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Friday, June 14, 2013

Detroit To Default Today, "Shared-Sacrifice" To Follow

And so the next casualty of the inevitable municipal collapse appears, which is, as expected, that one-time symbol of all that was right with a (once upon a time) manufacturing America, having since been replaced with the anti-symbol of all that is broken: Detroit.
DETROIT BEGINS MORATORIUM ON ALL DEBT SERVICE PAYMENTS FOR UNSECURED FUNDED DEBT
DETROIT TO DEFAULT ON CERTIFICATES OF PARTICIPATION DUE TODAY

And, true to from in the New Normal America, where the "fairness doctrine" rules supreme under Big Brother's watchful eye, the premise of the upcoming glorious recovery is a well-known one: "the shared-sacrifice." To wit: "The City currently faces approximately $17 billion in total liabilities. Detroit is insolvent and cannot meet its financial obligations without a significant restructuring. Mr. Orr's plan provides for shared sacrifice among all creditor groups – from Wall Street and Main Street consistent with their legal rights – in order to return Detroit to a sustainable financial foundation and to permit much-needed reinvestment in the City." The punchline: "Detroit's road to recovery begins today"... By defaulting.

Full release: HERE

4 comments:

Anonymous said...

And how many years in a row has Detroit elected a Democrat mayor and Governor? There lies the problem. Nobody works because 65% or on welfare.

Anonymous said...

Baltimore is in line. Past the point of no return.

Anonymous said...

Shared sacrifice the new (Obama / O'Malley) norm.

Anonymous said...

Detroit will be coming to a town near you in two years tops. This is planned demise.