LibTown USA, Detroit Defaulted Earlier Today!

[ChunkyMonkey]

http://www.zerohedge.com/news/2013-06-14/detroit-default-today


And so the next casualty of the inevitable municipal collapse appears, which is, as expected, that one-time symbol of all that was right with a (once upon a time) manufacturing America, having since been replaced with the anti-symbol of all that is broken: Detroit.

DETROIT BEGINS MORATORIUM ON ALL DEBT SERVICE PAYMENTS FOR UNSECURED FUNDED DEBT
DETROIT TO DEFAULT ON CERTIFICATES OF PARTICIPATION DUE TODAY

And, true to from in the New Normal America, where the "fairness doctrine" rules supreme under Big Brother's watchful eye, the premise of the upcoming glorious recovery is a well-known one: "the shared-sacrifice." To wit: "The City currently faces approximately $17 billion in total liabilities. Detroit is insolvent and cannot meet its financial obligations without a significant restructuring. Mr. Orr's plan provides for shared sacrifice among all creditor groups – from Wall Street and Main Street consistent with their legal rights – in order to return Detroit to a sustainable financial foundation and to permit much-needed reinvestment in the City." The punchline: "Detroit's road to recovery begins today"... By defaulting.
Full release:
Emergency Manager Presents Plan to Secure a Viable, Strong Detroit
Focus is to Improve Delivery of Basic Services to 700,000 Detroit Residents
Detroit will Honor Pay, Medical and Vacation Obligations to Current Employees
Plan Provides for Shared Sacrifice Among All Creditor Groups to Return Detroit to Sustainable Financial Foundation and Permit Reinvestment in City
Negotiations Starting Now - Emergency Manager and His Advisers Are Moving Forward with Discipline, Speed and Efficiency of a Corporate Restructuring
Kevyn Orr, the Emergency Manager for the City of Detroit, today presented to the City's creditors a plan that outlines the required steps to secure a viable, strong Detroit. The focus of the proposal is to ensure that the City improves the delivery of basic services -- fire and police protection, functioning street lights, regular and reliable garbage collection, blight removal and enhanced emergency medical services -- to the 700,000 people who live in Detroit.

Continue on the link above...

50 years of LIBERAL LEADERSHIP, folks!

[TheGrey]

Even though we all knew this was coming, reading that news is still like a kick in the gut.

I feel for the blue-collar folks that are stuck between a rock and a hard place: too poor to move, and now too poor to stay there. :(

[Bailey Guns]

It's never the fault of a liberal gov't. Never.

[HoneyBadger]

Is anyone surprised?



It's never the fault of a liberal gov't. Never.

[LOL]

[ChunkyMonkey]

I dont care what everyone said about Carl... he is a funny guy.

[sabot_round]

I have no sympathy for them!! They did it to themselves by voting democrat, and now they want a bail out!?

[SamuraiCO]

Progressive liberalism policies, unionized work force, management kicking the can down the road promising to pay in the rears, making crappy vehicles for too long ruined the manufacturing in Detroit.

Maybe they should move all the solar and wind manufacturing plants to Detroit. I hear they have strong business models and the power of the future for the US.

[roberth]

It's never the fault of a liberal gov't. Never.

Exactly.

How long do we give 'em before they come begging the USG (us) for a bailout?

[Bailey Guns]

I hear they have strong business models and the power of the future for the US.

And unlimited taxpayer funding to boot. It's a win/win for everyone...except the taxpayer. Luckily, there aren't too many of those in Detroit.

[roberth]

Progressive liberalism policies, unionized work force, management kicking the can down the road promising to pay in the rears, making crappy vehicles for too long ruined the manufacturing in Detroit.

Maybe they should move all the solar and wind manufacturing plants to Detroit. I hear they have strong business models and the power of the future for the US.

The same thing is happening nationally. Thank you to the no-information, feel-good liberal voters who will start bawling their eyes when reality kicks them in the taint.

Wind and solar, love the sarcasm.

[ChunkyMonkey]

So I went to zillow just to check out Detroit's market... When you search Detroit, MI and zoom all the way in.. and the first random listing is...

http://www.zillow.com/homedetails/9190-Delmar-St-Detroit-MI-48211/88593828_zpid/

I know 3-4 years ago few guys were picking up same size properties for $15-20k thinking they just hit the lotto. [LOL]

[theGinsue]

I have no sympathy for them!! They did it to themselves by voting democrat, and now they want a bail out!?
But the sad thing is that they will get the bailout. And, chances are, we - the American taxpayer - will pay for it.

