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6 dead, 450 injured in clashes at Egypt's presidential palace
Today's Headlines
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Page 6: Politix
7 22:09 JosephMendiola [1499] 
12 20:07 Anguper Hupomosing9418 [755] 
2 11:39 Iblis [548] 
4 17:01 Besoeker [529] 
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-Short Attention Span Theater-
Fed Appeals Court likely to invalidate Champ recess appointments
Posted by: Besoeker || 12/07/2012 09:34 || Comments || Link || E-Mail|| [548 views] Top|| File under:

#1  Federal judges still rule about the Constitutionality of legal issues? I thought whatever the ONE thought, did, or wanted trumped everything else.
Posted by: JohnQC || 12/07/2012 10:40 Comments || Top||

#2  Je suis l'état!
Posted by: Iblis || 12/07/2012 11:39 Comments || Top||

Champ takes tax hike to home of 95 percenters
Posted by: Besoeker || 12/07/2012 01:56 || Comments || Link || E-Mail|| [529 views] Top|| File under:

#1  So the Campaigner-In-Chief is still campaigning. There are going to be many surprises for those who voted for him and got buyer's remorse. My wife was talking to an African-American woman the other day who was astonished that she would not get free health care when ObamaCare was fully implemented.
Posted by: JohnQC || 12/07/2012 10:46 Comments || Top||

#2  Most likely she did better under the old system than she will under the new OC system.
Posted by: JohnQC || 12/07/2012 10:48 Comments || Top||

#3  Yes, but those surprised will gladly believe that the Republicans are to blame.
Posted by: Iblis || 12/07/2012 11:38 Comments || Top||

#4  "Buyers remorse" ?

The odds of still finding Titanic survivors would be greater.

Posted by: Besoeker || 12/07/2012 17:01 Comments || Top||

Detroit prepares to file for bankruptcy
Even as the state Treasury prepares to begin another financial review of Detroit's books, a plan is being solidified in the governor's office that would guide Michigan's largest city through what is being called a managed bankruptcy.

The working concept, still evolving, assumes that the state's financial review would find severe financial distress in Detroit, that Mayor Dave Bing and City Council would be unable to push through overdue restructuring, and that the process would culminate in appointment of an emergency financial manager under Public Act 72.

The case would be filed under Chapter 9 of the federal bankruptcy code, according to two ranking sources familiar with the situation, following efforts to reach prenegotiated settlements with as many key creditors -- unions, vendors and pension funds among them -- as possible before any filing.

"Clearly, we will always try to do that," one source familiar with the situation said in an interview Thursday. "You can move on a much more expedited basis if you can demonstrate that your cash is running out" -- as Detroit clearly is with each passing week.

The evolving bankruptcy scenario is a clear signal that Gov. Rick Snyder and Treasurer Andy Dillon have lost confidence in the ability of the mayor, his management team and council to honor their commitments under the eight-month-old consent agreement with the state, or to make any meaningful progress on restructuring.

Contingency planning in Lansing for a possible Chapter 9 bankruptcy filing is not likely to be popular inside council chambers or the Mayor's Office. But it's the responsible and necessary thing to do, whatever the protests from the elected officials whose denial and self-delusion are hastening the arrival of a reckoning they can no longer avoid.

The goal of a managed bankruptcy is to streamline the protracted process by minimizing the chaos, uncertainty, delay and steep costs associated with Chapter 9. It would be the largest municipal bankruptcy in the nation's history, an unambiguous symbol of the city's epic failure and a chance for a fresh start.

"That's exactly the strategy you should do," said Douglas Bernstein, managing partner of Plunkett Cooney's banking, bankruptcy and creditor rights group. "You're never going to be able to get all the unions -- and all you need -- to agree in advance, not a chance. You try to do it outside of bankruptcy or you drop it in. It's prudent, too. It's very prudent."

In bankruptcy, pre-packaged deals arrange settlements with all creditors in advance of a filing that is usually followed quickly with a plan of reorganization (called "plan of adjustment" in Chapter 9). A pre-negotiated deal akin to the one being explored in the Governor's Office would reach settlements with some creditors and leave others to be litigated in court.

A Chapter 9 filing for Detroit may be increasingly likely given the dysfunction and infantile posturing atop City Hall. But bankruptcy is not yet certain, provided three obstacles can be removed or settled outside of court: pending litigation designed to slow the process; pension debt of $1.4 billion and $440 million in outstanding swap contracts; and liabilities for retiree health care.

Planning for a possible bankruptcy of Detroit should not be surprising coming from Snyder, an accountant-turned-CEO, and Dillon, a former investment banker. Both possess keen financial minds, strategic savvy and a habit for planning further ahead than most politicians, particularly the elected officials in Detroit flailing from one crisis to the next.

In anticipation of Detroit's financial collapse, for example, Dillon retained an investment banking firm in December 2010 -- before taking office -- to advise the Treasury on ways to restructure Detroit's balance sheet, reduce its liabilities and return the city's credit rating to investment grade.

