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| Economy |
| Detroit and the impact on pension reform |
| 2013-12-07 |
 [NYPOST] 'Nothing distinguishes pension debt in a municipal bankruptcy case from any other debt."These thirteen words come from a ruling this week by US Bankruptcy Judge Steven Rhodes. In strictly legal terms, they're part of a larger decision that does little more than confirm the obvious: bankrupt, increasingly impoverished, reliably Democrat, Detroit ... ruled by Democrats since 1962. A city whose Golden Age included the Purple Gang... is bankrupt. |
| Posted by:Fred |
| #5 My hope as well Anguper. In his new book 'Things That Matter' the Hammer opines that, and I paraphrase a bit here...."everything eventually boils down to politics. If the politics are not right, nothing will be right". To the Hammer's boiling down statement I might also add, simple mathematical probabilities. |
| Posted by: Besoeker 2013-12-07 04:10 |
| #4 I hope one of the impacts of this pension "reform" - is rather a collective coming to one's senses. Promising to pay what cannot possibly be paid will only come to disaster in the end, exactly like all Ponzi schemes. |
| Posted by: Anguper Hupomosing9418 2013-12-07 04:01 |
| #3 Detroit is testament to the fact that arithmetic always wins in the end. You can shuck and jive, you can hope and lie, you can demagogue and cook the books, but when the chickens come home to roost, it will be numbers they carry in their tiny little beaks. Detroit is only the first, the bleeding edge of auto-apocalypse (heh, Detroit, auto...). It won't be the last. Others are swirling the bowl even now... |
| Posted by: SteveS 2013-12-07 02:51 |
| #2 Those who leave their jobs before retirement -- between 40 and 50 percent of teacher do so within their first five years -- lose out big-time. Er huh....yea, all by design, Ponzi design. Same-same for SSI recipients who waive their eligibility to accept benefits at age 62. Has no one ever played POWERBALL ? |
| Posted by: Besoeker 2013-12-07 02:34 |
| #1 As Detroit goes, so goes the nation (bankrupt cities, no exception) |
| Posted by: Au Auric 2013-12-07 01:04 |