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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
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.
Just the first of many cities.
More to follow soon. Probably before the 2016 elections. Mark my words.
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.
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.
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.
reply to post by 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.
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.