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Detroit Bankruptcy Approved

by Kerry Lutz, FinancialSurvivalNetwork.com:

As predicted many months, Detroit’s bankruptcy filing has been validated in a ruling by Bankruptcy Court Judge Steven Rhodes. He rejected numerous objections posed by unions, pension funds and retirees. They’re the big losers under any reorganization plan that scales back Detroit’s long-term liabilities.

As a Financial Survival Network listener you knew this day was coming. The decision, which will be appealed, will eventually allow the city to proceed with what is currently the largest public bankruptcy in U.S. history.

Rhodes said, “This once proud and prosperous city can’t pay its debts. It’s insolvent. It’s eligible for bankruptcy. At the same time, it also has an opportunity for a fresh start.” He said the bankruptcy should have been done years earlier.

Read More @ FinancialSurvivalNetwork.com

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2 comments to Detroit Bankruptcy Approved

  • They are full sh|t! They print money like it grows on trees,( Oh that’s right the paper does grow on trees) But anyway, when It come to their Friends and the people that they have invested in, But when it comes to people ( where the real money, which they have converted into paper to control it) we here sh|t like “This once proud and prosperous city can’t pay its debts” No one states that they can’t pay their debts because they were hoodwink by the very people that was given 7 trillion dollars to stop what is happening anyway. I can’t help to think with rulings like this, are they trying to start a revolution? Because we don’t want one! All we want is to live simply so others can simple live! Here is my question If the government is here to protect the public, How is it they can only bail out those in private enterprises? Is not the city part of the public trust?

  • Sheryl Anne

    Okay Okay. I would like to know from someone who knows about CAFR’s (comprehensive
    annual financial reports). I checked a couple of months ago and low and behold!!
    Detroit has money in their CAFR. Why are they not using that?? Taxpayers – KNOW
    that every city, municipality, state and federal gov’t and all universities and
    hospitals have got one. Make them use that money, that they never tell taxpayers
    they have(it’s known as a second set of books). Please let us wake up now!!!!!

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