit who authorized Fanny and Freddie to begin accepting no down payment mortgages. Without jr's stupidity (or perfidy) the Mortgage Banksters could NOT have created the wonderful "sub-prime mortgage market", made billions from the fees and charges setting up mortgages for NANIs (no Assets, No Income) and then selling the paper to Fanny and Freddie, take a huge commission, and repeat the process until the entire economy collapsed.
I should thank you for continuing to post these outrageous lies that were totally debunked before the 2012 election so I can remind people it was THE GOPers who destroyed the economy via deregulation.
Perhaps the most disgusting thing about GOPer policy is that GOPer-dupes spend all their time denying the effects of those policies while the GOPers keep pushing them in Congress.
Posted by Olderscout66
If the residents of Detroit want to blame any person or organization for its Chapter 9 filing, they only need to look as far as the unions that controlled labor there and the politicians who ran it the past four decades. Detroit earned its bankruptcy the easy way — through greed, the desire for political power and poor planning.
Perhaps no other city in America illuminates the failure of Democratic Party policies more brightly than Detroit. Two stories, separated by only four, days are emblematic. On March 11, former Mayor Kwame Kilpatick was found guilty of 24 of 30 charges leveled against him, including fraud, racketeering and extortion. Four days later, Michigan Governor Rick Snyder appointed attorney Kevyn Orr as the city’s emergency financial manager, in a last ditch effort to avoid what would be the largest municipal bankruptcy in the nation’s history. From 1961 to the present, the tragic history of Detroit itself has been written entirely by Democrats such as these individuals.
Catching on yet? I doubt it.
Posted by NOTHAPPENING
Posted by Olderscout66