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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.
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.
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.…
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.
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,…
From CNN’s Sunday show with John King. It’s NH Senator Judd Gregg. Snow asks Gregg to respond to the AIG special bonus tax passed overwhelmingly by the Democrat Congress. A slippery slope.
Our country’s economic system is being systematically destroyed!
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?