Obama administration begins stealth bailout of Detroit

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posted on Apr, 16 2014 @ 07:42 PM
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Many people here are familiar with Detroit's financial meltdown, bankruptcy and pleading to the Obama administration for a bailout. Until recently the administration position was "Nope, not gonna hand bailout money to Detroit."

Looks like that might just change in the near future. Got to keep all those democratic voters, unions and bureaucrat's in the administrations corner going into a tough mid-term election. But where to come up with a quick $100 million or so?

Obama administration begins stealth bailout of Detroit


President Barack Obama is using $100 million taxpayers’ dollars to help keep Detroit’s pension funds afloat, contradicting his administration’s commitment to avoid a bailout.

The stealth bailout was exposed by the Detroit Free Press, which said the $100 million would be taken from the so-called “Hardest Hit Fund.” That fund was created by the administration in 2010 to counter the disastrous implosion of the federally-inflated real estate bubble.
Obama, Michigan in talks to free up $100M to aid Detroit pension deal

“Blight remediation,” now there's one I haven't heard yet. Where is this money coming from and how will it help bail out the City of Detroit?

The federal $100 million is being described as “blight remediation,” but it allows the city’s new managers to reshuffle more cash into the city employees’ pension funds, which were looted by city and union officials for several decades.

So what's that old saying, $100 million here, a $100 million there and pretty soon we're talking about some real money. And it was your money in the first place, wealth redistribution at it's finest.

Hardest Hit Fund - Program Purpose and Overview

On a final note it seems to me that in fixing the "Hardest Hit" of Detroit it's not the pensions funds that need fixing.




posted on Apr, 16 2014 @ 07:46 PM
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You knew it was only a matter of time, and you know it's only going to be a matter of time before we're all roped into saving Cali, too.



posted on Apr, 16 2014 @ 07:54 PM
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reply to post by Bassago
 


Just the first of many cities.

More to follow soon. Probably before the 2016 elections. Mark my words.



posted on Apr, 16 2014 @ 07:56 PM
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reply to post by Bassago
 


So the taxpayer is going to bail out a city mismanaged for decades of leftist policies?

This sets a bad precedent where Obama can now bail out any city he desires for just about any reason.

Something probably being done right before elections.



posted on Apr, 16 2014 @ 07:57 PM
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reply to post by ketsuko
 


Bailing out Cali is a terrifying thought. Makes me hope Texas does become independent so we have a safe place to go.

I can see it now, California T-Bills courtesy of the Fed backed by the full faith and credit of The United States..( of California in small print.) They have a bridge to sell us too right?



posted on Apr, 16 2014 @ 08:00 PM
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reply to post by TDawgRex
 




Just the first of many cities.

More to follow soon. Probably before the 2016 elections. Mark my words.


Funny that. Wonder what the political leaning and control of those cities are... well, Chicago is a given.



posted on Apr, 16 2014 @ 08:06 PM
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reply to post by Bassago
 


A very, very fast train ... to nowhere.



posted on Apr, 16 2014 @ 09:02 PM
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Funny thing is, back in the day Detroit was a great city. And these folks that whose pensions you talk about built that and earned them.
Those guys earned those pensions.

The only way to address the problems of our cities is to not be afraid of political correctness.

It is well documented what happens in cities, the problem is we can't speak of it. but I will try.

Deny Ignorance

BRA or Black run America has failed. I would bet almost every city on the brink of bankruptcy, with high crime rates has a majority of black city leaders. It doesn't just start out that way but eventually it ends that way.

Deny Ignorance right? Answer that true or false.

Political correctness has to stop before we can address the problems in our country.



posted on Apr, 16 2014 @ 09:15 PM
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tinner07
Funny thing is, back in the day Detroit was a great city. And these folks that whose pensions you talk about built that and earned them.
Those guys earned those pensions.

The only way to address the problems of our cities is to not be afraid of political correctness.

It is well documented what happens in cities, the problem is we can't speak of it. but I will try.

Deny Ignorance

BRA or Black run America has failed. I would bet almost every city on the brink of bankruptcy, with high crime rates has a majority of black city leaders. It doesn't just start out that way but eventually it ends that way.

Deny Ignorance right? Answer that true or false.

Political correctness has to stop before we can address the problems in our country.


I truly don't see the underlying problem as one of being black but rather a symptom of blacks being indoctrinated by other interests into the democratic party and some of its worst policies that totally disregarded personal responsibility and fiscal responsibility of likely holders of political office - I think they were used horribly and then left to stew in the fodder produced.

Yes on the surface one can say governments dominated by black leaders leads to failure but one has to dig deeper into things and ask whose failed policy was it?



posted on Apr, 16 2014 @ 09:20 PM
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reply to post by tinner07
 


Yes and no on both of you points. Let me try to explain, if I can.

I am a product of the Detroit public education system. If it hadn't been for my father and my mother I would have received very little education. The teachers unions are a burden and a tick and no I do not think they have "earned" those golden parachute plans some of them have.

The police have been a joke in my city for at least three decades. Refusing to go to some calls, arriving well after any danger could be lingering in others, they have shut down almost all the precincts and now have "community centers" that close at five O'clock. They haven't earned a retirement either.

I will not go into the trash, water, sewage, or a great many other infrastructure failures that are union that will benefit from this bailout.

The masses of Detroit's citizens will not benefit at all because those union workers that may see some of the money live in the suburbs not the city.