City Council, by comparison, is blocking the mayor's effort to hire a local law firm, Miller Canfield, citing conflicts of interest. Nor has the city, likely about a month away from Snyder appointing an emergency financial manager, showed any inkling of forward planning and retained bankruptcy counsel.

It should, because there is no president of the United States or consortium of banks coming to the rescue. Both Public Act 72, the existing emergency financial manager law, and revised legislation that passed the House this week enable an emergency financial manager and his counsel to negotiate settlements with creditors in advance of a Chapter 9 filing.

Under Public Act 72, an emergency financial manager cannot move to abandon the city's financial workout plan in favor of bankruptcy until 180 days have passed. But the timeline to Chapter 9 filing can be accelerated if the city is in danger of running out of cash.

Still, bankruptcy for Detroit would require the governor to first appoint an emergency financial manager. The appointee would be charged with devising a financial plan, making it public and beginning the effort to execute it -- unless the city's meager cash hoard runs out first.

It probably will, which is why the governor and his treasurer are taking their jobs seriously and planning for the worst. Someone has to.
Posted by: DarthVader || 12/07/2012 11:25 || Comments || Link || E-Mail|| [755 views] Top|| File under:

#1  A nice clean BK and a brand spankin' new right to work law might be just the ticket for America's first third world city.
Posted by: Iblis || 12/07/2012 11:41 Comments || Top||

#2  Oh Darn... Right when America was ready to take off.
Posted by: airandee || 12/07/2012 13:35 Comments || Top||

#3  But it's the responsible and necessary thing to do, whatever the protests from the elected officials whose denial and self-delusion are hastening the arrival of a reckoning they can no longer avoid.

They're still waiting for Senator John Frum and the Beltway air force to air-drop 'the bacon'.
Posted by: Pappy || 12/07/2012 13:53 Comments || Top||

#4  The second set of books (A work of ART!) are being burned as we speak.
Posted by: mojo || 12/07/2012 13:54 Comments || Top||

#5  So the rest of the Michigan and the country will have to pay for the dipwads who were elected and the corruption of these dipwads?

The D9 solution might be considered. Does Public Act 72 and Chapter 9 allow for that solution? Might also consider tossing in front of the D9 the mayors and council people who allowed this debacle to occur.
Posted by: JohnQC || 12/07/2012 14:06 Comments || Top||

#6  Ripley: I say we take off and nuke the entire site from orbit.
Posted by: Procopius2k || 12/07/2012 16:28 Comments || Top||

#7  Having just returned from a trip to the Motor City, I have to say large expanses look like they were nuked already. Although, I was impressed by how clean Rosa Parks Blvd. was - no doubt due to the complete absence of people.
Posted by: SteveS || 12/07/2012 16:37 Comments || Top||

#8  Rosa Parks Blvd, no people, no buses. Oh the irony.
Posted by: Besoeker || 12/07/2012 16:46 Comments || Top||

#9  Actually it's Michigan that is preparing for Detroits Bankruptcy, Detroit ain't having none of it, not even hiring counsel as of yet. This is going to happen very quickly, which might even be a good thing.
Posted by: Shipman || 12/07/2012 16:48 Comments || Top||

#10  Raaaaaaaacists!

(Somebody had to say it....)
Posted by: Barbara || 12/07/2012 16:51 Comments || Top||

#11  Good riddance.
Posted by: Redneck Jim || 12/07/2012 18:42 Comments || Top||

#12  So the rest of the Michigan and the country will have to pay for the dipwads who were elected and the corruption of these dipwads?
PLEASE NOTE: 11/7/12: "In a victory for unions and grassroots organizers, Michigan voters struck down a law that allowed state-appointed emergency managers to renegotiate union contracts, change pension agreements and sell public assets to right the finances in fiscally-troubled communities.

Michiganders voted 52 percent to 48 percent, with 94 percent of precincts reporting, to strike down a referendum on Public Act 4. The law has been suspended since August, when opponents of the bill won a court decision to have the referendum placed on the ballot."
Public Act 4 would have streamlined the resolution of Detroit's situation & most likely would helped more than it hurt. But the Michigan electorate didn't like it because it didn't favor their precious public unions & public union bennies. Michiganders as a group now richly deserve paying for those Detroit dipwads. IMHO.
Posted by: Anguper Hupomosing9418 || 12/07/2012 20:07 Comments || Top||

Home Front: Culture Wars
Does South Korean Rapper PSY Hate America?
PSY has been taking over America with his surprise smash hit “Gangnam Style” but there’s new information on the South Korean pop star that will soon change his popularity among U.S. fans.

It turns out PSY has been involved in several anti-American protest performances. According to Mediaite.com he smashed a model U.S. tank while onstage in 2002 to oppose 37,000 U.S. troops that descended on the Korean Peninsula.

A few years later, PSY cursed Americans after a South Korean missionary was executed. His song “Dear American” sets the record straight.

