Saturday, July 20, 2013

rule of law


Friday, July 19, 2013

Flashback: Obama 2012: 'We refused to let Detroit go bankrupt'

Life in "Progress" City - Chicago edition

Don't feel so bad Detroit. Rahm Emmanuel will get his city to the most ineptly run government soon.........

A leading bond-rating agency has downgraded the Chicago Board of Education's debt in the wake of the settlement of the Chicago Teacher's Union's recent strike.

Moody's Investor Service had already downgraded the Chicago Public Schools' bond rating outlook to "negative" from stable in July. On Thursday, the rating agency cited its "view that the district will be hard-pressed to make the budget adjustments necessary to close an estimated $1 billion budget gap for fiscal 2014," in downgrading $6.4 billion in outstanding bond debt.


Life in "Progress" City - Detroit

One of the things liberals like to proclaim about themselves is how they are so smart. Just ask one, they know it all.

But as smart as these people are, they just can't seem to grasp a couple of proven scientific concepts.... the law of supply and demand and gravity.

Why gravity? Because just like gravity, you cannot continue to run a city with an annual 100 million dollar budget deficit and expect to pay off 18 billion dollars in committed debt. It's like being about to float in the air after eating a value meal.

The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems. 

Gov. Rick Snyder justified approving the historic filing by reciting a litany of the city’s ills, including more than $18 billion in debt, maxed-out tax rates, the highest murder rate in 40 years, 78,000 abandoned buildings and a half-century of residential flight. He said the city failed to provide basic services to residents or pay creditors. 

The filing, which has broad implications for the nation’s municipal bond market and sanctity of public pension funds, was met with outrage, disappointment and a vow to fight. Some creditors adopted a war stance, threatening a prolonged battle. Others accused Emergency Manager Kevyn Orr of failing to negotiate in good faith — an essential requirement for approval of a bankruptcy petition — during his month-long push to secure concessions from creditors, including deep cuts to pensions. 

“It’s war,” said George Orzech, chairman of the city’s Police and Fire pension fund. 

OK. It's a war, but let me ask you a question. Will all those city pensions be paid in full? If you believe they can, refer to the gravity comment above.


Wednesday, July 17, 2013

Who did she vote for? #818

Meet Melowese Richardson. Why is she in the news? For voting for Obama, again, and again, and again and again.