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Posted: 7/23/2013 5:44:59 AM EST
Possible future bankruptcies: Portland, Santa Fe, Minneapolis, Chicago, Cincinnati.
Pension liabilities are extreme.

Anyone care to guess what all of these cities have in common? Hmm?

http://www.foxnews.com/politics/2013/07/22/detroit-bankruptcy-raises-concerns-about-other-us-cites-under-huge-retiree-debt/
Link Posted: 7/23/2013 5:47:25 AM EST
When the first state throws in the towel, people MIGHT take notice...maybe.
Link Posted: 7/23/2013 5:48:28 AM EST
liberalism and unionism



the American public can no longer afford either.
Link Posted: 7/23/2013 5:49:14 AM EST
the biggest cities are next no particular order...

they are all "Liberal" to a measurable degree
Link Posted: 7/23/2013 5:50:15 AM EST
Originally Posted By vanvideo:
Possible future bankruptcies: Portland, Santa Fe, Minneapolis, Chicago, Cincinnati.
Pension liabilities are extreme.

Anyone care to guess what all of these cities have in common? Hmm?

http://www.foxnews.com/politics/2013/07/22/detroit-bankruptcy-raises-concerns-about-other-us-cites-under-huge-retiree-debt/
View Quote

Maybe Robocop will actually happen. The corps buy the city, and they run the police and the local goverment.
Link Posted: 7/23/2013 5:51:19 AM EST
"What do you mean we ran out of other people's money?"
Link Posted: 7/23/2013 5:55:26 AM EST
And the only reason the fed hasn't is because they can print or borrow their way out. Back to the original question, just how long can they keep kicking the can down the road.
Link Posted: 7/23/2013 5:57:11 AM EST
Obama will bail out Detroit.

Mark my words.
Link Posted: 7/23/2013 5:58:27 AM EST
[Last Edit: 7/23/2013 5:58:39 AM EST by FinanceGuy]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By RDak:
Obama will bail out Detroit.

Mark my words.
View Quote

We pretty much did already when we bailed out the automakers.
Link Posted: 7/23/2013 5:59:06 AM EST
Harrisburg, Pennsylvania's state capital went bankrupt back in 2011
Link Posted: 7/23/2013 5:59:15 AM EST
Originally Posted By vanvideo:

Anyone care to guess what all of these cities have in common? Hmm?
View Quote


Democrat mayors?
Link Posted: 7/23/2013 6:00:09 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By FinanceGuy:

We pretty much did already when we bailed out the automakers.
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Originally Posted By FinanceGuy:
Originally Posted By RDak:
Obama will bail out Detroit.

Mark my words.

We pretty much did already when we bailed out the automakers.


That was just the first salvo.
Link Posted: 7/23/2013 6:03:19 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Abrenneman:
Harrisburg, Pennsylvania's state capital went bankrupt back in 2011
View Quote
Philly is kicking the tires on the Bankrupt mobile as well



Link Posted: 7/23/2013 6:09:50 AM EST
Does it really matter? These bankruptcy stories have been going on for the last 2-3 years now. It makes a big commotion, some news stories, and then its business as usual. They continue like nothing ever happened.
Link Posted: 7/23/2013 7:40:37 AM EST
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Originally Posted By Merrell:


Democrat mayors?
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Originally Posted By Merrell:
Originally Posted By vanvideo:

Anyone care to guess what all of these cities have in common? Hmm?


Democrat mayors?



DING! DING! DING!

We have a winner!
Link Posted: 7/23/2013 7:41:33 AM EST
Providence, RI could go
Link Posted: 7/23/2013 7:49:25 AM EST
They're made of wood?
Link Posted: 7/23/2013 7:52:49 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By RDak:


That was just the first salvo.
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Originally Posted By RDak:
Originally Posted By FinanceGuy:
Originally Posted By RDak:
Obama will bail out Detroit.

Mark my words.

We pretty much did already when we bailed out the automakers.


That was just the first salvo.

Yep, to the Left, there solution is always MORE money, they just didn't spend enough.
Link Posted: 7/23/2013 7:53:04 AM EST
Stockton, CA already fo'ed

Link Posted: 7/23/2013 7:53:14 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By FinanceGuy:

We pretty much did already when we bailed out the automakers.
View Quote View All Quotes
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By FinanceGuy:
Originally Posted By RDak:
Obama will bail out Detroit.

Mark my words.

We pretty much did already when we bailed out the automakers.


And it was such a success, I'm sure they'll do it again.
And again.
Link Posted: 7/23/2013 7:54:48 AM EST
Republican leadership in Detroit is to blame.
Mitt Romney and don't forget













Bush!
Link Posted: 7/23/2013 7:57:07 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By RDak:
Obama will bail out Detroit.

Mark my words.
View Quote


And when he does, 100s of other cities will show up, hat in hand, wanting it too.
Link Posted: 7/23/2013 7:57:08 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By FinanceGuy:

We pretty much did already when we bailed out the automakers.
View Quote View All Quotes
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By FinanceGuy:
Originally Posted By RDak:
Obama will bail out Detroit.

Mark my words.

We pretty much did already when we bailed out the automakers.


Which is to say he bailed out the UAW.
Link Posted: 7/23/2013 7:57:27 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By FinanceGuy:

We pretty much did already when we bailed out the automakers.
View Quote View All Quotes
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By FinanceGuy:
Originally Posted By RDak:
Obama will bail out Detroit.

Mark my words.

We pretty much did already when we bailed out the automakers.