[Aloha_Shooter]

So I went to zillow just to check out Detroit's market... When you search Detroit, MI and zoom all the way in.. and the first random listing is...

http://www.zillow.com/homedetails/9190-Delmar-St-Detroit-MI-48211/88593828_zpid/

I know 3-4 years ago few guys were picking up same size properties for $15-20k thinking they just hit the lotto. [LOL]

I remember one of my grandmother's friends complaining 35 years ago about being a landlord in Detroit. He especially hated HUD applicants because he couldn't turn them down by law but they all knew exactly how long they could stay without paying rent and what tactics to take to preclude eviction for as long as possible. Once he DID evict them, the house would be trashed out: doors and cabinets torn out to be used as firewood, plumbing torn out, etc. City's been a cesspool ever since; they really do need Robocop.

[SamuraiCO]

With that no one learns the hard lesson. And we just add it to the ever increasing national debt. Move along all is well with the economy. Hey Jay-z is cheating on Kim, squirrel!

[BushMasterBoy]

Wassssup?

[rondog]

Great, now the city will be over-ran with ghetto rats.

Oh, wait.....

[Aloha_Shooter]

Exactly.

How long do we give 'em before they come begging the USG (us) for a bailout?

They already have. I'd like to help them all with free one-way flights to Paris, Caracas, or Mexico City.

[Irving]

I can't believe what a bunch of cold hearted bastards you all are! Standing around in your good ole boy circle jerk, kicking this whole city when it is down. Detroit has just lost everything. Instead of spitting in Detroit's face, we should forgive its debt. 17B is a drop in the bucket compared to all the money in the country.

[roberth]

I can't believe what a bunch of cold hearted bastards you all are! Standing around in your good ole boy circle jerk, kicking this whole city when it is down. Detroit has just lost everything. Instead of spitting in Detroit's face, we should forgive its debt. 17B is a drop in the bucket compared to all the money in the country.

:)

[Irving]

With that no one learns the hard lesson. And we just add it to the ever increasing national debt. Move along all is well with the economy. Hey Jay-z is cheating on Kim, squirrel!
Kanye, not Jay-Z.

[ChunkyMonkey]

^ [Bow]

Not only he brought back a dead topic. He brought it back in a completely different thread. You are a Jedi!

[jerrymrc]

So I went to zillow just to check out Detroit's market... When you search Detroit, MI and zoom all the way in.. and the first random listing is...

http://www.zillow.com/homedetails/9190-Delmar-St-Detroit-MI-48211/88593828_zpid/

I know 3-4 years ago few guys were picking up same size properties for $15-20k thinking they just hit the lotto. [LOL]

Perfect retirement place. With all the $$ ya save you can mount an M2 on the roof.[MG]

[SamuraiCO]

[QUOTE=samurai64;1180907]With that no one learns the hard lesson. And we just add it to the ever increasing national debt. Move along all is well with the economy. Hey Jay-z is cheating on Kim, squiOTE
Kanye, not Jay-Z.

Yea you're right I was too lazy to look up the low information voter news source.

[Irving]

[QUOTE=Irving;1180941]

Yea you're right I was too lazy to look up the low information voter news source.

Channel 61 on DirectTV.

[SamuraiCO]

Direct TV sucks lol

[SA Friday]

North American Free Trade Agreement


[blah-blah] seen this coming since Clinton signed that piece of crap.

[DavieD55]

As long as you have leftist nutbags such as Michigan State Representative Marie Donogan in control that is what you will end up with. The city was already on the verge of financial bankruptcy when this was filmed and she supported a 500,000,000 dollar light rail system.


http://youtu.be/Ld05-5OOLRg

[HoneyBadger]

Direct TV sucks lol
Oh Jee-zus! [LOL]

[Aloha_Shooter]

She sounds like John Morse, Angie Giron or Evil Hudak. A few more brain cells and she'd be as stupid as Diana Degette.

[Bailey Guns]

Nevermind...that'll teach me to read the damn thread first.

[theGinsue]

I can't believe what a bunch of cold hearted bastards you all are! Standing around in your good ole boy circle jerk, kicking this whole city when it is down. Detroit has just lost everything. Instead of spitting in Detroit's face, we should forgive its debt. 17B is a drop in the bucket compared to all the money in the country.
Ah, now see? You almost had be believing you were serious there.


Kanye, not Jay-Z.
Same-same. Two famous rich bastards from the hood who think they're more important than they really are. And neither one can actually sing but they've got moon-bats galore who continue to tell them they can sing.

[Singlestack]

I thought my head was going to explode when she was arguing with herself about money being limited. Have to get me one of those gubmint money trees for my backyard!

[HoneyBadger]

Same-same. Two famous rich bastards from the hood who think they're more important than they really are. And neither one can actually sing but they've got moon-bats galore who continue to tell them they can sing.

I don't know why, but "moon bats" always cracks me up! [LOL]