Democrat Detroit Defaults

  • Posted by a hidden member.
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    Jun 14, 2013 5:04 PM GMT
    This is the end results when Democrats are in charge of finances.

    Emergency manager: Detroit won't pay $2.5B it owes

    Detroit's emergency manager says the city is defaulting on about $2.5 billion of debt.

    Kevyn Orr said Friday that Detroit is asking creditors to take about 10 cents on the dollar of what they're owed. Underfunded pension claims will get less.

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    Jun 15, 2013 10:45 AM GMT
    Well the proverbialshit has hit the fan. There is no way Detroit will dig out of its economic hole (14 BILLION - AND counting!!) without a BK or as in this instance a defacto BK. Everyone should take a haircut: unions, bondholders, pensioners...IT STARTS NOW! I just am amused at these city employees and pensioners who think the checks will keep coming...because?? You are or were a city employee? What about the rest of us in private employment?
  • conservativej...

    Posts: 2465

    Jun 15, 2013 2:17 PM GMT
    Unfunded pension cliams will get less? icon_rolleyes.gif Now how did that happen? Mammies boys have to be kept up you know.