A SoapBlox Politics Blog
[Mobile Edition]
- About Us
- Email Us (news/tips)
- Editorial Policy
- Posting Guidelines
- Advertise Here

Subscribe to Michlib daily email summary. (Preview)
Enter address:

Become a sponsor and support our work.

 MichLib sponsor list

Michigan Political Blog Ad Network

Advertise Liberally

50 State Ad Network

Judge says Detroit meets conditions for Chapter 9

by: Eric B.

Tue Dec 03, 2013 at 10:08:58 AM EST

It's all over the Twitters. If you haven't seen it there, you need to sign up for the Twitters.

Or, just come here so I can sum things up for you.

Update! ... Judge Rhodes continues to read his summary, and is now getting into whether the governor's appointee (everyone keeps saying that it's the city, but it's not the city) negotiated in good faith before filing for bankruptcy.

Update2! ... Judge Rhodes says pensions protection provisions don't apply in federal bankruptcy proceedings, says framers of state constitution could have applied additional protections but didn't, will allow "impairment" of pension benefits during Chapter 9.

Update3! ... Judge Rhodes says Kevyn Orr didn't negotiate in good faith with creditors, but says doing so would have been impractical. o_0

Eric B. :: Judge says Detroit meets conditions for Chapter 9
Tags: (All Tags)
Print Friendly View Send As Email

swap bets were a bank fraud (0.00 / 0)
Rhodes: "The city lost on the swaps bet. Actually, it lost catastrophically on the swaps bet."

We already know that the LIBOR rate used to determine the worth of the swaps was manipulated.

America either revives its industrial base or it dies. There is no future for people in a post industrial America.  

Tell that to the Appeals courts (0.00 / 0)
'Cos right now, we're left with EVERYTHING being on the table -- gutting both Pension funds, privatizing Detroit Water & Sewerage, cramdowns on all City collective bargaining agreements, and packing up the DIA's masterworks for shipment to unnamed Dubai oil barons, Russian oligarchs and/or Macau crimelords.

"The two most common elements in the universe are hydrogen and stupidity." ~ Harlan Ellison

[ Parent ]
everyone knows (0.00 / 0)
but no one will do anything - just yet. the banks have used their money to buy protection all throughout politics. the move against the banks hasn't hit critical mass yet. Puerto Rico is on the hit list as well as several other American cities. Detroit is not an isolated case. see Cyprus, Greece, Spain etc.

There is only one way to stop this. you have to take down the banks. it is us or them. The system is on the verge of complete collapse and only glass-steagall reimplementation can stop it. If you think you have an alternative answer I'm all ears.

BTW - take a look at what Ukraine just did and you see the way out. By rejecting EU membership they have retained their manufacturing export economy and will align east with Russia and china etc.

the trans Atlantic banking system is completely bankrupt and all it has to offer is high unemployment and austerity.

on pension funds - how does anyone think pensions can survive if there are no younger workers entering the system to produce goods to pay the pensions? no young worker, hence no pension. Michigan youth unemployment is about 35% right now.

America either revives its industrial base or it dies. There is no future for people in a post industrial America.  

[ Parent ]
watch germany (0.00 / 0)
Germany has signaled it approval of Ukraine's move. Take that as a signal they will bolt from the EU to save their high tech manufacturing export businesses.

America either revives its industrial base or it dies. There is no future for people in a post industrial America.  

[ Parent ]

Progressive Blogroll
For MI Bloggers:
- MI Bloggers Facebook
- MI Bloggers Myspace
- MI Bloggers PartyBuilder
- MI Bloggers Wiki

- Blogging for Michigan
- Call of the Senate Dems
- [Con]serving Michigan (Michigan LCV)
- DailyKos (Michigan tag)
- Enviro-Mich List Serve archives
- Democratic Underground, Michigan Forum
- Jack Lessenberry
- JenniferGranholm.com
- LeftyBlogs (Michigan)
- MI Eye on Bishop
- Michigan Coalition for Progress
- Michigan Messenger
- MI Idea (Michigan Equality)
- Planned Parenthood Advocates of Michigan
- Rainbow Mittens
- The Upper Hand (Progress Michigan)

Upper Peninsula:
- Keweenaw Now
- Lift Bridges and Mine Shafts
- Save the Wild UP

Western Michigan:
- Great Lakes Guy
- Great Lakes, Great Times, Great Scott
- Mostly Sunny with a Chance of Gay
- Public Pulse
- West Michigan Politics
- West Michigan Rising
- Windmillin'

- Among the Trees
- Blue Chips (CMU College Democrats Blog)
- Christine Barry
- Conservative Media
- Far Left Field
- Graham Davis
- Honest Errors
- ICDP:Dispatch (Isabella County Democratic Party Blog)
- Liberal, Loud and Proud
- Livingston County Democratic Party Blog
- MI Blog
- Mid-Michigan DFA
- Pohlitics
- Random Ramblings of a Somewhat Common Man
- Waffles of Compromise
- YAF Watch

Flint/Bay Area/Thumb:
- Bay County Democratic Party
- Blue November
- East Michigan Blue
- Genesee County Young Democrats
- Greed, Eggs, and Ham
- Jim Stamas Watch
- Meddling Outsider
- Saginaw County Democratic Party Blog
- Stone Soup Musings
- Voice of Mordor

Southeast Michigan:
- A2Politico
- arblogger
- Arbor Update
- Congressman John Conyers (CD14)
- Mayor Craig Covey
- Councilman Ron Suarez
- Democracy for Metro Detroit
- Detroit Skeptic
- Detroit Uncovered (formerly "Fire Jerry Oliver")
- Grosse Pointe Democrats
- I Wish This Blog Was Louder
- Kicking Ass Ann Arbor (UM College Democrats Blog)
- LJ's Blogorific
- Mark Maynard
- Michigan Progress
- Motor City Liberal
- North Oakland Dems
- Oakland Democratic Politics
- Our Michigan
- Peters for Congress (CD09)
- PhiKapBlog
- Polygon, the Dancing Bear
- Rust Belt Blues
- Third City
- Thunder Down Country
- Trusty Getto
- Unhinged

MI Congressional
District Watch Blogs:
- Mr. Rogers' Neighborhood (CD08)

MI Campaigns:
MI Democratic Orgs:
MI Progressive Orgs:
MI Misc.:
National Alternative Media:
National Blogs:
Powered by: SoapBlox