Detroit

Re: Detroit

PostBy: jpete On: Tue Jul 30, 2013 6:44 am

lsayre wrote:Attend a real estate seminar in Asia and receive a free property just for attending. Guess where:

http://globaleconomicanalysis.blogspot. ... state.html

They are rubbing it in our faces.


A friend of mine bought a set of "Made in China" chrome valve covers for a project and they came wrapped in newspaper. It just happened to be the real estate section and most of the listings were California and Nevada.
jpete
 
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Re: Detroit

PostBy: franco b On: Tue Jul 30, 2013 6:26 pm

Another link to a newspaper article which seems to me to agree with what I feel are the problems that led to this train wreck of a city.

http://www.foxnews.com/opinion/2013/07/ ... t-detroit/

Another news article seems to justify the city worker pensions by saying they are not out of line with other cities and are on average lower. Just how that has any relevance is beyond me if the money to fund those pensions is not there. If my neighbors all have newer cars does that mean I should go into debt beyond my means to have one too?

What someone deserves in their own minds and what they can possibly get are two different things and a lot of people voted with their feet in Detroit on that question, evidently feeling the city deserved less of what they worked for. If you put too high a price on a bad product sales are sure to suffer.
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Re: Detroit

PostBy: lsayre On: Tue Jul 30, 2013 9:28 pm

franco b wrote:Another link to a newspaper article which seems to me to agree with what I feel are the problems that led to this train wreck of a city.

http://www.foxnews.com/opinion/2013/07/ ... t-detroit/

Another news article seems to justify the city worker pensions by saying they are not out of line with other cities and are on average lower. Just how that has any relevance is beyond me if the money to fund those pensions is not there. If my neighbors all have newer cars does that mean I should go into debt beyond my means to have one too?

What someone deserves in their own minds and what they can possibly get are two different things and a lot of people voted with their feet in Detroit on that question, evidently feeling the city deserved less of what they worked for. If you put too high a price on a bad product sales are sure to suffer.


Excellent article link there franco!

My favorite snippet is: "Here's how that works: Insure that unions and government workers get generous pension, health and other benefit packages that government can’t fund, long-term, in exchange for their votes and political activism."
lsayre
 
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Re: Detroit

PostBy: franco b On: Tue Jul 30, 2013 10:23 pm

lsayre wrote:My favorite snippet is: "Here's how that works: Insure that unions and government workers get generous pension, health and other benefit packages that government can’t fund, long-term, in exchange for their votes and political activism."


And the scary thing is it is going on in most of the other cities and more and more outside of the cities. Funded first by destroying the currency followed by everything else. Why is something so obvious almost never an issue? How can we as a species be so bereft of any logic and foresight to believe in an ideology that has failed over and over again and whose only reward is some sort of emotional release? How does this differ from suicide bombers?
franco b
 
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Re: Detroit

PostBy: coalnewbie On: Wed Jul 31, 2013 4:13 am

"Here's how that works: Insure that unions and government workers get generous pension, health and other benefit packages that government can’t fund, long-term, in exchange for their votes and political activism."


.. and once people learn to vote themselves money that will be the end of the republic.... nothing new here. 200 year old cycle ends.
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Re: Detroit

PostBy: franco b On: Tue Aug 06, 2013 5:28 pm

franco b
 
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Re: Detroit

PostBy: lsayre On: Tue Aug 06, 2013 5:43 pm

The only real difference between the federal Government and Detroit is that DC has a magical currency printing press.
lsayre
 
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Re: Detroit

PostBy: franco b On: Tue Aug 06, 2013 8:33 pm

Its just about every state and city or at least enough to cause a major calamity.

My own state CT raised 1.8 billion in new taxes and still can't balance the budget never mind the insane amount it owes in pensions. Rep.or Dem. it makes no difference as they both realize that to stay in office means to give away as much as possible while the giving is good and blame somebody else when it isn't.

What has happened in Detroit is what will happen in the rest of the country and DC hasn't got that much ink to bail out everybody and they are on the very same road to ruin.
franco b
 
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Re: Detroit

PostBy: lsayre On: Sat Aug 10, 2013 8:04 pm

Guess who will get first shot at all remaining assets in Detroit’s bankruptcy, so they will most likely not suffer any losses.

If you said the big banks, go to the head of the class. http://thecontributor.com/economy/detro ... save-banks

Throughout American history the courts used to ALWAYS place bondholders at the front of the line for access to remaining assets, but things are different now.
lsayre
 
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Re: Detroit

PostBy: jpete On: Sat Aug 10, 2013 9:05 pm

The philosophy of "too big to fail" sealed the fate of the "bond bullies".
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Re: Detroit

PostBy: franco b On: Sat Aug 10, 2013 10:11 pm

There has to laws enacted to prevent these criminals from buying their way into office with the future of their city or state.

If the voters want a blatant racist socialist like Coleman Young for mayor, that's fine and the voters of Detroit should have to bear the burden of their own folly, but to allow that self described "mother f--ker in charge" to pedal the future should be criminal.
franco b
 
Hand Fed Coal Stove: V ermont Castings 2310, Franco Belge 262
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Re: Detroit

PostBy: lsayre On: Sun Aug 11, 2013 7:08 am

Apparently in modern America side bets called derivatives have "super-priority" over any other asset claims in the event of bankruptcy. The gaming of the system by Wall Street and the big NY banks has become systemic due to Congress passing (and President GWB signing into law) a deal pushed through by Wall Street that was buried somewhere within the Bankruptcy Reform Act of 2005 (which was probably never read by Congress or the Prez).

My guess is there are loads of municipal bonds in the Auto Workers pension funds. I'm sure plenty of wealthy types hold them too. No mater now, as mere fictitious side bets placed upon reality now trump all other legitimate claims to remaining bankruptcy assets by Federal law, and even the Michigan Constitution is powerless to stop it. Corporatocracy wins. Vote Rep or Dem if you believe that we deserve more of the same.
lsayre
 
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