120 search results for "bailout"

You Broke it, YOU Bought it: NO FEDERAL BAILOUT!

by Corinthian Scales • July 12, 2020 • 0 Comments

Michigan Lt. Gov. Garlin Gilchrist is calling out the U.S. Department of Education for its lack of involvement in helping schools across the state restart.

On CNN’s “Inside Politics” on Sunday morning, Gilchrist said the federal government needs to step up with more financial support.
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“We’ve been putting out this mandate for schools to start saying we have allocated resources but $256 million … We’re going to need a lot more because our education professionals deserve to be safe when they go into schools to educate our children,” Gilchrist said.

Want to see the money spent, and the kind of quality that Gov. Whitmer’s best friends provide to America?

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Gov. Whitmer Begs POTUS for Bailout of Nasty Nessel’s Womanmade Disaster

by Corinthian Scales • June 16, 2020 • 6 Comments

Gov. Whitmer, and AG Nessel’s agendas never once hit pause so, The Man is called upon to bail them out. This serves as lesson for those who vote Democrat.

Gov. Gretchen Whitmer on Monday requested a major disaster declaration from President Donald Trump for $245 million in damage widespread flooding caused in five Michigan counties last month.

The damage done in Midland, Gladwin, Arenac, Iosco and Saginaw counties amounted to roughly $190 million in losses for residents and $55 million in damage to public infrastructure, according to the 50-page request Whitmer sent to Trump on Monday.

Not going to bore anyone with restating all the details here, however, the dam breached one day before Whitmer and Nasty Nessel wasted what could’ve been helpful resources to aid folks whose lives were destroyed, just to have their foot soldiers write tickets at a field barbershop, while also 19 days prior suing to raise the dam’s water levels because, yannow, mussels mentioned 38 times.

Just like we’ve seen that Gov. Whitmer lies, now we do with Nasty Nessel, too.

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All the Other Stuff, Conservative News, Cronyism, Democrats, Detroit, Elections, Government Incompetence, Humor in Michigan

But, none of this is what Gov Snyder promised Michigan Taxpayers after the bailout???

by KG One • October 25, 2017 • 0 Comments

Unless you have the Pollyanna-ish worldview that a certain sitting Michigan Governor possesses, honestly none of this should come as a surprise to anyone.

Round two in the Detroit Mayoral Race (which in case anyone is interested, has the first and only televised debate tonite).

And the sad part here is that I could’ve found more rundown areas of Detroit than are featured below.

Submitted w/o any further comment.

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Cronyism, Democrats, Detroit, Elections, Government Incompetence, Michigan, Part Time Legislature, Rent Seeking, Republicans, Taxes

The DPS Bailout – An Alternative History Under Bankruptcy

by 10x25MM • July 13, 2016 • 9 Comments

A Bankruptcy Postponed Is Not A Bankruptcy Avoided

The $ 617 million PA 192 – 197 bail out package signed by Governor Snyder on 21 June (plus the $ 48.7 million emergency down payment earlier this year) will not fix the Detroit Public Schools. The culture of corruption and incompetence long fostered within DPS suggests that the new DPS – same as the old DPS, except for some liabilities – will fail miserably a few years hence in an avalanche of new liabilities. Michigan will then be left to sort out two separate DPS entities with unsustainable liabilities. This could easily occur even before Governor Snyder leaves office in 2019. Karma. Déjà vu all over again.

Governor Snyder secured the Michigan Legislature’s approval of the $ 617 million bailout by regaling them with an entirely false narrative of the aborted 1991 Richmond, CA Unified School District bankruptcy, then implying that the entire $ 3.5 billion in DPS liabilities would fall upon the taxpayers of Michigan. The Michigan Legislature’s Republicans (and our nitwit media) bought Governor Snyder’s tale hook, line, and sinker – then delivered a $ 617 million gift to DPS for its past ill behavior. The Michigan Legislature’s Democrats had the chutzpah to hold out for even more taxpayer paid goodies.

There was another, better option: bankruptcy.

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Democrats, Detroit, Government Incompetence, Michigan, Michigan Politics, Part Time Legislature, Republicans, Taxes

The DPS Bailout – Debts & Obligations

by 10x25MM • June 23, 2016 • 7 Comments

Part II - The Eventual Cost of DPS Liabilities to Michigan Taxpayers and Detroit Schoolchildren

DPS has two types of formal debt: operating and capital. Operating debt is a conversion of present and past annual operating deficits into ‘long-term notes’ sold to the financial markets, as well as more immediate debts owed to the State of Michigan directly. DPS capital debt exists only in the form of bonds which were sold to financial markets to purchase and rehabilitate facilities. DPS’ formal bonds are identified by Series, which consists of the year issued and a letter suffix when different purpose bonds are issued in a single year. The financial markets apply a further identifier, CUSIP, which is a unique identifier of municipal bonds by series and their intended dates of redemption. All of the DPS debt sold to the financial markets has been enrolled in Public Act 92 of 2005, a program designed to reduce interest rates to local school districts in accordance with the 1963 Michigan Constitution’s Article IX, Section 16. Most DPS debt is effectively secured by a general obligation to pay, which requires Detroit taxpayers to increase taxes and reduce spending should financial difficulties repaying arise.

DPS pays off its capital debt in annual installments of both interest and principal, before it pays off (or adds to) its operating debt. Bond interest and principal payments are required by bond terms which – if ignored – would result in immediate default and bankruptcy. The exact contract terms of DPS debt sold to the financial markets are laid out in official statements which detail all the formal legal and financial features of the bonds. The official statement is essentially a contract between DPS and its bond purchasers.

