Detroit is bankrupt … Liberal dream on the rocks. As now the admits it’s out of other people’s money to spend.
Detroit used to be America’s shining star, so how did it become this? in a word, liberalism. Obama mismanagement, hand outs to all, and then they ran out of other people’s money to give away.
USA to soon follow …
Detroit said Friday it would stop making payments on about $2.5 billion in unsecured debt and ask creditors to take about 10 cents on the dollar of what the city owes them in a move to avoid what bankruptcy experts have said would be the largest municipal bankruptcy in U.S. history.
Detroit Emergency Manager Kevyn Orr spent two hours with about 180 bond insurers, pension trustees, union representatives and other creditors outlining his plan for the city’s financial future, which includes a moratorium on some principal and interest payments, Reuters reported.
Under his proposal, underfunded pension claims likely would get less than the 10 cents on the dollar.
An assessment of the plan’s progress will come in the next 30 days or so.