Posts Tagged ‘bankruptcy’
Expected: Obama will campaign to bail out Detriot
Why not? Certainly if the federal government can come in and write unique and precedent-setting bankruptcy rules for General Motors, they can do the same thing for Detroit. For those of you who think Detroit’s problems belong to the city and Michigan, you’re wrong. You’re going to end up paying for it.
Read MoreDetroit goes for Chapter 9 municipal bankruptcy
Detroit is broke, and as we learned yesterday afternoon, the broken city has filed Chapter 9 bankruptcy. If accepted by the courts, it will allow city leaders to restructure their debt. But who gets to do the restructuring?
Read MoreYet another bad idea from the Obama administration
Last Friday, the Obama administration issued a “recommendation” to Congress. These reports always seem to come out on a Friday in the hopes, I suppose, that no one is paying attention. This one, much like many other “recommendations”, is a kick in the whatever to the private sector.
Read MoreWhat happens when you run out of other people’s money?
Today, San Bernandino, California filed for bankruptcy. This follows on the heels of the June bankruptcy filing for Stockton, California, and the July 4 filing for Mammoth Lakes, California.
Read MoreGM decides to “invest” in Europe
We learned today that Government Motors has decided to invest $335 million in a fabulously successful European auto maker. Mercedes, Audi, BMW you guess? Guess again.
Read MoreGovernment employees, think about this…
Bankruptcy. It is not exactly a pleasant thought, but it could be in your future. Unthinkable? Read on…
Read MoreShared Sacrifice (cont.)
We have heard repeatedly from Washington and Hartford that it will take shared sacrifice to solve the fiscal problems facing our states and the nation. But somehow when it comes to the public sector shared sacrifice means taxing the private sector and at most “freezing” spending and reducing already generous benefits in the public sector.…
Read MoreCongress considering bankruptcy option for states, not just cities
Those of us who have even a brief history in business economics understand you can’t make promises that are unsustainable. You’d have to be a fool to make a business decision now, that would result in undetermined future liabilities decades in advance. That’s exactly what our municipalities, cities and states have done.
Read MoreIs bankruptcy court in your city’s future?
The small Detroit suburb of Hamtramck has asked the state of Michigan for permission to file for bankruptcy. The facts leading up to this request are something you soon may be seeing all across the country. It seems that the city will run out of money in February. It began running million dollar deficits ten years ago,…
Read MoreDealergate, GM closing dealers who make money
Steve posted an interesting item recently about the Chrysler dealerships that had been terminated, and, he raised some even more interesting questions about how the terminated dealers were selected. I have no answers, just more questions. Wednesday’s Orlando Sentinel reported that two Chevy dealerships in the Orlando area received notice Tuesday that their franchise agreements…
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