Thursday, July 18, 2013

Predominantly black Detroit files for bankruptcy

Detroit has filed for bankruptcy, becoming the nation's largest public sector bankruptcy. The move could slash pension benefits to city workers and retirees, and leave bond holders with only pennies on the dollar. The bankruptcy was filed by Emergency Manager Kevyn Orr and approved by Michigan Gov. Rick Snyder. Snyder said that the financial condition of the city left him no choice, and that Detroit could not meet its obligation to either its citizens or its creditors. "The only feasible path to ensuring the city will be able to meet obligations in the future is to have a successful restructuring via the bankruptcy process," Michigan Gov. Rick Snyder said in the letter authorizing the filing. Orr has already halted payments on about $2 billion in debt recently, saying that the city needed to preserve its dwindling supply of cash. The city faces total liabilities of about $18 billion. Orr's reorganization plan calls for cutting $11.5 billion in debt down to $2 billion. That would mean that investors and retirees would receive an average of just 17% of what they are owed. Specific plans for the cuts are unknown at this time. But cutting retiree's pensions in a municipal bankruptcy has never been done before, said Michael Sweet, a California bankruptcy attorney. "It's relatively easy to blow off a creditor. It's much harder when it's people who are the fabric of your community," he said. "You need a police force, you need a fire department. You're saying [to them] you're not worth what you were previously promised." Sweet said that case law on whether pensions can be cut this way is very limited, and it could take years for a court fight over pension cuts to work its way to the U.S. Supreme Court. Given the poor state of funding for many public sector pension funds nationwide, "it's a big enough question, that (the Supreme Court) is where it likely will have to go," he said. When employees of a bankrupt business lose their promised pensions, the Pension Benefit Guarantee Corp. steps in and provides a minimal level of benefits. But that federal agency doesn't back pensions in the public sector. Snyder spokeswoman Sara Wurfel said that the decision to file for bankruptcy came after careful deliberation. "This has been a huge problem for decades and it's come to a crisis point," she said. "The emergency manager tried to work with all the creditors, including pensioners." Retirees and city employees say that they can't accept cuts in their pension benefits. "How am I supposed to live without my pension?" said David Sole, 65, after a protest in Detroit. Sole retired from the city's water department in January 2013 after 22 years. Investors say that the bankruptcy will make it more difficult for cities and towns everywhere to raise the money they need to build bridges, schools and other infrastructure. It will also hurt municipal bonds held by individual investors. There are more than $1 trillion worth of bonds at risk, said Peter Hayes, head of municipal bonds at BlackRock. He said that there will be a ripple effect nationwide. Orr said that the city needs to cut debt to restore services and lower costs, such as taxes and insurance, that he says have chased businesses and residents out of the city. Detroit's population has fallen 28% since 2000. The unemployment rate, while down from a peak of 27.8% in the summer of 2009 - when General Motors and Chrysler Group were going through their own bankruptcies - is still at 16.3%, nearly twice Michigan's statewide average. While the auto industry has enjoyed a resurgence with strong car sales and profits, most of the industry's Michigan plants lay outside of city limits.


Anonymous said...

The Jew Commies play a giant role in destroying Detroit.

They did everything they could to destroy the American automobile industry, their Jew mafia flooded Detroit -- like all cities -- with heroin and drugs.

The Jew Commies did everything they could to incite -- and even pay $$$ -- to the blacks to riot ; The Jew Commies did everything they could to push White Americans out of Detroit - using black criminals as their personal army of goons [ the black panthers, for example, was started by Jew Commies].

The Jew Commies did everything they could to push White Americans out of Detroit while simultaneously doing everything they could to destroy the automobile industry, and flooding Detroit with heroin and cocaine and crack ; While simultaneously doing everything they could to push White Americans out of the Detroit City government and install "their" blacks -- the blacks on the Jew commie payroll.

The putrid Jew Communist Bella Abzug didn't say "Jews and Blacks Have A Special Relationship" for nothing.

Abzug agitated for "conjugal rights" for New York State felons in NY State prisons. Of course, the Rockefeller-owned NY State Capital, Albany, agreed. Now the criminals can sire and conceive children in the very confine of the prison cell. Downright f*ckin satanic.

The Jew Commies in Detroit -- and all across the US --have done everything they could to incite and goad the blacks to hate, attack and KILL White Christian Americans.

The Jews are just as culpable for the destruction of Detroit as the blacks on the Jew Commie payroll - actually more culpable.

When NON-Jewish White Christian Americans ran Detroit, the blacks were employed, had close-knit families, there was hardly any drugs, there was little crime, and many blacks lived a comfortable middle-class life. The middle-class blacks kept their own black criminals in check. They had the incentive to do so. The were gainfully employed and owned their own homes -- When White Christian Americans ran Detroit.

The Jews did everything they could to destroy the automobile industry and the middle-class in Detroit. The blacks were the hardest hit. After the black middle-class was destroyed -- exactly because of Jew Commie machinations -- the black criminals took over.

Before the Jew Commies arrived, the black criminals were kept in-check by their own fellow blacks. Then the black criminals tripped-over themselves to get themselves on the Jew Commie payroll.

The blacks on the Jew payroll have a lot of blood on their hands too. Yes, they play a giant role in destroying Detroit and making it un-livable for their fellow Blacks -- just as the Jew commies wanted them to do.

I never hear the blacks get "angry" at their own criminal sell-outs. The ones with so much blood on their black hands - and lots of "Black" blood too. In addition to the "White" blood they got on their criminal black hands.

They get "angry" at White Christian Americans, yet the blacks had it very good when White Christians ruled Detroit.

The Jews are Ultimately culpable for the destruction of Detroit. The Commie Jews in Detroit and Washington are the ones who got the whole Commie agenda-ball rolling in the Very First Place. And the Commie Jews knew fully well it would lead to complete destruction from the very first day they got the ball rolling.

From : Joe

Anonymous said...

I don't know why this is such big news all over the internet and on the TV news.

Detroit was destroyed back in the 1960's. This current news about Detroit's demise is very anti-climatic.

From : Armenius

Luke Raines said...

Detroit was destroyed back in the 1960's

True, but for years people who have been predicting the inevitable bankruptcy of Detroit have been denounced as racists by the politically correct. Nice to see that it was the "racists" who were right after all.

Anonymous said...

You hit it out of the ball park this time, Luke. I'm proud of you. You usually strike-out.

From : Joe