Detroit bankruptsy denied because it "dishonors Obama"

[Vlad the Impaler]

Reminds me of Alice in Wonderland but no glass slippers.

Glass slippers = Cinderella
Alice In Wonderland = rabbit holes and mushrooms/bottles that make you big and small.

I'd put this in Alice's category. You'd have to be doing mushrooms for it to make sense.

 

[Vlad the Impaler]

§ 24 Public pension plans and retirement systems, obligation.
Sec. 24. The accrued financial benefits of each pension plan and retirement system of the state and its
political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired
thereby.

That language reminds me of "...shall not be infringed." It'll be interesting how its meaning is bastardized to meet the needs of particular groups.

 

[CathyInBlue]

§ 24 Public pension plans and retirement systems, obligation.
Sec. 24. The accrued financial benefits of each pension plan and retirement system of the state and its
political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired
thereby.

Except that that is not in the MI Constitution. That is a MI law passed (at least in theory) in conformance of the the MI Constitution. Since it's unlawful for one municipality to enter into a contract which binds Michiganders who are not a part of that municipality, saying that a muni can cut sweetheart pension deals with their employees, falter, and cannot dispose of that debt, means that the rest of the State will have to pick up that debt, which is unconstitutional.

The unconstitutional thing here is not a MI muni disposing of pension obligations through bankruptcy, but the law which says they can't dispose of pension obligations through bankruptcy.

 

[mrjarrell]

Unfortunately, Cathy I seem to recall a federal regulation giving power to the feds to pick up and cover pensions in just such cases as this. Didn't they do that for GM and the automakers when they defaulted on the pensions that were holding them back? Aren't these pensions guaranteed by the Pension Benefit Guaranty Corporation, like private pensions? I have a feeling that people beyond MI are going to pick up the tab on these pensions and spread the pain, regardless of what MI's Constitution says.

 

[opus1776]

<~~~~ closest I could find to a smiley shooting itself....

Here ya go....

======================================
"Nothing tastes as good as skinny feels" K. Moss
You can NEVER be too rich or too thin.
Life is not a journey, but a series of unplanned detours...
Perfection: is not a goal---it's a demanded expectation.

 

[Caleb]

didn't know Obama had honor to begin with

 

[CathyInBlue]

didn't know Obama had honor to begin with

He doesn't, which is why the federal court in which Orr filed Detroit's bankruptcy is quashing the previous order to stay the proceedings and moving forward with the bankruptcy, shutting state courts out of the process. Fed Judge Says Detroit Can Move Forward With Bankruptcy ? Despite Claim That It Dishonors the President | TheBlaze.com

 

[winchester]

Detroit Broke City - Song Parody - YouTube

 

[GodFearinGunTotin]

Plans for new Red Wings arena in Detroit spark criticism | Fox News

 

[Kagnew]

I'm not saying anything until we get Que's opinion.

 

[Caleb]

for a town going bankrupted, $450 million is a lot of cash

 

[Redhorse]

How dare they dishonor Big Brother. The agents of Goldstein are at it again...