2 votes

Should The Government Stop Dumping Money Into A Giant Hole?


http://youtu.be/JnX-D4kkPOQ

Amid reading excerpts from a lengthy decision of more than 140 pages, United States Bankruptcy Judge Steven Rhodes announced during Tuesday morning’s historic hearing that he approved of Detroit’s Chapter 9 filing, in turn authorizing the largest municipal bankruptcy ever in the US to proceed.

Detroit — once the automobile manufacturing capital of the world and an icon of Americana — has fallen heavily into debt during the last few decades, so much so that Governor Rick Snyder hired bankruptcy expert Kevin Orr to man the helm of the city in March and assume the role of emergency manager. Four months later, though, Orr’s attempt to salvage the city proved to be futile, and Detroit filed for Chapter 9 protection this past July.

In order to decide if Detroit could be awarded protection from creditors, Judge Rhodes was forced to find the city insolvent and agree that it was authorized to file for bankruptcy in the first place. Additionally, Rhodes had to find that city officials either negotiated with creditors in “good faith” or that those negotiations were impractical.

read more http://www.blacklistednews.com/Federal_judge_lets_Detroit_mo...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

What about the soldier hole?

?

Free includes debt-free!

jrd3820's picture

lol

Why are you pushing a pro hole agenda here?

They should throw all the pandas in that hole.

Immediately.

9-11 was a panda job.

jrd3820's picture

Yesterday

They should have done it yesterday. The world we be a better place today had they done that yesdterday.

that's what she said

literally!

“With laws shall our land be built up, but with lawlessness laid waste.”
-Njal Thorgeirsson

I hope I don't catch hell for this

post...

9-11 was a panda job.

I'm skeptical.

Bump.

Who are the creditors, who where dumb enough to loan money to a municipality. Who bought 30 year Detroit bonds in 1983?

They invested in a taxing authority that promised to pay them back with interest??

This seems unfair. Non-investors are unequal. Not the common welfare at all.

Free includes debt-free!