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    Who are the NERD fund donors Mr Snyder?

    Raise the curtain.

    Color Me (Not) Surprised


    By Kevin Rex Heine, Section News
    Posted on Thu Jul 18, 2013 at 06:26:39 PM EST
    Tags: Detroit, Public Act 56 of 2011, Lipstick On A Pig, Chapter 9, Public Act 4 of 2011, Proposal 12-1 (all tags)

    I'm not really sure why this should come as a shock, but it is what it is.

    From WNEM-TV5 in Saginaw:

    DETROIT (AP) - Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection.

    Kevyn Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall and made the filing Thursday in federal bankruptcy court.

    ...

    Orr was unable to convince a host of creditors, the city's union and pension boards to take pennies on the dollar to help facilitate the city's massive financial restructuring.  If the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.

    "Only one feasible path offers a way out," Gov. Rick Snyder said in a letter to Orr and state Treasurer Andy Dillon approving the bankruptcy.

    Snyder determined earlier this year that Detroit was in a financial emergency and without a plan to improve things.  He made it the largest U.S. city to fall under state oversight when a state loan board hired Orr in March.  His letter was attached to Orr's bankruptcy filing.

    "The citizens of Detroit need and deserve a clear road out of the cycle of ever-decreasing services," Snyder wrote.  "The city's creditors, as well as its many dedicated public servants, deserve to know what promises the city can and will keep.  The only way to do those things is to radically restructure the city and allow it to reinvent itself without the burden of impossible obligations."

    ...

    Orr's team of financial experts put together said that proposal was Detroit's one shot to permanently fix its fiscal problems.  The team said Detroit was defaulting on about $2.5 billion in unsecured debt to "conserve cash" for police, fire and other services.

    "Despite Mr. Orr's best efforts, he has been unable to reach a restructuring plan with the city's creditors," the governor wrote.  "I therefore agree that the only feasible path to a stable and solid Detroit is to file for bankruptcy protection."

    Detroit's budget deficit is believed to be more than $380 million.  Orr has said long-term debt was more than $14 billion and could be between $17 billion and $20 billion.

    To quote Lady Thatcher: "The problem with socialism is that you eventually run out of other people's money."

    < Now a Brief Message from Rick Michigan on Detroit | Time To School The Left >


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    Scales beat you on this one. (none / 0) (#1)
    by JGillman on Thu Jul 18, 2013 at 07:48:02 PM EST
    And me too..

    Absolutely amazing that All that we have tried to get across with regard to DTERoit in the last several years now sinks in.

    Can I get an

    "I Told you so?"



    An I told you so? (none / 0) (#2)
    by Corinthian Scales on Thu Jul 18, 2013 at 08:57:11 PM EST
    C'mon now.  Ain't no way ya can get a Shepard out of a long bloodline of Progressive Poodle, with Modus OpeRandy and Curley Bolger-gate lapdogs nipping at Conservatives.

    770 days of Tax Hiking procrastination ain't exactly "Working in Dog Years".

    A Hundred Percent of Nothing

    By Walter E. Williams
    Wednesday, December 19, 2012

    JoAnn Watson, Detroit city council member, said, "Our people in an overwhelming way supported the re-election of this president, and there ought to be a quid pro quo." In other words, President Obama should send the nearly bankrupted city of Detroit millions in taxpayer bailout money. But there's a painful lesson to be learned from decades of political hustling and counsel by intellectuals and urban experts.

    In 1960, Detroit's population was 1.6 million. Blacks were 29 percent, and whites were 70 percent. Today, Detroit's population has fallen precipitously to 707,000, of which blacks are 84 percent and whites 8 percent. Much of the city's decline began with the election of Coleman Young, Detroit's first black mayor and mayor for five terms, who engaged in political favoritism to blacks and tax policies against higher income mostly white people. Young's successors, Dennis Archer and Kwame Kilpatrick, followed his Third World tyrant policies, but neither had his verbal vulgarity. Kilpatrick (2002-2008) went to jail and is on trial today on charges of corruption. Mayor David Bing is making an effort to revive Detroit. His problem is that he's not God.

    Policies that ran whites and other more affluent people out of Detroit might have been Young's and his successors' strategy. After all, why not get rid of people who aren't going to vote for you anyway? The problem is that getting rid of these people left Detroit with a lower tax base, fewer jobs and fewer consumers. Fewer whites might be good for the careers of black politicians, but it's not in the best interests of ordinary blacks. Blacks have political control of Detroit, but the relevant question is whether some control of something is better than 100 percent control of nothing. By most measures, Detroit is one of the nation's most tragic cities, and it's mostly self-imposed.

    Detroit topped Forbes magazine's 2010 list of America's Most Dangerous Cities. That year there were 345 homicides, but that's going to be topped with this year's 365 homicides so far. Most homicide victims in Detroit and elsewhere are black, and 95 percent of the time their murderers are black. But far more important to black leaders and white liberals than blacks murdering blacks are charges of police misconduct and racial profiling.

    Detroit's predominantly black public schools are close to being the worst in the nation, perhaps with the exception of those of Washington, D.C. Only 4 percent of Detroit's eighth-graders scored proficient or above on the most recent National Assessment of Education Progress (NAEP) test, sometimes called "The Nation's Report Card." Thirty-six percent scored basic, and 57 percent below basic. "Below basic" is when a student is unable to demonstrate even partial mastery of knowledge and skills fundamental for proficient work at their grade level. "Basic" indicates only partial mastery.

    Unbeknownst to most black parents is the fact that most black students who manage to graduate from high school cannot read and compute any better than whites four years younger and still in junior high school. Here's a question for you: If we put a group of 100 students of any race having an eighth-grade level of proficiency and another group of 100 students of any race with a 12th-grade level of proficiency in college, is it reasonable to expect the first group to perform as well as the second? On top of that, is it reasonable to expect a student of any race to be able to make up 12 years of fraudulent K-12 education in the space of four or five years of college?

    Detroit's social pathology is seen in other cities with large black populations such as Philadelphia, Newark, Baltimore and Chicago. These are cities where blacks have for years dominated the political machinery in the forms of mayors, police chiefs, superintendents of schools and city councilmen, plus they've been Democrats. It's safe to conclude that the focus on political power doesn't do much for ordinary blacks.

    Walter E. Williams is a professor of economics at George Mason University. To find out more about Walter E. Williams and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.

    Like Kevyn Orr is going to be a permanent fixture in the City of Detoilet?  Pshaw! Right.

    Shoulda got that shakedown bacon from y'all's race pimpin' half Creepy Azz Cracka Obamessiah before voting, huh Queen Laqueefah?

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