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Detroit Free Press: Detroit prepares to file for bankruptcy as soon as Friday

#21chaos knightPosted 7/18/2013 1:29:07 PM
Well considering that virtually every city of decent size is liberal...

Smaller towns that file for bankruptcy don't exactly get as much media attention either.
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#2250inchDLPPosted 7/18/2013 1:33:55 PM
that's what happens when you get the government involved in business. you can see perfectly when the auto industry began it big fail was when government started legislating auto makers how to make cars. its a damn shame too. not to mention unions getting free ticket to whatever they wanted for too many years.
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#23Monolith1676Posted 7/18/2013 1:39:18 PM
Time's up. They were all run by Democrats.
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#24LuigisBroPosted 7/18/2013 1:40:13 PM
so another city goes bankrupt under the Republican appointed Emergency Manager
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#25themastahPosted 7/18/2013 2:00:12 PM
Starks posted...
How did Detroit and Oakland become the laughing stocks of America?


When did Oakland become a laughing stock of America?

In fact, what the heck does Oakland have to do with this topic?
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#26Slim_CTASPosted 7/18/2013 2:05:07 PM
This has nothing to do with the fact that the city is basically one giant nest of do nothing welfare recipients that it feeds, clothes, houses, and educates for free. Half the city is Section 8, the other half is straight up abandoned.
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#27ManaYukaPosted 7/18/2013 2:05:19 PM
^^^^^^^^ Oakland is 32% black

Conservatives hated it even more in the 80's when it was 60% black, but now that its majority white again, they still think its majority black some reason lol
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#28JIC XPosted 7/18/2013 2:10:27 PM(edited)
zerooo0 posted...
So what happens when a city files for bankruptcy?


Well, the gist is that there's a special procedure for it, called "Chapter 9."
It's similar to Chapter 11 "bankruptcy" in that it's essentially a framework for finding and imposing a fair* arrangement between the city and its creditors.

The process can't result in liquidation.

Here's a thing: http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter9.aspx

*That is, fair in the circumstances. The fact of the matter is that Detroit can't afford to pay all of its obligations as they come due. It's insolvent. The Chapter 9 process is a way of making the best of that situation.
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#29JIC XPosted 7/18/2013 2:12:18 PM
chaos knight posted...
I imagine this will start a chain reaction amongst other high profile, heavily debt burdened cities. In Detroit's case, it was doomed to fail as soon as the auto industry started failing and people that could afford to do so started fleeing the city in droves. I'd hate to be a resident there right now (or really the past few decades).


Well, according to a source of unchallengeable veracity (Wikipedia), about 40 municipalities have filed for Chapter 9 bankruptcy since 2008. That's a somewhat above-average clip (there were about 600 filings from 1930-2008), but that's to be expected in view of the economic crisis.
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#30Shinobi120Posted 7/18/2013 4:21:42 PM(edited)
Daaaammmmnnnn...that's going to seriously affect a lot of jobs & pensions, etc.

Gotta feel sorry for the people that currently live there.