The BRA as you call it had a lot of help from OWD (Old White Dudes). I was here. I watched it happen, every step of the way. Sure Coleman Young ran the city into the ground, but most of that money went to OWD's. The unions that priced Detroit out of business are ran by OWD's. Kilpatrick stole tons of Detroit's money, with help from OWD's.

Detroit's failure are a mixed bag racially. That finger can't be pointed with any legitimacy. However, if you want to blame Detroit's utter collapse on liberal left wing policies, I would support that 100%.
edit on 16-4-2014 by 200Plus because: (no reason given)
edit on 16-4-2014 by 200Plus because: (no reason given)



posted on Apr, 16 2014 @ 09:22 PM
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reply to post by tinner07
 




BRA or Black run America has failed. I would bet almost every city on the brink of bankruptcy, with high crime rates has a majority of black city leaders. It doesn't just start out that way but eventually it ends that way.

Deny Ignorance right? Answer that true or false.


In all honesty I cannot answer either way as I simply don't know or have the data to support it. Are Chicago, Sacramento, San Bernadino dominated by black leaders? I don't believe so and they're a mess.

Have to agree with Phoenix that there are deeper issues at hand. Democrat policies being at the top of the heap at first glance.



posted on Apr, 16 2014 @ 09:27 PM
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Living in the area....and following the bankruptcy...I'm not seeing how that $100 million is being added to the pensions.


The federal funds would come from the Hardest Hit Fund, a $7.6-billion Obama administration effort established in 2010 to help the 18 states most hurt by the housing downturn.

Michigan received $498.6 million to operate homeowner assistance programs, including those offering mortgage subsidies, home loan rescues, mortgage modifications and principal debt reductions.

But as of last summer, only a portion — about $2 billion nationwide and about $94 million in Michigan — had been spent.

It was at that time that the U.S. Treasury allowed the Michigan State Housing Development Authority to use up to $100 million in unspent funds on demolitions in five cities, with the bulk going to Detroit.

www.freep.com...

You have to know that both Detroit papers...in articles as well as editorials....have been doing their best to put retirees in a bad light.
Instead of the banksters. Instead of the crooks who raided the Pensions......
Gone are the days of Woodward and Bernstein.



posted on Apr, 16 2014 @ 09:31 PM
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I will never understand rewarding mismanagement/incompetence.

At the bare minimum, detailed management plans need to be developed and tracked for progress AND made public.... AND those responsible for past failures must be removed from the equation PRIOR to this bailout. In addition, these funds must be tracked and any future individual mishandling funds must be held accountable!

I hope this bailout is rejected ASAP but if it is approved by the incompetent, corrupt clowns currently mismanaging the people's money, the bare minimum described above must be implemented.

Accountability - a rejected concept in todays politics.

No time like the present to reinstate this practice!



posted on Apr, 16 2014 @ 09:33 PM
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reply to post by DontTreadOnMe
 


Misread - sorry
edit on 16-4-2014 by 200Plus because: (no reason given)



posted on Apr, 16 2014 @ 09:34 PM
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Nice racist attitude by a couple of the members in this thread. If blacks get into charge everything will fail. Maybe it's time to remind them of their place in this country and get to the back of the bus.



posted on Apr, 16 2014 @ 10:07 PM
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Nice racist attitude by a couple of the members in this thread. If blacks get into charge everything will fail. Maybe it's time to remind them of their place in this country and get to the back of the bus.

reply to post by buster2010
 


Exactly what I am talking about.

So you would deny that most cities on the verge of bankruptcy are majority black cities?

It is not racist if it is a fact. I am trying not to be racist,
never mind white guys cant say anything without being racist.

deny ignorance but get the special on sand at wal mart to stick your head in



posted on Apr, 16 2014 @ 10:09 PM
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buster2010
Nice racist attitude by a couple of the members in this thread. If blacks get into charge everything will fail. Maybe it's time to remind them of their place in this country and get to the back of the bus.


Care to explain whom is being racist? Or will you just prove to be another individual whom uses race as an excuse to bail out your own political parties agenda?

Sorry brah! The race card has been worn out! Address the real issues and keep your own skin color issues to yourself!



posted on Apr, 16 2014 @ 10:29 PM
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reply to post by tinner07
 


I have seen areas in southeast Kentucky where there are zero black people and it is worse than my neighborhood in Detroit.

I moved there for a bit when I was 16 (stayed 3 months). Up to that point my father always harped on me about not carrying a gun. Only "gangbangers and sissies need a gun" "a man don't need a gun" etc The day we arrived in Kentucky he gave me a 5 shot 20 gauge short barrel pump. "never leave the house without this" was the new gun rule. People lived in clap board shacks and I swear every outsider worked for the "gubmint". LMAO I was so glad to go home. Drugs were just as easy to come by there, women were just as easy, and booze flowed just as fast. The thing is the people were just as poor (if not more so) as the people in Detroit black, white, or Hispanic.

If you focus on finding high crime areas with high black population that are run by blacks you will find them. Try looking for areas with high white populations with high crime rates and run by whites. I bet you find those too. Look at Cut&Shoot Texas for example.

If we set out to find something and we look hard enough, we usually find it.



posted on Apr, 16 2014 @ 10:31 PM
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reply to post by tinner07
 


Great point. I'm from Detroit and my family and friends have worked for that city in its prime. Whatever change is made on life, find the positive side. Negativity is the real enemy.



posted on Apr, 16 2014 @ 10:36 PM
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reply to post by 200Plus
 


I appreciate a coherent thought out response and I thank you. You disagree with me but thats ok.
One question I have is you said the unions that priced Detroit out of business are run by OWD. What unions are those?





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