DPS’ operating debt payments are somewhat more flexible than capital debt payments because only a portion of operating debt has been converted into formal bonds covered by statements; much of it is separately owed to the Michigan School Loan Revolving Fund. The SSLRF can best be thought of as a State sponsored credit card. School districts tap into it when they are short of cash, and pay off their balance when they are flush. Operating debt is only converted into formal bonds when Michigan school districts exceed their limits at the SSLRF. Those limits are not exact, and generally come into play when DPS goes through one of its periodic financial spasms.

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Conservative News, Cronyism, Democrats, Detroit, Government Incompetence, Michigan, Michigan Politics, Part Time Legislature, Republicans

The DPS Bailout – The Bankruptcy Alternative Not Taken

by 10x25MM • June 21, 2016 • 1 Comment

Part I - No, The Richmond USD Case Did Not Challenge U.S. Bankruptcy Court Authority

Governor Snyder browbeat the Michigan Legislature to approve the $ 617 million bailout of Detroit Public Schools which he signed today by regaling them with a parade of horribles which would occur if the bailout was defeated and DPS was forced to file for bankruptcy. Daniel Howes regurgitated Governor Snyder’s compelling tales of impending doom delivered behind closed doors in a Detroit News article, but was any of it true?

Right at the top of Governor Snyder’s parade of horribles was the Federal bankruptcy filing of the Richmond [California] Unified School District on April 19, 1991 . Governor Snyder portrayed the outcome of this action as the U.S. Bankruptcy Court denying the petition and ordering the State of California to financially bail out the district. From Daniel Howes’ article:

There is scant precedence for school districts filing for bankruptcy, the Snyder administration found. In 1990, according to an administration letter to state Rep. Laura Cox, R-Livonia, the Richmond Unified School District in Northern California filed for bankruptcy because of $42.5 million in debt. The judge ruled the district could not be protected by the court in bankruptcy and ordered the state to provide the district with operating funds.

Nothing could be farther from the truth.

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Cronyism, Detroit, Government Incompetence, Michigan, Michigan Politics, Taxes

Detroit Schools Bailout Opposed

by Jason • March 8, 2016 • 22 Comments

MRG Poll Shows Michigan Voters Strongly Oppose Using Taxpayer Money for DPS’ $715 Million Bailout.

Some information from the Michigan Association of Public School Academies

MAPSA notes that the the poll is very timely, because the bailout is up for a vote today.

As expected, Michigan voters strongly oppose using taxpayer money to pay off the Detroit Public Schools’ $715 million in debt, according to a new poll by the Marketing Resource Group (MRG). The poll of 600 likely Michigan voters, commissioned by the Michigan Association of Public School Academies, was conducted Feb. 22-27.

Statewide, only 33 percent of voters favor using taxpayer money to pay off DPS’ debt, while 56 percent oppose it (with most of those saying they “strongly” oppose it). Even among Detroit voters, sentiments are almost evenly split, with 40 percent favoring the bailout and 38 percent opposing it. In the entire Metro Detroit region, the bailout also isn’t popular, with only 37 percent favoring it and 52 percent opposing it.

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Detroit, Michigan, Opinion, Part Time Legislature, Taxes

Gimme a $715M School Bailout, Small Chocolate Thighs, and a Large Vanilla Cuck

by Corinthian Scales • November 5, 2015 • 1 Comment

#Detroit Public Schools to pay $350,000 to teen suing Charles Pugh in sexual harassment case https://t.co/byrrdGUNuN via @detroitnews

— Chad Livengood (@ChadLivengood) November 4, 2015

It is what it is.

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Cronyism, Democrats, Detroit, Michigan, Opinion, Part Time Legislature, Rent Seeking

Forget it, Duggan, Your Bailout Subsidy Answered the Door Naked

by Corinthian Scales • May 12, 2015 • 1 Comment

Slick Rick’s clown-car of gimme, gimme, gimme actors in Detroit, are completely delusional.

Mayor Mike Duggan says he doesn’t expect his proposal for low-cost auto insurance in Detroit to be derailed by the legal troubles of the bill’s planned sponsor, state Sen. Virgil Smith.

According to an article I read while going through Safeco insurance reviews, Duggan told City Council members on Tuesday he is pressing forward with his January timetable for the plan, which would allow auto insurance companies to sell Detroiters lower-cost policies with a maximum of $275,000 in medical coverage for auto-related injuries.

Smith, D-Detroit, who last month announced he would sponsor the proposed legislation, was arrested in connection with an assault and shooting involving his ex-wife.

The mayor stressed Tuesday that Smith’s challenges will not jeopardize the proposal. The next stop, he added, will be to seek a Senate hearing.

“We’re going to do what we’ve got to do and line up our votes,” Duggan told reporters, adding he’s confident that he’ll ultimately gain the support of the Michigan Legislature.

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Ya, right. Below is a glaring representative example why insurance rates are higher in the City of Detroit.

Prosecutor charges Sen. Virgil Smith with charged with Felonious Assault, MDOP $20,000 or more, Domestic Violence A&B and Felony Firearm.

— Gongwer News Service (@GongwerMichigan) May 12, 2015

So, which legislator would like to sign his name to Duggan and Snyder’s special carve out? Better yet, which legislator would like to put his name next to a vote for that?

Good luck.

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