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Detroit To Be Taken Over By The State
Usually, when the administration needs a distraction from just how broke and insolvent in reality the country is, it sends the stock market soaring higher. As such it is beyond ironic that as the S&P is set to hit an all time high, Detroit - that shining symbol of the Obama administration's bailout of General Motors - effectively goes broke.
- MICH. GOV SNYDER TO ANNOUNCE STATE TAKEOVER OF DETROIT
More:
Detroit Mayor Dave Bing says Governor Rick Snyder will announce a state takeover on Friday
Detroit Mayor Dave Bing says Michigan Governor Rick Snyder will announce a state takeover of the city of Detroit on Friday.
Bing says the governor told him his decision during a phone conversation this morning. Bing was talking with reporters following a speech before the Detroit Regional Chamber at the MotorCity Casino.
The city will have 10 days to appeal the decision to the governor.
7 Action News has teams working the story to get more details.
If only Detroit had gone all in the stock market when Bernanke made it his life's crusade to take the Dow to 36,000 and blow up everyone else, trying...
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Is Detroit alive or dead? Impossible to tell without an observer. Who wants to take a look?
I do! It's dead. But they don't believe me
The stakes keep getting raised higher and higher
Meredith Whitney was right but hard to pick pinpoint timing underestimating the ability to print and socialize losses. Every loss is getting bigger and moving up the chain. They will get bigger and bigger until one day....poooof.
musical chairs, hard to tell when the music stops.
this should hardly be a surprise, since DC big govt and central banks are taking over the world and tightening the noose.
Makes announcement while at Casino. Fitting
hahahahahahahahahaha!!! perfect
there's nothing there to steal.
Governor Snyder is working with CSX and Norfolk Southern to charter special trains to relocate the residents. They are looking at non-stop routing to Atlanta, GA, Birmingham, AL, and Jackson, MS. Canadian National's Illinois Central Division will be putting on extra trains to handle those folks that will be relocating to New Orleans.
This cannot be true. Really? The North American Marxists have a mobile Cloward-Piven Squad? trailing a transmittable plague of municipal bankruptcies in its wake? 'Verily, ye sjall know them by the Trail of Debt.'
This is true: Birmingham is already bankrupt, Atlanta is squirming on the verge of it, and New Orleans literally sank a few years ago.
Here I speculate: Who takes over the assets/cashflows in bankruptcy? That is, after disaster has run its course, who owns the city and its tax flows? Banks, Bondholders? Or, is it merely an asset-stripping exercise for The Elite, and they dont care about what's left over after the debt/disaster hits? Any legal facts on the certainties of possession in post-municipal bankruptcy situations would be welcome, please.
I had hoped the fates befalling Detroit, Brimingham, Illinois, and California could be contained, somehow. Any ideas, Gentlemen?
Cheers,
Beef
Crazy! Don't you know Corzine is already there? Obama appointed him Czar of Detroit months ago.
Fate the Magnificent
"Push the Button, Max."
Meanwhile: http://economiccollapsenews.com/2013/02/28/ron-paul-bernanke-presented-m...
Detroit should be taken over by the state.
That place is a fucking mess.
http://www.angrysinner.blogspot.kr/2013/02/thursday_28.html
1. American cars suck, they are totally unreliable.
2. Michigan sucks, we are naked apes, noone "chooses" to live in a freezing ugly polluted Northeastern or Midwestern state like Michigan.
Maybe print up a few trilion Moto-bucks and pay their employees with them.
geez, where is jonnie boy anyway. what a low profile he's keeping.
Well.......that should be good for 100pts dow
Bet you anything Detroit's pension plans are WAY overallocated to equities and still WAY underfunded.
pension?
i would have thought the average life expectancy to have dipped way below 65 already, given how crime ridden that place is.
Life expectancy of average citizen? Yes. Life expectancy of average police officer and firefighter? No.
Gov't workers retire well before the age of 65!
Government workers who retired with pensions (often multiple ones) backed by the City of Detroit will receive their golden year monthly disbursements in the form of golden showers, just as millions of other municipal/county/state workers and retirees across the country will.
