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Debtroit: Coming To a City Near You

Nasty Z Wrote: Jul 21, 2013 5:11 PM
I just found this about the Ingham County judge who said the Detroit bankruptcy case couldn't go forward. WHY am I NOT surprised to learn she's an Obama worshiper? “It’s cheating, sir, and it’s cheating good people who work,” the judge told assistant Attorney General Brian Devlin. “It’s also not honoring the (United States) president, who took (Detroit’s auto companies) out of bankruptcy.” Aquilina said she would make sure President Obama got a copy of her order. “I know he’s watching this,” she said, predicting the president ultimately will have to take action to make sure existing pension commitments are honored. That’s a political speech that Judge Rosemary Aquilina is giving and she’s tipping her hand rather obviously that she wants Obama to rescue her from oblivion and give her a Federal judgeship and maybe something even bigger.

Detroit, Michigan, may be the nation’s only large city to have sported three distinct pronunciations: the original French, du-TWAH; the 19th century American, deh-TROIT; and the more recent and homegrown DEE-troit. A fourth may soon evolve: DEBT-troit.

The City of Detroit owes to creditors $18 billion that it cannot pay back. Most of the debt is owed to those who provided loans to the city by buying its bonds; next in line are the nearly 30,000 retired and still working city employees owed billions collectively in future pension benefits, which are woefully underfunded....