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The repealed Emergency Financial Manager law probably seems like a better idea now; at least to those who spent great amounts of money to defeat it.
Its not as if they weren't warned.
State appointed Emergency Financial managers couldn't touch any pension contracts whatsoever. As a state initiated law, it would have run afoul of article 9, section 24; the state's own constitutional protection for pensions. The EFM law was however, a tool to readjust current contracts not associated with those pensions. Federal courts would have no say at that point. But labor unions, and certain municipalities' elected bodies preferred to not allow such a thing.
Instead, a bankruptcy, fully clarified in the constitution as being under federal jurisdiction, takes the state's constitutional protections of those pensions off the table.
(3 comments) Comments >>
By JGillman, Section News
Seriously, its really becoming US V THEM.
The governor actually does something that makes sense, (and only 2-3 decades late) and the protectors of leftist failures jump into action. And, the kids are getting hurt feelings. Yesterday's Detroit Bankruptcy filing made little Rose cry. She thought she had beat the bad man to the punch. So she has retaliated:
"Aquilina said she would make sure President Obama got a copy of her order."THAT will teach that bad boy a lesson.
Once uncle Barry hears about it, he's going to take Ricky's bridge away.
(6 comments) Comments >>
Who will claim the decaying body that is Detroit?
Kevyn Orr, The emergency financial manager, was given an unworkable task. In a city that has been reassured repeatedly that it is too big to fail, the lights are going out. All manner of economic development incentive paid for by Michigan taxpayers as yet proves to be insufficient to generate the activity necessary for basic government services, and a sustained infrastructure. Four decades of progressive politics and fear of calling out bad decision making as it happened; fearing the sting of racial politics, and lack of compassion.
Its far too late now.
Banks that have loaned Detroit operating cash should count those loans as losses. Retirees that did their jobs, and counted on their employer to manage finances and their retirement moneys appropriately might wish to reevaluate their portfolios. Orr's current status report?
"Excluding proceeds from debt issuances, the City's expenditures have exceeded revenues from fiscal year 2008 to fiscal year 2012 by an average of $100 million annually. These financial shortfalls have been addressed with long term debt issuances (e.g., $75 million in fiscal year 2008, $250 million in fiscal year 2010 and $137 million in fiscal year 2013) and by deferring payments of certain City obligations, such as contributions to the City's two pension funds."But that's not all.
There are some other interesting items that have a familiar smell
Continued below the fold.
(4 comments, 783 words in story) Full Story
External FeedsMetro/State News RSS from The Detroit News
+ Craig: Cushingberry tried twice to elude police, was given preferential treatment
+ Detroit police arrest man suspected of burning women with blowtorch
+ Fouts rips video as 'scurrilous,' defends Chicago trip with secretary
+ Wind, winter weather hammer state from Mackinac Bridge to southeast Mich.
+ Detroit Cass Tech QB Campbell expected to be released from custody Friday
+ New water rates range from -16% to +14%; see change by community
+ Detroit's bankruptcy gets controversial turn in new Honda ad
+ Royal Oak Twp., Highland Park in financial emergency, review panels find
+ Grosse Ile Twp. leads list of Michigan's 10 safest cities
+ Wayne Co. sex crimes backlog grows after funding feud idles Internet Crime Unit
+ Judge upholds 41-60 year sentence of man guilty in Detroit firefighter's death
+ Detroit man robbed, shot in alley on west side
+ Fire at Detroit motel forces evacuation of guests
+ Survivors recount Syrian war toll at Bloomfield Hills event
+ Blacks slain in Michigan at 3rd-highest rate in US
Politics RSS from The Detroit News
+ Apologetic Agema admits errors but won't resign
+ Snyder: Reform 'dumb' rules to allow more immigrants to work in Detroit
+ GOP leaders shorten presidential nominating season
+ Dems: Another 12,600 Michiganians lose extended jobless benefits
+ Mike Huckabee's comments on birth control gift for Dems
+ Granholm to co-chair pro-Clinton PAC for president
+ Republican panel approves tougher penalties for unauthorized early primary states
+ Michigan seeks visas to lure immigrants to Detroit
+ Peters raises $1M-plus for third straight quarter in Senate bid
+ Bill would let lawyers opt out of Michigan state bar
+ Michigan lawmakers launch more bills against sex trade
+ Balanced budget amendment initiative gets a jumpstart
+ Feds subpoena Christie's campaign, GOP
+ Poll: At Obama's 5-year point, few see a turnaround
+ Obama to release 2015 budget March 4
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