Detroit requests bankruptcy protection

[bobabode]

Originally Posted by whell

Maybe not. Michigan has specific language in its constitution which may (or may not) supersede a bankruptcy process.

“The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof and shall not be diminished or impaired thereby,” reads Section 24 of Article IX.

Would you be so kind as to clue in your governor? From all accounts I've read he doesn't appear to believe a contract is a contract.

[Twodogs]

Originally Posted by whell

No matter that Detroit's decline started years before Reagan became president. But way to go, Zeke, for clinging to your tired talk track no matter what the facts might be.

Have you ever seen a liberal that could be detoured by facts? I think we all know what happened to Detroit, but the sad part is the people kept getting duped year after year by those Bastards. I still say the only good thing Obama has done for me was to take Ms. Kathleen out of KS. WTF were we thinking? Back on track now though, and thriving. We're working on a law that would make it illegal for any KS law enforcement officer to enforce laws against the Constitution (new gun laws). IOWs if the shit hits the fan, our cops won't be shooting citizens. I don't know what the answer is for the D now. Last blip I heard said they can't legally file for bankruptcy protection. WTF does that mean? I feel bad for all the middle class Joes that worked 30 years for a pension that ain't there. I can even imagine some bloodshed over that. You can only push a person so far before they say F it, and maybe take a suit with them??

[icenine]

Originally Posted by bobabode

It'll be the bondholders.
They have more and better judges and lawyers (no offense) in their hip pockets. Pretty shitty deal considering that the older of those retirees don't even have Social Security to fall back on. The only thing they ever had was their pensions and this is it, they will be lucky to get less than bupkis.

Let them eat cake, I guess... how did that work out the last time?

Yep bad deal...but are you saying the city workers did not have SSI taken out of their pay? So they could get it when they retired?

[Rajoo]

Originally Posted by bobabode

Would you be so kind as to clue in your governor? From all accounts I've read he doesn't appear to believe a contract is a contract.

Not a question of what the gov. knows or thinks. Bankruptcy is Federal and employee pension protection is in the state constitution. So question then is will the Federal bankruptcy protection if granted voidsthe state constitutional guarantees. I am sure though that a lot of law suits will be filed and the attorneys will collect first.

Here is an informative article in Forbes:

www.forbes.com/sites/jeffreydorfman/2013/07/25/detroits-bankruptcy-should-be-a-warning-to-every-worker-expecting-a-pension-or-social-security/2/

[bobabode]

Originally Posted by Twodogs

Have you ever seen a liberal that could be detoured by facts? I think we all know what happened to Detroit, but the sad part is the people kept getting duped year after year by those Bastards. I still say the only good thing Obama has done for me was to take Ms. Kathleen out of KS. WTF were we thinking? Back on track now though, and thriving. We're working on a law that would make it illegal for any KS law enforcement officer to enforce laws against the Constitution (new gun laws). IOWs if the shit hits the fan, our cops won't be shooting citizens. I don't know what the answer is for the D now. Last blip I heard said they can't legally file for bankruptcy protection. WTF does that mean? I feel bad for all the middle class Joes that worked 30 years for a pension that ain't there. I can even imagine some bloodshed over that. You can only push a person so far before they say F it, and maybe take a suit with them??

Damn Jay! I thought you liked Romney and Lyin' Ryan...

[Twodogs]

Originally Posted by bobabode

Damn Jay! I thought you liked Romney and Lyin' Ryan...

Now you tell me what party has been running Detroit for the past decade.

[Charles]

Originally Posted by Twodogs

Now you tell me what party has been running Detroit for the past decade.

I'll take two for the win, Dog.

The Donks, and two decades?

Chas

[bobabode]

Originally Posted by Twodogs

Now you tell me what party has been running Detroit for the past decade.

At least Mitt's boyhood home in the big D has a date with a D8 dozer from what I've heard.

[BlueStreak]

Detroit has been run by cannibals for much longer than the last ten or twenty years, my friends.

If it's ALL the Democratic parties fault, then why aren't ALL blue cities/states as f**ked up as Detroit?

Dave

[BlueStreak]

Originally Posted by bobabode

At least Mitt's boyhood home in the big D has a date with a D8 dozer from what I've heard.

Well, when you can't exorcize the demons, you nust destroy the haunt.

Dave