Take Detroit, add all the other de facto (emergency managers can legally void contracts & pension obligations, past and present, and deny creditors' claims, just like a bankruptcy judge is able to do) or de jure bankrupt (current or soon-to-be) cities/counties to the list, add the numbers together, look at the value (much of which is "transitory" in the form of highly volatile "stawk" prices) of pension investments...
...and then look at what the The Pension Benefit Guaranty Corporation can really, truly effectively deal with. Those victims of the coming Pension-Go-Poof syndrome (latin: Infectiusus Corzineus) will be lucky if the PBGC has the ability to shell out 5 cents on the dolla' after the coming tsunami.
It's a fucking joke.
Three, Two, One...NOW! CNBC reports Detroit to be taken over by state.
How long will it take?
Lies-man, Piss-on-me, Maria, that beastly spanish skank with huge tits......they all surf ZH for their info
I'll bet that Maria is skanky. Those floppy tits hit her waistline
Lovely city
Relocate Detroit into Kalifornia.
The sun will alleviate the combined misery.
Half of Detroit already relocated to CA. It's called Oakland.
How does one short Michigan?
When any 4 cylindar won't do.
buy a toyota
democracy is us telling you how it is.
What do you mean taken over by the state. It is and was ruled by the state socialist for what 50 years.
There is a great youtube video on Detroit by Steven Crowder on the subject.
is this what they mean by 'ward of the state' ?
Detroit needs its own stock exchange with co-located servers. Think of the revenue from property taxes as the wealth effect flowers in another American metropolis!
this of course is ULTRA BULLISH FOR THE FRAUD MARKET...RIGHT????RIGHT!!!!
dow 36,000............................................................................................................................................................................................
And since the State is also nearly as broke, this solves what?
NUKE IT ALREADY.
From space. It's the only way to be sure.
you can't make that call. You're just a grunt. no offense
None taken.
"Bing was talking with reporters following a speech before the Detroit Regional Chamber at the MotorCity Casino."
That just about sums it up for me.
http://www.youtube.com/watch?v=y8iGygh5qqc
http://www.youtube.com/watch?v=QoHu2oTuie0
They were at a Detroit casino and they didn't lever up 40000000:1 and bet it all on black? They definitely aren't from Wall St that is for sure. Mama needs a new pair of Mossbergs!
So a state with a $1.85 BILLION 2012 budget DEFICIT can take over a bankrupt city? The bankrupt leading the bankrupt. Only in Amerika!
They always say that leadership depends on experience - looks like the state is ready to lead Detroit forward.
I guess it would be like the Titanic motoring to save the passengers of the Lusitania, all the while taking on water and hitting a few more icebergs on the way.
They'll rip out all the copper wiring and sell it to scrap dealers. Those fucking scrap dealers will believe any story!
Too late
http://www.freep.com/article/20130215/NEWS05/130215035/metro-Detroit-fre...
$1.85 billion what? Fiat dollars? What's that work out to, exactly? A little more than 2% of the fiat dollars the fed is creating each month to buy up mortgages, no? None of this actually means anything, does it? Mad, mad world.
So rather than the insolvent tax payers of Detroit shouldering the debt burden they will now be able to spread the debt over the entire state.
We all know how forced collectivism will end, but the "good" news is that it's like the Soviet Union in it's early stages.
Does Detroit NOT WANT to be taken over? Is this then a hostile takeover?
Will the Chinese come up with a competing offer? They bought the remnants of A123, why not all of Detroit?
Depends on how much Illinois is willing to pay.
Are you kidding? It wouldn't surprise me if Michigan announces early next week that it's also taking over Illinois.
It could only help us here in IL. Please dont get my hopes up..
That sinkhole has'nt been filled in by Lake Erie yet?
The state of *Michigan* is taking over Detroit? Oh! Well then! Problem solved! Wine and cheese for everyone!!
I though this was probably an Onion headline. Guess not.
Life imitating art.
Dave Bing goes Bang !
Even the NBA hall of famer couldn't break the Zimbabwe style full court press.
What's left to take over?
Chuck Norris will sort this out!
I've not been here for a very long time, I'm only a kid (relative to you veterans) and perhaps at first I didn't take all of the warnings regarding the inevitable and complete destruction of everything as seriously as I should have. Now however, more and more I am just genuinely worried about just what the hell to do - it doesn't seem like there's any way back from here. Basic medical supply shortages in Greece? Cities being taken over? The entire world's financial markets so obviously rigged?
