Detroit files for Chapter 9 bankruptcy | Page 2 | TigerDroppings.com

Posted byMessage
Beer Bryant
Alabama Fan
In a Hidden Bunker
Member since Jan 2012
8792 posts

re: Detroit files for Chapter 9 bankruptcy




Back to top
Quentin Compson
LSU Fan
Member since Jun 2013
3117 posts

re: Detroit files for Chapter 9 bankruptcy


Aren't pensions tied to the state, not the city?





Back to top
  Replies (0)
Lsut81
USA Fan
Member since Jun 2005
64934 posts

re: Detroit files for Chapter 9 bankruptcy


quote:

Pension boards tried to stop the bankruptcy.


So I guess the pensions aren't off the table then...

Gut it all... Bulldoze the city... Make it an amusement park






Back to top
CptBengal
USA Fan
BR Baby
Member since Dec 2007
39733 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


holy shit, the people running Detroit are fricking delusional:

quote:

“The whole foundation that brings him here is false,” Crittendon said. “We do not have a $15 [billion] or a $20 billion debt problem. We have less than a $2 billion short-term debt problem that we could manage if we just went out and collected revenues that are owed to the city; stop giving, you know, tax abatement to people who can actually afford to pay taxes.”






Back to top
constant cough
LSU Fan
Lafayette
Member since Jun 2007
37090 posts

re: Detroit files for Chapter 9 bankruptcy


This guy Andy Doyle commenting on the story Drudge is linking to:

quote:

If Obama had a city...



Funniest thing I read all week!






Back to top
  Replies (0)
upgrayedd
Louisiana Tech Fan
Further on up the road
Member since Mar 2013
8217 posts

re: Detroit files for Chapter 9 bankruptcy


Detroit is going to be a gold mine in a few years





Back to top
  Replies (0)
Lsut81
USA Fan
Member since Jun 2005
64934 posts

re: Detroit files for Chapter 9 bankruptcy


quote:

if we just went out and collected revenues that are owed to the city; stop giving, you know, tax abatement to people who can actually afford to pay taxes.”




And who exactly are you going to tax since your policies have run everyone out of the city?






Back to top
TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
23043 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


quote:

It's going to be very interesting to see how the pension issue is settled here, given the state's constitutional provisions on protecting public worker pensions. I'm no lawyer, but if a precedent is set that allows a municipality to discharge, restructure, or reduce pension benefits, I could see the floodgates opening across the country for other cities and counties.



That's going to be a huge state right's issue. I'm torn on what is right course of action. Can you strip someone of all their retirement and healthcare, if not who pays for it?






Back to top
RollTide4Ever
Alabama Fan
Nashville
Member since Nov 2006
9398 posts

re: Detroit files for Chapter 9 bankruptcy


Have to be gutted, the math doesn't add up.





Back to top
  Replies (0)
CptBengal
USA Fan
BR Baby
Member since Dec 2007
39733 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


quote:

And who exactly are you going to tax since your policies have run everyone out of the city?


They're so delusional onthe left they just keep repeating talking points...like somehow "talking points" said out loud will correct the situation.

it's fricking hilarious. Best part about that article:
quote:

A city official notably said the federal government should bail out Detroit,






Back to top
  Replies (0)
BigJim
LSU Fan
Baton Rouge
Member since Jan 2010
2645 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


quote:

That will be the $6.4B question when it gets answered.


FIFY






Back to top
  Replies (0)
90proofprofessional
LSU Fan
Member since Mar 2004
9170 posts

re: Detroit files for Chapter 9 bankruptcy


quote:

And who exactly are you going to tax since your policies have run everyone out of the city?

i'm guessing, without reading any link in the thread, that they believe they are owed by the very people that they ran off

like they shouldn't have been allowed to leave or something

i read some rag just the other day saying that detroit's budget fix is easy- just merge it with its suburbs and get that tax loot from the rich neighborhoods!






Back to top
coolpapaboze
Penn Fan
Parts Unknown
Member since Dec 2006
8041 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


quote:

That's going to be a huge state right's issue. I'm torn on what is right course of action. Can you strip someone of all their retirement and healthcare, if not who pays for it?
It's going to be interesting for sure. Many municipalities across the country have their benefits protected by their state's constitution. What do you do when the state can't afford to pay? Do you start cutting back on basic services because you're constitutionally mandated to pay pensions? When that happens, seems like you start a spiral much like the one Detroit is in now: basic services are cut back, quality of life falls, people leave, tax base shrinks, ability to pay for remaining services decreases, quality of life falls further, more leave, tax base shrinks further, and on and on. The pensions, as structured, will bleed these municipalities dry in the long term in order to continue getting paid in the short term. It will get ugly.






Back to top
CptBengal
USA Fan
BR Baby
Member since Dec 2007
39733 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy








Back to top
  Replies (0)
TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
23043 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


quote:

And who exactly are you going to tax since your policies have run everyone out of the city? i'm guessing, without reading any link in the thread, that they believe they are owed by the very people that they ran off like they shouldn't have been allowed to leave or something



Guessing he meant this but it still wouldn't close the gap.

quote:

Nearly half of the owners of Detroit's 305,000 properties failed to pay their tax bills last year, exacerbating a punishing cycle of declining revenues and diminished services for a city in a financial crisis, according to a Detroit News analysis of government records.

The News reviewed more than 200,000 pages of tax documents and found that 47 percent of the city's taxable parcels are delinquent on their 2011 bills. Some $246.5 million in taxes and fees went uncollected, about half of which was due Detroit and the rest to other entities, including Wayne County, Detroit Public Schools and the library.










Back to top
CptBengal
USA Fan
BR Baby
Member since Dec 2007
39733 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


quote:

$246.5 million i

They need Trillions, with a T






Back to top
90proofprofessional
LSU Fan
Member since Mar 2004
9170 posts

re: Detroit files for Chapter 9 bankruptcy


quote:

Guessing he meant this

just like i said!






Back to top
  Replies (0)
Beer Bryant
Alabama Fan
In a Hidden Bunker
Member since Jan 2012
8792 posts

re: Detroit files for Chapter 9 bankruptcy


A Detroit city councilwoman said that President Barack Obama should give the city of Detroit a bailout as a “quid pro quo” in exchange for all the votes he received from city residents.

Council member JoAnn Watson made the suggestion at a city council meeting Tuesday, according to Fox 2 News in Detroit.

“Our people in an overwhelming way supported the re-election of this president and there ought to be a quid pro quo and you ought to exercise leadership on that,” she said. “Of course, not just that, but why not?”

The near-bankrupt city votes almost exclusively for Democratic candidates at the local, state, and federal level. Three-quarters of Detroiters voted for Obama.

If the president were to pay the city back for its support, he would not be the first to do so, according to Watson.

“After the election of Jimmy Carter, Mary Coleman Alexander Young went to Washington, DC,” she said. “He came home with some bacon. That’s what you do.”




From December






Back to top
mgdtiger
LSU Fan
Member since May 2006
700 posts

re: Detroit files for Chapter 9 bankruptcy


Had a friend want to make zombie land out of a few blocks of it. Employees playing the parts of zombies. Guests stay there. Paint guns or more likely laser guns. Etc.





Back to top
  Replies (0)
TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
23043 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


quote:

It's going to be interesting for sure. Many municipalities across the country have their benefits protected by their state's constitution. What do you do when the state can't afford to pay


or what if the state/city just decides not to pay? Detroit's pension problem is in a large part because the didn't fund it.






Back to top


Back to top