All roads lead to Debtville

Discussion in 'Financial Cents' started by gunbunny, Jul 18, 2013.

  1. gunbunny

    gunbunny Never Trust A Bunny

    So, Detroit finally decides to go bankrupt, and the DJIA rallies!

    1) Have a representative from Philadelphia cry and moan about how they need a bailout and get one from the federal government...


    2) Leave it actually default like Lehman Bros and watch everyone else's muni bonds go to >7% and make them go bankrupt too...

    Which way do you think it's going to go?
  2. Yard Dart

    Yard Dart Vigilant Monkey Moderator

    I suspect they will let it default as there is not the will to pass any bill within the .gov at this time.... It would be one more bloody battle between the two parties and the division is to great to pass anything if someone tabled a motion to forward a relief bill. As far as I am concerned it is a state matter.... keep the fed out and fix your own house...that is how it is supposed to work.
    Motomom34, oldawg, Airtime and 3 others like this.
  3. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    This is a perfect opportunity for the city to get out from underneath it's pension/retirement obligations. And, that will be exactly what they'll do. 9 Billion funding shortfall so far that they can find. It'll probably be more.

    there are going to be hair cuts, but the city was very generous with the tax payers money. Looks like the 'Hard Workers' of the fair city will be experiencing what the rest of the state already know. Times are tough all over. They will just get their medicine in a quicker larger dose. Hopefully it doesn't kill the patient.
  4. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

  5. Witch Doctor 01

    Witch Doctor 01 Mojo Maker

    only problem is that the taxpayer will get stuck with it under one of the federal laws....
  6. Witch Doctor 01

    Witch Doctor 01 Mojo Maker

    The federal agency that guarantees pensions, the Pension Benefit Guaranty Corporation, will assume responsibility for the plans, so we get stuck....
  7. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Don't worry, we'll burn it down on Devil's night and then sell it cheap to Toledo.
    gunbunny likes this.
  8. Motomom34

    Motomom34 Moderator Moderator Site Supporter+++

    Maybe they should put this lady in charge, she got some fire and will at least pay the police properly.

    Last edited by a moderator: Jan 6, 2014
    gunbunny, VisuTrac and BTPost like this.
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