I'm just gonna stare at my (very small) pile of gold, cock my plastic toy shotgun (UK - meh) and wait it out.
Derp.
Relax, almost nothing is burning down yet! You shouldn't 'worry' until the supermarkets go empty.
It will happen sooner than you think.
Shit.
hmmm, i smell a cunning plan hatched by skeeter.
empty wallyworld, then tweet to the hood rats over their o-phones to riot.
Butch comes in with her new tanks and shoots all the YT pregnant women.
The roll-up of the United States has begun....first Cities go bust and art taken over by the states (to help them). Later, States go bust (like California) and must be taken over by the Feds....in the process, banks got bust and must be taken over. The internet - that's a lost cause. Healthcare will be single payer by that stage....pretty much the entire show reports to one guy.....
And if things were linear (i.e., w/o feedbacks) that'd be true. Trouble for them is, as power concentrates so do problems, and the system itself loses robustness. That is, as power drifts into fewer and fewer hands, the exercise of it depends on fewer minds, making the centralized system incredibly fragile. Ultimately, this fragility is their Achilles heal.
The new normal American exceptionalism.
Next headline:
U.S To Be Taken Over By China
So I guess the US isn't Cyprus? Or is it just that you don't like Russians?
I don't mind the Russians. I hear they are pretty good at blogging.
<snicker>
They are too late....Israel got there first.
Where will they send the population of Detroit ? Liberia ? Will they burn down Grosse Pointe ? Will Candians seal the border and blow up the railway track ?
That would be fucking epic--sappers blowing the bridges to keep the zombie hordes back.
I hope the F***ing Canadians use f***ing napalm.
O's AmeriKa is so over.
Don't worry, Farrakhan is taking care of Detroit.
http://www.theblaze.com/stories/2013/02/25/farrakhan-urges-black-america...
Farrakhan Urges Black Americans to Collectively Purchase Land…and Wants to Recruit Gang Members to Protect ItCommunist Keynesian Gangsterism we can believe in!
i say, let him go for it. couldn't fuck it up any more than it already is.
"....and Wants to Recruit Gang Members to Protect It"
From whom, exactly?
People who don't want commies in their country?
Whitey of course.
Real communists in the tradition of Marxism-Leninism don't waste money purchasing land. They just set up Red Guards and a Red Army, and take it, by force. The part about using gang members might sound bizarre to bourgeois westerners but Farrakhan is not ignorant - who do you think the CCP and Bolsheviks recruited at the very beginning... not wimpy "middle-class" kids who might not be up for murder, torture, etc.
Detroit, a place that once buzzed with the sound of factories and productivity is now a carcase.
New York, a world wide legal las vegas casino, no production, no factories, riches all around.
Pretty good contrast with the way the USA is going.
Perfect!
It's all about the money boys!
Nothing matters now except who can shuffle the 1's & 0's fastest .
is it because Detroit is full of nigger?
Nah, it's full of welfare culture statist trash.
the mayor is a nigger the former mayor a negro...that what will happend to USA with the nigger in the white house...bunch of fat stupid jerk
Yeah, well moron redneck buttlicker jeffro314, us white folks have been in control of things waaaaaay longer then the few blacks with authority have been. Please explain the situation based on that rather inconvenient, for you, fact. Or did I use too many multiple syllable words for you to grasp my meaning? If so, grunt once for yes and twice for no, and I will rephrase it in words with four letters or less. Since I realize even that may be too much for you, I would be willing to send you a crayon drawing if need be.
Jeff, you really made an impression regarding you intelligence.
Nah, you're getting confused with the UK.
Yes.
Nobody wants to admit it.
Not Black People, just nigs. For each responsible black citizen, there are 99 nigs.
And Herbalife trading has ben halted....
And what's the state going to do with it? Michigan, then the US are not in any shape either.
Maybe the Prez should threaten Detroit. "You'll regret this default!' Then they can fly in some drones and hellfire the bejesus out of it....YEAH. That will solve it. GITSUM GITSUM GITSUM.
LOL! not sure you'll be able to tell the differences between the before/after hellfire pics of detriot since it's already a warzone
I was born in Detroit.....I didn't recognize it years ago.....I imagine it looks more like Baghdad....it almost has as many muslims.
