Examiner: “The court finds that Detroit was and is insolvent. The court finds that the city was generally not paying its debts as they became due,”
From Bankrupting America;
Also related: “Scoop and Toss” an increasingly popular delaying tactic whereby a state issues new long-term bonds to pay for bonds that are coming due
http://twitchy.com/2013/12/03/expect-to-either-be-beaten-or-run-over-leftist-threatens-judge-after-detroit-pension-decision/
And the left reacts in their usual fashion.
Warms the heart … /
Detroit is what happens when you quit teaching math. And “Scoop and Toss” is what happens when you don’t tell the children “No” once in a while.
A company or a nation which must borrow to cover the servicing of its
debt is not merely scooping and tossing; it is in the death spiral.
Much like Cheyne-Stokes respiration in people.
Detroit is such a sad story – on so many levels.
Incompetent and dishonest governance, out of control public service unions, arrogant American motor car manufacturers who ignored the public and the Japanese, EPA’s horrendously destructive mission creep that drove industry out of the country, decline of the school system, crack cocaine, children out of wedlock – these are just some of the factors that led to where Detroit is now.
I wanna go home. . .
I wanna go home. . .
Oh how I wanna go home. (to Detroit City)
The reckoning of years of Democrat rapacious pilfering has finally come home to roost. By voting this scum in time & again, they have no complaint. When you slit your own throat, you can’t cry murder.
Detroit made its own grave.
To many people voted for race instead of policy. Taxing your populace into penury for a political class of moochers.
Allowing Unions to rape producers. Corruption of a megolitic style. That’s what killed Detroit.
Why cry for the pretend blind?
An “awning tax?” Really? Despicable. I’d have torn down the awnings the next day – not a penny more to that kind of thievery. I feel sorry for these people – not matter how hard they work, the vampires will look at them as another body to be bled cold.
My father used to tell me; “You can hope in one hand and s#!t in the other, but only one hand ever gets filled first.”
There is hope, I will not deny that, but without the will to provide any kind of action, it will never be enough. Unfortunately, humanity seem to be ‘creatures of crisis’. Regardless of our intellectual abilities, our technological feats and wonders of engineering; when we need to view economic, social or political policy we still look at evidence and facts and somehow lose the ability of logic and reason.
Millenia of intellectual learning and we still have learned so little about ourselves and our recurring nature.
Public Pension Ponzi Scheme; New York Cities Borrow From Pension Plan to Make Contributions to same Pension Plans
http://globaleconomicanalysis.blogspot.com/2012/03/public-pension-ponzi-scheme-new-york.html#lLjm3mGMG6LJ1TtJ.99
Have to put hit teams out there to eradicate the pension collectors… Somebody should study the predominance of murder victims….Lol
I practiced restaurant design in Toronto for over 20 years. There is not only an awning tax but a sign tax as well, should the sign extend over the city sidewalk – does not matter if it is 2″ (the thickness of the sign) or projecting 4′-0″ over the sidewalk. It is a annual addition to the business tax. My clients would always go “Why the Face?” on me, but it was just a fact of life, starting in the late 70’s.
I feel for the small business folks and their employees. I have zero pity for the rest of them. They are getting what their votes got them.
BigMomma – I actually knew about the sign tax (and the baroque city sign regulations that have basically made neon signs on the Yonge Street strip obsolete) but I didn’t know we had an awning tax as well. Damn. And people wonder why Rob Ford still has supporters even in his fallen state. Of course, I haven’t heard him talk about getting rid of these confiscatory taxes yet. (Or the one I have to pay for my cat.) Think about this too much and you start thinking about that compound in the country outside city limits.
Detroit; The future of Toronto,Vancouver and Calgary.
Buy dry goods, ammo, medicine and surveillance gear.
Get out of Dodge now.
On a similar note, I read that Rob Ford, now relieved of his mayoral duties, is free to point out/campaign on, now, the incompetence, spendthrift nature of Toronto City Council. 2nd Irony alert: Unelected Ontario Premier Wynn will only talk to the unelected Deputy Mayor of Toronto (given he is an electoral nobody, his name escapes me).
My fearless prediction: one year from now, unelected Wynn will still be unelected (voted out) and elected Rob Ford will still be elected (voted back in).
Increasing taxes on businesses who have somehow survived crushing business taxation is an obvious formula for success, right? Afraid not. Looks like Detroit has finally, officially, run out of other people’s money.