Detroit files for bankruptcy

[Microwahevo]

USA TODAY

Wow.

 

[LucklessPadresFan]

I'm surprised it took the city this long. They've been in trouble for decades and never really recovered from the beating in the 1970s they took when the Japanese car makers took over the US domestic car market.

 

[Naughtymax]

about damned time - finally someone throws up their hands and tries to fix the problem instead of kicking down the road. It'll be very painful and I'm sorry for the people who will lose their retirement health care and some of their pensions, but those levels of benefit should never have been offered in the first place.

 

[tpaulus_2]

That's no fault of the people who are getting robbed out of the pensions they were promised as part of their salaries for the years they worked.

It's against the state constitution to declare bankruptcy protection on those accounts, yet Snyder signed the damn thing anyway. He's been a far more effective governor so far than Granholm was, but his blatant disregard for state and federal laws as well as the our state and the US constitution is down-right criminal.

Don't get me wrong- the city of Detroit absolutely needed to decaler bankruptcy, but that pension $$ should be 100% untouchable.

If not, then why am I required to pay Wells Fargo back the $$ I borrowed from them? Same exact logic as not paying workers $$ they've already earned. A promise is a promise after all...

 

[gvsulaker82]

Micros response said it all this is huge news in america but somehow more importantly we should be rioting over trayvon, i guess? Priorities

 

[TBBishop]

That's no fault of the people who are getting robbed out of the pensions they were promised as part of their salaries for the years they worked.

It's against the state constitution to declare bankruptcy protection on those accounts, yet Snyder signed the damn thing anyway. He's been a far more effective governor so far than Granholm was, but his blatant disregard for state and federal laws as well as the our state and the US constitution is down-right criminal.

Don't get me wrong- the city of Detroit absolutely needed to decaler bankruptcy, but that pension $$ should be 100% untouchable.

If not, then why am I required to pay Wells Fargo back the $$ I borrowed from them? Same exact logic as not paying workers $$ they've already earned. A promise is a promise after all...

I agree that it's not the fault of the people that the pensions are being attacked but where is the money to pay them going to come from? No one is going to lend Detroit any money at this point. America could give them some of China's money to pay people that at this point are not working. Trust me, if I had a pension job I'd likely be saying the same thing as you but if there's no money, there's no money. And if you can't pay Wells Fargo, you, sir, may file for bankruptcy also and like Detroit things for you will likely get worse before they get better.

 

[RobBase]

If not, then why am I required to pay Wells Fargo back the $$ I borrowed from them?

Strictly speaking in mortgage terms, you didn't really borrow any money. The bank owns your home, and you pay interest on the money they used to buy your home (and then allow you to live in it). If you put 5% down, it really means the bank owns 95% of your home. That's why when people stop paying their mortgage, the bank kicks you out. Some people say "they took my house", no they kicked you out of their house. A mortgage is really a fancy way to say you rent from the bank. You only own your home when it's completely paid off. I know it doesn't seem like that, the way they throw around the word "home owner", but that's how it works.

 

[themuzzer]

Are we really explaining to ppl how mortgages work and then listening to their views on football? Sad state of affairs indeed.

 

[RobBase]

Are we really explaining to ppl how mortgages work and then listening to their views on football? Sad state of affairs indeed.

 

[themuzzer]

I don't want football advice (opinions) from someone that doesn't know how their mortgage works.

 

[themuzzer]

Smitty still living in a card board box? How much is that mortgage? Just busting chops.

 

[RobBase]

I don't want football advice (opinions) from someone that doesn't know how their mortgage works.

Oh you mean TPaul. Ya, gotta pay your mortgage.

 

[themuzzer]

Oh you mean TPaul. Ya, gotta pay your mortgage.

 

[RobBase]

 

[tpaulus_2]

Strictly speaking in mortgage terms, you didn't really borrow any money. The bank owns your home, and you pay interest on the money they used to buy your home (and then allow you to live in it). If you put 5% down, it really means the bank owns 95% of your home. That's why when people stop paying their mortgage, the bank kicks you out. Some people say "they took my house", no they kicked you out of their house. A mortgage is really a fancy way to say you rent from the bank. You only own your home when it's completely paid off. I know it doesn't seem like that, the way they throw around the word "home owner", but that's how it works.

Not a mortgage, student loans. My home is free and clear already because I bought it for a song and renovated it (most of it, still some work to do) myself.

Student loans are a whole 'nother issue.

But my point was that if an employer doesn't have to pay their employees money that was promised, via a legally binding contract that is protected by our state's constitution, then what the hell do I have to honor a piece of paper I signed?

I do pay my student loans, for what it's worth. It just seems like the government operates on a total double-standard. The feds raising their credit limit a few years ago is a great example. I think I should just max out as many credit cards as I can, then call the companies when I run out of $$ and tell them I'm raising my credit limit...

 

[tpaulus_2]

Wow. I just gained a lot of respect for the Governator! What an awesome shirt, too...

 

[RobBase]

Oh then never mind. See my pic reply to Muzz. I hear Wells and I auto think mortgages. Habit.

 

[RobBase]

Wow. I just gained a lot of respect for the Governator! What an awesome shirt, too...

You've never seen Pumping Iron?

Pumping Iron (1977) - IMDb

PS: I wish I could make that my avatar.

 

[tpaulus_2]

Are we really explaining to ppl how mortgages work and then listening to their views on football? Sad state of affairs indeed.

 

[themuzzer]

Did I jack another one?


If the Lions could learn how to play football as well as I jack threads, we would be contenders.