Detroits Governor oks Detroit bankruptcy
- Thread starter Dead Money
- Start date
I don't think he's actually hating on Detroit. The bankruptcy was announced just a couple hours ago.
Sorry for rant, bad summer cold, just remember driving cross country Cleveland, Chicago, Detroit, Milwaukee, Cheyenne Wyoming, Butte Montana Summer of 1971. Booming, bustling, wonderful old buildings, good food...
Not hating, think it was preventable and paints a bad picture for the future of some of the bigger cities in America....Cleveland, New Orleans jump to mind. Pittsburgh appears to have turned around and re-invented.
Trillions upon trillions are dumped down the toilet overseas .
Divert funds and create a "Marshall plan" and level a big piece of Detroit and create an agricultural oasis or nationwide waste recycle site, economic zone for China to produce Walmart crap.
SOMETHING..you just can't let cancer fester.
Only current alternative is for the American taxpayer to take the hit, again.
AND since I am ranting, (going to get a double shot of Crown to ease this cold) if I was Detroit's chamber of commerce, I would pull "HARDCORE PAWN" off the airwaves,watch an episode or 3 and you will be astonished.:facepalm:
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Jeez... We were totally blindsided with that announcement. Haven't read the exact ramifications of the bankruptcy but my 1st thought it's probably a good move. The 1st thing I would do is tax the shit out of the rich & famous health food people who live in Royal Oak.
retirees can kiss their pensions goodbye.....that will be the first thing to go......don't know about public employees but private sector pensions are guaranteed by the Pension Benefit Guarantee Corporation......amazing that a city with MLB...NFL...and NBA......and NHL franchises can go broke........what are you going to do if one of them wants a new stadium ?.........hey LA.......free NFL team available
just have the feds print more money.....and have them carve out a little niche for detroit......
btw...he may not be a great mayor,but,dave bing could seriously hoop...damn that guy was good.....
btw...he may not be a great mayor,but,dave bing could seriously hoop...damn that guy was good.....
Helicopter Ben
Helicopter Ben
Throwing "thin air money" money at everything, is the root problem of our current financial plight.
Helicopter Ben Shalom Bernacke Quote...
He said ?The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.? (He referred to a statement made by Milton Friedman about using a ?helicopter drop? of money into the economy to fight deflation.) Bernanke?s critics have since referred to him as ?Helicopter Ben? or to his ?helicopter printing press.? In a footnote to his speech, Bernanke noted that ?people know that inflation erodes the real value of the government?s debt and, therefore, that it is in the interest of the government to create some inflation.?
For a moment, imagine that there is a privately-owned organization in the United States that can create U.S. dollars out of thin air whenever it wants and can loan that money to whoever it wants to. Imagine that this organization is able to act with the full power of the U.S. government behind it, but that nobody in the organization is ever elected by the American people, and that for all practical purposes the organization is not accountable to the president or to Congress. Imagine that the organization is able to make trillions of dollars of secret loans to banks, to foreign governments and even to their close friends without ever having to face a comprehensive audit. Does that sound preposterous? Well, such an organization actually exists. It is called the Federal Reserve, and today we found out that once again the Fed is going to be taking huge piles of your money and loaning it to commercial banks in Europe. The Congress cannot overrule this decision. Neither can Barack Obama. Because it has so much power, many refer to the Federal Reserve as ?the fourth branch of government?, but unlike the other three branches of government, there are basically no significant ?checks and balances? on the Federal Reserve. If you don?t like the fact that the Federal Reserve is racing in to help big foreign banks survive the European debt crisis that is just too bad. The Federal Reserve pretty much gets to do whatever it wants to do, and the folks over at the Fed simply do not care whether you like that or not
Helicopter Ben
Throwing "thin air money" money at everything, is the root problem of our current financial plight.
Helicopter Ben Shalom Bernacke Quote...
He said ?The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.? (He referred to a statement made by Milton Friedman about using a ?helicopter drop? of money into the economy to fight deflation.) Bernanke?s critics have since referred to him as ?Helicopter Ben? or to his ?helicopter printing press.? In a footnote to his speech, Bernanke noted that ?people know that inflation erodes the real value of the government?s debt and, therefore, that it is in the interest of the government to create some inflation.?
For a moment, imagine that there is a privately-owned organization in the United States that can create U.S. dollars out of thin air whenever it wants and can loan that money to whoever it wants to. Imagine that this organization is able to act with the full power of the U.S. government behind it, but that nobody in the organization is ever elected by the American people, and that for all practical purposes the organization is not accountable to the president or to Congress. Imagine that the organization is able to make trillions of dollars of secret loans to banks, to foreign governments and even to their close friends without ever having to face a comprehensive audit. Does that sound preposterous? Well, such an organization actually exists. It is called the Federal Reserve, and today we found out that once again the Fed is going to be taking huge piles of your money and loaning it to commercial banks in Europe. The Congress cannot overrule this decision. Neither can Barack Obama. Because it has so much power, many refer to the Federal Reserve as ?the fourth branch of government?, but unlike the other three branches of government, there are basically no significant ?checks and balances? on the Federal Reserve. If you don?t like the fact that the Federal Reserve is racing in to help big foreign banks survive the European debt crisis that is just too bad. The Federal Reserve pretty much gets to do whatever it wants to do, and the folks over at the Fed simply do not care whether you like that or not
Detroit owes 18 to 20 Billion. They figure it will take 50 years to pay it off.........:facepalm:
:scared :scared :scared
:scared :scared :scared
If only Detroit meant as much as Bank Of America to the feds they would have been helped.....