“Kill those f***ing Yankees who have been torturing Iraqi captives/Kill those f***ing Yankees who ordered them to torture/Kill their daughters, mothers, daughters-in-law and fathers/Kill them all slowly and painfully,” he raps.

PSY is slated to perform for President Obama for a Christmas In Washington special to air on TNT Friday, December 21. As a result, a petition to rescind his invitation has been created by outraged Americans for his anti-American song lyrics.

Looks like PSY’s 15-minutes of fame are just about over.
Posted by: tipper || 12/07/2012 17:57 || Comments || Link || E-Mail|| [1499 views] Top|| File under:

#1  Shittin me? Between the anti-American and homoerotic scenes in his macarana video, he'll fit right in at that table.
Posted by: swksvolFF || 12/07/2012 18:09 Comments || Top||

#2  Coming up next: Who Gives a Fuck What the Effeminate Korean Guy Thinks...
Posted by: tu3031 || 12/07/2012 19:36 Comments || Top||

#3  Beep...beep...beep...beep...

"As a proud South Korean who was educated in the United States and lived there for a very significant part of my life, I understand the sacrifices American servicemen and women have made to protect freedom and democracy in my country and around the world," he said.

The 34-year-old pop star said the words came at a heated time, following the killing of two Korean schoolgirls.

"The song I was featured in—eight years ago—was part of a deeply emotional reaction to the war in Iraq and the killing of two Korean schoolgirls that was part of the overall antiwar sentiment shared by others around the world at that time. While I'm grateful for the freedom to express one's self, I've learned there are limits to what language is appropriate and I'm deeply sorry for how these lyrics could be interpreted. I will forever be sorry for any pain I have caused by those words," he added.

So...who is this guy?
Posted by: tu3031 || 12/07/2012 19:44 Comments || Top||

#4  So...who is this guy?

Somebody who listens to his agents and his publicist?
Posted by: Pappy || 12/07/2012 20:10 Comments || Top||

#5  That was a short 15 minutes.
Posted by: SteveS || 12/07/2012 20:10 Comments || Top||


Also, there are Reports that Kim Jong-n is putting his credibiity on theline wid NOKOR's upcoming new rocket launch, as it appears the transfer of power isn't going too well for him in Pyongyang.

I hope PSY remembers that toy/model tank when the PLA comes over the Yalu and takes over the North, because SOKOR is all thats gonna be left of ancient Koguryu/Korye.
Posted by: JosephMendiola || 12/07/2012 21:19 Comments || Top||


USN ADM. Samuel Locklear III.




- May create more probs than it solves, espec vee strategic cooperat wid China.
- USDOD = MIL BUDGET IS GOING DOWN = US does NOT have the $$$ to fund any Asia buildup, be it traditional procurement of more or new ships and planes, nor for so-called "quick-fix" solutions, i.e. LR HT Remore Warfare Drones, other UVS, + LR Options.
- US already homeports nearly 54.0% of its tote fleet in Asia-Pacific - the desired futurist "60%" stated by Washington is just PC for a more realistic, lessor raise in fleet levels to 57%.
Posted by: JosephMendiola || 12/07/2012 22:09 Comments || Top||

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A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.

Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing the drug and gang related violence in Mexico.

Chris gives us Mexican press dispatches of drug and gang war violence over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has dominated Mexico for six years.
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Meet the Mods
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Steve White
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Bright Pebbles
trailing wife
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Two weeks of WOT
Fri 2012-12-07
  6 dead, 450 injured in clashes at Egypt's presidential palace
Thu 2012-12-06
  Two Dead as Egypt Islamists Overrun Opposition Tents
Wed 2012-12-05
  Hundreds of thousands besiege Egypt's presidential palace to protest draft constitution
Tue 2012-12-04
  Syria FM Spokesman 'Defects' from Regime, Leaves Syria
Mon 2012-12-03
  Car bomb in Syria's Homs kills 15: State media
Sun 2012-12-02
  Mullah Nazir orders out Mehsud Taliban fighters
Sat 2012-12-01
  Egypt assembly approves new draft constitution
Fri 2012-11-30
  Damascus fighting cuts off airport, Emirates suspends flights
Thu 2012-11-29
  Bomb injures top Talibunny Mullah Nazir
Wed 2012-11-28
  Packed Tahrir Square defiant as deadlock prevails
Tue 2012-11-27
  30 Inmates Escape as Gunmen Attack Nigerian Police Unit
Mon 2012-11-26
  Syrian Rebels Claim Capture of Helicopter Base Near Damascus
Sun 2012-11-25
  Thousands of anti-Morsi protesters spend the night in Egypt's Tahrir square
Sat 2012-11-24
  7 People Killed in Pakistan Shiite Procession
Fri 2012-11-23
  IDF, Shin Bet Arrest 55 Terror Operatives In West Bank

Better than the average link...

Rantburg was assembled from recycled algorithms in the United States of America. No trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
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