It's passed Baghdad; now its more like Mogadishu.
Worse; Khartoum. After the British blew it up.
If you are in Michigan, this means you are now responsible for the city of Detroit and everyone in it. Suckers! And you thought moving to a suburb would keep you "safe."
I'm telling anyone who will listen...they will come for you. Mark my words. They will come for you, they want every little ounce of wealth that they can get their hands on to prop up failing businesses, institutions, and cities.
They will NOT allow them to fail naturally.
Yep.
Near as I can tell, the process by which the mass theft of wealth will take place has been instituted and is underway....the victims won't recognize the theft until it is too late, not that there is a whole lot they could do about it.
Robocop graphic - perfect Tyler.
"I'll buy that for a dollar!"
The future is now.
Give it time.....you'll get your Detroit city block for a few grams of gold very soon.....
Sold to you.
Everything will be fine. Detroit will bail itself out by issuing a new currency backed by Government Motors. They will call it the DollahYo, and it will be pegged to the value of one 9 mm hollowpoint. It will be the first bill to be completely fireproof (Chevy Volts and Devils Night being local hazards).
Or, they will just file a petition to rename the city Destroid. That could happen.
Big Sis and DHS should buy it with some hollow points and use it as a training ground for urban warfare....it already looks war torn.
I wonder what the states( I mean FEMAs) plans are for the former MotorCity?
At least they won't need to bring mold rotted trailers there because of all the abandoned houses available.
They can send all the illegals that were just released to Detoit , and rename it some sovereign territory (Gitmo North) so that they can get around the judicial constraints.
I'd think given the chance and the left over materials in abandoned houses those illegals would just get all industrious and start building new homes.
The newly appointed Emergency Manager will declare all union contracts void, reduce all hourly wages to $7.25/hr. with no fringes, and then see to it that all bondholders get paid 100% and on time. He will also aggressively pursue all delinquent taxes. All city services will be cut to the bone and the cost savings applied to those bond payments. Snyder is probably looking for a Goldman alumnus for the EM position as we speak.
AFSCME will sue to try and stop this turn of events, so it might take awhile before it actually happens. They might even mount an illegal strike. If they do, there will be 1,001 applicants for each city job.
$7.25/hr? Are you crazy? That is way under the soon to be minimum living wage. Unemployed people will not work for anything less than $9/hr.
Much of Detroit is returning back to prarie.
Grow crops.
It would be a great place to grow cotton. That's something that they already know how to tend and harvest.
Yup. It is pretty amazing to see in a lot of pictures. Bulldoze the whole place and send the vermin to Chicago.
Everyone hand in your guns and ammo. It's the safe thing to do.
Dow Jones is 40 points from an historial high set in 2007 - 14198. This is so excellent.
Obama: "If I had a city it would look like detroit"
Funny shit bro!
yes, Bathouse did not realize how literal they meant 'beard.'
Obama: When they told me in Chicago that my future wife they picked out for me looked like someone from Star Wars, I pictured Princess Leia not Chewbacca.
and she wanted to dump his sorry ass at one point...now, the guy is a two term POTUS...is he that good, or are we that fucking stupid?
He ran against George W Bush's record. At that time a stuffed dummy could have beaten the Republicans without opening his mouth. Has everyone forgotten.
Although OT. Yes, everyone has forgotten. GWB was such an unpopular president that he got a black man elected. That is saying something about what a shit job he did. I am NOT saying things are better now....... I am just agreeing that everyone has forgotten that ANY Dem. could have won that election... too bad it was O.
+100
"We didn't destroy that. Someone else destroyed that."
If he keeps LYING, he will have a whole countrty that resembles Detroit.
no way in hell he stops lying and blaming...none
but the http://www.mgmgranddetroit.com/ is packed every night and weekend and as recently as september 2012 had the 2nd highest operating income of all mgm resorts after the bellagio. all is well
I think this image says it all:
http://images2.wikia.nocookie.net/__cb20080320053228/bttf/images/0/02/Bi...
"Bing in the corner...Bing...Bing...Bing...BANG!"
- Johnny Most (1977)
What Detroit needs is not a take over, it's a bunch of bulldozers leveling everything. Let nature take this place back. All you tards who still live in that shithole? Move to Chicago, you'll fit right in.
why can't they just let evolution just do her thing?
