Detroit financial advisory board's di...

Detroit financial advisory board's dire warning to Mayor Dave Bing: Time, money are running out

There are 4 comments on the Detroit Free Press story from Oct 9, 2012, titled Detroit financial advisory board's dire warning to Mayor Dave Bing: Time, money are running out. In it, Detroit Free Press reports that:

The City of Detroit is going to be broke in a few months unless Mayor Dave Bing moves faster and more aggressively to restructure city services, the joint city-state financial advisory board warned Monday.

Join the discussion below, or Read more at Detroit Free Press.

Burgydean

Rincon, GA

#1 Oct 9, 2012
Same ole, black man broke in tattered clothes in need of a bath ~
Pete

Livonia, MI

#2 Oct 9, 2012
This is worse than the Great Depression. Homeless can't even sell apples on the street because of the apple shortage.
Solarman

Yucca Valley, CA

#3 Oct 9, 2012
"Andrews said the Bing administration has been strained trying to implement reforms by 15 lawsuits challenging the legality of the consent agreement and pay and benefits changes for city workers."

Three cities in California have already filed for bankruptcy in Federal court, more will probably follow. What these cities have found is a way around the employee MOUs within the bankruptcy remedy. It goes like this, run out all of the city's cash reserves, file an emergency writ with the bankruptcy Court, and the Court will determine what is valid or invalid as far as contracts, debts and operating expenses during the bankruptcy procedure. So, you will have the Public employee sector paying dearly for their years of service, with the curtailment of retirement benefits or complete loss of retirement benefits. Then the employees are going to look at the Unions and say, WTF? What good is collective bargaining and what good are YOU? Why have I been paying you (X) amount of money every month for the last 30 years? The wave is just starting, and it's growing bigger as it sweeps across the country.The financial tsunami in the Public sector is just getting started.
Lonewolf

Leesville, SC

#4 Oct 11, 2012
This is what happens worldwide,in cities and countries when you put simians in charge.

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