Detroit Rock Bottom: City Announces 2.5 bn Debt Default

Detroit Rock Bottom: City Announces 2.5 bn Debt Default

rt.com

If creditors reject the plan, Detroit could be forced into what would be by far the largest-ever municipal bankruptcy in US history.

Orr said there is a “50:50” chance the city will be forced into bankruptcy and that decision would likely happen in the next 30 days.

"Financial mismanagement, a shrinking population, a dwindling tax base and other factors over the past 45 years have brought Detroit to the brink of financial and operational ruin," Orr said.

(visit the link for the full news article)



Related AboveTopSecret.com Discussion Threads:
Let detroit go bankrupt

Here are some pictures from Detroit. The place looks fairly abandoned.







Meanwhile, it looks like a decent real-estate opportunities if you want to buy a house... although the crime rate is fairly high.


Cost: $14,900 or $66 / Month


Cost: $14,900 or $66 / month

www.trulia.com...

Here is some information on municipal bankruptcy.

en.wikipedia.org...

rt.com
(visit the link for the full news article)

No point buying a home there unless you are retired. There are very few, if any, jobs.

Detroit needs to declare bankruptcy, but that is just the tiniest tip of the iceberg. The nation is bankrupt. It is just the bernanke is printing $85 billion per month which is the only thing maintaining the threadbare illusion of solvency that still remains.

Just a question what happens when/If they declare bankruptcy?

Sounds like they need OCP and Robocop to help

reply to post by DarthMuerte


That is a good point. Here is a link to Craigslist.

Detroit: Jobs

$11.00 an hour plus tips could make your house payment in a single day lol. You might want to buy a gun and I'm not sure what kind of night life there is, etc.

reply to post by darkbake


Wonder If they will let a Brit in I am soooo bored of the UK, I want a little excitement back in my life.

I bet that movers job is helping to move everyone away

I would move there if they'd become more business friendly and change their gun laws. Nothing worse than being in a city of armed criminals that disarms it's citizens.

reply to post by LadyofGlass


Wow, they seriously have gun laws there? Really??

I would recommend buying some CO2 powered pellet guns... the pistols are super slick and powerful enough to protect ya, but not enough to kill, you know? And legal.

reply to post by boymonkey74

Detroit could end up with legal bills in the hundreds of millions of dollars and far more cuts in its already-meager public services, meaning potentially fewer cops and firefighters and more city departments privatized or eliminated outright. Workers could be terminated, and those who stay would face deep pay and benefits cuts.

A federal bankruptcy judge could allow the city -- or the state, through an emergency financial manager -- to rewrite labor contracts or toss them out altogether. The city could find itself proposing the sale of major city assets to pay down its enormous debts.

Detroit Bankrupcy Would be Long and Painful

This looks lucrative... I mean for the investor, maybe.

I read somewhere that cops dont go into downtown anymore, is it THAT BAD there?
I scenario I can see is this:
The city files bankruptcy, law enforcement/civil service are dissolved, anarchy slowly takes over, then the fed steps in to take over, bringing federal law enforcement, possibly setting up something like marital law and/or troops move into the streets.
I can see this as a test ground before it happens to other cities

reply to post by darkbake


Hhhhm thats what I was thinking.
Maybe they will give incentives to open a business etc.

reply to post by boymonkey74


Ohh... maybe. Here are some useful links.

Detroit Wants You

reply to post by darkbake


Cheers dude If I can find a sponsor in Detroit I can move to the states
Checking links now

reply to post by darkbake


but see, they dont tell you all the bad stuff, like needing a mercenary group to protect you and your house

reply to post by HomerinNC


Darkbake fancy setting up a merc unit we could call it the ATS team.

Originally posted by boymonkey74
reply to post by HomerinNC

 

Darkbake fancy setting up a merc unit

we could call it the ATS team.

Okay Boymonkey, you deserve this one:

One thing that I am interested on is to know who holds the Detroit debt is sad how states have gotten into debt, people think that is because the poverty and social programs with not generated income, but remember that most of the money in the states goes to pay for the retirement funds of city and government workers too, then also the corruption of administrations after administrations, just because the government is accountable it doesn't mean the know how to balance their budgets or they will not be in so much debt.

I wonder who owns Detroit debt.

Originally posted by boymonkey74
reply to post by HomerinNC

 

Darkbake fancy setting up a merc unit

we could call it the ATS team.

Haha! Sounds like maybe it might be fun... well it would be ha ha! Man, I wonder if there is stuff to salvage legally.

reply to post by DarthMuerte


Not if you are retired from the City of Detroit.

He's also trying to take the pensions away from Detroit retirees.....you know how evil corrupt and greedy older people are
They caused all the problems :shk:

2.5 billion? That's only 1.5 weeks in Iraq.