Because we want next day delivery. It costs more but we are worth it! So, let's tear the MFer down and get one of those kewl Chineese cities I saw on line. Obama will pay for it.
so what the hell does that mean or do?
The effectively insolvent State of Michigan takes over the bankrupt City of Detroit...
I recall Orange County, CA going bankrupt in the 90s. Detroit has problems, no question, but it's not like they are alone in that. I see Chicago took over the reins on homicides.
The only reason Detriot failed is because of the sequester. Since they couldn't cut expenses like a private business could, Detroit needed to be taken over by the State. The only reason Detriot failed is because they didn't spend enough money on green technologies. Imagine where Detroit would be with those wind turbine tax revenues. The only reason Detriot failed is because it wasn't a big enough experiment. If the experiment was on a national level, we wouldn't have this problem. The only reason Detriot failed is because they can not print their own currency. If they had the ability to print they would not have failed.The only reason Detroit failed was because people are not paying their fair share. The rich continue to get rich and the middle class suffer. The only reason Detroit failed is because there is not enough liquidity in the market. Detroit needs more Qe. Thank you Detriot for providing a forecast into the future for all US cities, I am sure we will not consider it going forward.
OK so Detroit is taken over by the state. WHAT DOES THAT MEAN?
Does the Mayor lose his job? Do city employees get fired? Do all tax revenues get paid directly to the state of Michigan?
How is this going to change anything financially in Detroit? Anyone?
It means that ALL union contracts will be reworked, ALL pensions reworked and all cash outflow is approved, not by the city council, but the emergency manager.
This is going to piss off the locals to no end.
Whitey is again in control of the money.
Umm...piss of the locals. Yea, guess that would do it.
Thx DW
and that's a good thing. look how the 2 hood rats in the WH blow thru our monies.
YT needs to reclaim lost territory.
Fuck no.
It means that the state now runs the city which is now un-run-able, anyway.
It's a showtime at the Apollo.
Now the state can go beg for bucks from the statists in DC.
Nothing changes.
Just optics
Shit, might eve see the Moratorium type name applied to the Olde fashioned NYC type bankruptcy.
First, the Gov. who is taking over Detroit is a tea bag republican or in other words a libertarian.
If this take over is anything like the one he pulled in Benton Harbor he will remove the elected city government and instal his own guy, called an emergency manager, who in essence will have totalitarian control over the city. In Benton Harbor they told the citizens to suck it, then sold a lake front city park to a developer buddy who is building a golf course on it so the rich guys in Chicago will have a weekend retreat so they can get away from the war zone. The tax payers of Michigan donated millions of dollars to help build a new corporate head quarters for the Whirlpool corporation. No return of manufacturing jobs, but the Whirlpool fat cats will have a state of the art place to have their meetings.
The potential political pay backs will be a sight to see in Detroit. It's awesome what can happen when the elected government is overthrown and a totalitarian regime that doesn't have to answer to the citizens is installed in it's place.
Everyone in the US should be up in arms over what is happening in Michigan. If this were happening in China or Russia the crooks in DC would all over the TV screaming about it being a civil rights violation.
Did you hear the stuff about selling belle isle to make it a offshore bank? I hear the corporations are offering $1B...
That governor is just the guy to pull it off too. He managed to make MI a right to work state. NOBODY thought that would ever happen!
So the entire elected city government will be told to take a hike? Including the mayor? Without pay?
Serious?
The same thing in Detroit will largely happen too. Replace one set of crooks with another set of crooks. I am sure that Snyder will hand out all kind of goodies to real estate & commercial developers and large multinationals including stuff on the MI taxpayer's dime.
Your right though that people should be really concerned over this. It basically is a stealth way to get control of local governments by state/federal governments and sadly is going to be a trend I see in the future in the US.
There IS hope for us all - states can't print money. So evetually an entire state or two or moar will be taken over by the Federal Government...
Just Google "Vallejo", you'll get the picture.
So this is perfect....now they don't have to admit cities are going bankrupt.
What debt obilgations is the state assuming? Which bond-holders have been protected? Which speculators on the city debt made a killing??
Please move along people, nothing to see here....please direct all your attention to the stock market.