As for the rest of the cities, Obama already bailed them out when he allowed "stimulus" funds to be applied to operating expenses incurred by states and cities. They all used the money to avoid the fiscal pain of their bad decisions instead of investing it in construction projects, etc. Almost none of the stimulus money went to "shovel ready" projects - it all got siphoned off into teacher salaries, union pensions, and everyday graft during contracting out for construction projects. That's one reason why the recovery has been so slow - the stimulus had no multiplier effect, it just kept cities from sinking faster.
Link Posted: 7/23/2013 7:59:04 AM EST
Phiily and Baltimore about to go bankrupt too?
Link Posted: 7/23/2013 7:59:13 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By dillweed:
When the first state throws in the towel, people MIGHT take notice...maybe.
View Quote

Yup.....It will take an entire state to go bankrupt for people to finally take notice.
Link Posted: 7/23/2013 8:00:49 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By vanvideo:



DING! DING! DING!

We have a winner!
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By vanvideo:
Originally Posted By Merrell:
Originally Posted By vanvideo:

Anyone care to guess what all of these cities have in common? Hmm?


Democrat mayors?



DING! DING! DING!

We have a winner!

Link Posted: 7/23/2013 8:41:04 AM EST
Pretty sure Birmingham is fucked as well (fiscally, that is.)

Posted Via AR15.Com Mobile
Link Posted: 7/23/2013 8:46:34 AM EST
[Last Edit: 7/23/2013 8:49:56 AM EST by Turboguy1]
Originally Posted By vanvideo:
Possible future bankruptcies: Portland, Santa Fe, Minneapolis, Chicago, Cincinnati.
Pension liabilities are extreme.

Anyone care to guess what all of these cities have in common? Hmm?

http://www.foxnews.com/politics/2013/07/22/detroit-bankruptcy-raises-concerns-about-other-us-cites-under-huge-retiree-debt/
View Quote


Minneapolis, no question about it. I LIVE here.

The property taxes for smallish houses is unbelievably high. In the hood, where I live off Chicago and Franklin, I stupidly bought a house back in the 90's and paid it off. My property taxes last year were about $5000. Granted I have a tenant (My house is a duplex) at $1000/month, but when just North of the city limits in Columbia Heights the property taxes for a significantly nicer property aren't even half what mine are, things are becoming a problem. I remember my girlfriend's father's property taxes in Woodbury, an exclusive suburb, were a third what mine are and they lived in an area called "Evergreen" where the houses are $400,000+ apiece.

As a result of this the homeowner occupied rate in Minneapolis is dropping like a lead balloon. Rental property can be profitable, barely. If you've got high density property, then things can get profitable, but you also have a significant uptick in crime, but who cares because you don't live there anyway. When absentee homeowners are the rule, things start going downhill fast. Section 8 housing is on a fast-track to the top. (If you don't know what Section 8 housing is, it's where the government throws a subsidy at the tenant's rent/utilities, and if a property owner accepts it, they pretty much lose all rights to their property and can never stop accepting Section 8. Once things start getting really bad, all the white people and most of the other race's middle class jump ship with a quickness.

Businesses are being soaked with taxes to the point that they either have to move outside the city limits or be unprofitable. They're moving out in droves. Then we've got *LITERALLY* the stupidest Governor and Mayor possible in Mark Dayton and R.T. Ryback. The Governor just signed legislation that would absolutely heap even more than the previously ridiculous taxes on our businesses. When the businesses said, "Hey, if you do this, we're going to move to Wisconsin, Iowa, or S.Dakota" the state legislature, owned by uberlibs with a retard at the top, pushed it through anyway. We don't even know how many jobs that one stroke of a pen cost Minnesota, but I'd wager it's in the thousands.

Couple all this with a massive influx of immigrants, all on the government teet. Hennepin County has literally the highest welfare system in the United States. Is it any wonder why we also have the most Somalians?

The businesses are leaving in droves, and the cost to the city is climbing steadily in not only people on the city dole, but former workers and whatnot. When the businesses all leave, and the people who own the property can no longer to afford to pay for upkeep, Detroitification sets in. Minneapolis is, at most, five years from full on Detroitification. It's truly too bad too. Minneapolis used to be a really nice, clean city, with a huge amount of great resaurants, lots to do, decent people.
Link Posted: 7/23/2013 8:47:50 AM EST
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Originally Posted By aquaman67:
"What do you mean we ran out of other people's money?"
View Quote


You forgot the second part:

"Just tax them MORE!!!"
Link Posted: 7/23/2013 8:50:51 AM EST
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Originally Posted By kala_azar:
Pretty sure Birmingham is fucked as well (fiscally, that is.)

Posted Via AR15.Com Mobile
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Shit, our whole county is fucked.
Link Posted: 7/23/2013 8:53:31 AM EST
[Last Edit: 7/24/2013 4:40:17 AM EST by P400]
There are plenty of mini-Detroits scattered all across the country.
Link Posted: 7/23/2013 8:54:10 AM EST
Virtually any municipality and almost all states are in no different of a position. Detroit isn't the first, it's only the largest to date.
Link Posted: 7/23/2013 8:55:56 AM EST
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Originally Posted By GrandfatherCoyote:


And when he does, 100s of other cities will show up, hat in hand, wanting it too.
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Originally Posted By GrandfatherCoyote:
Originally Posted By RDak:
Obama will bail out Detroit.

Mark my words.


And when he does, 100s of other cities will show up, hat in hand, wanting it too.

Which is why he probably won't. That trend would be very, very bad, and even Obama knows it.
Link Posted: 7/23/2013 10:05:12 AM EST
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Originally Posted By dex357:
liberalism and unionism
View Quote


+ often a fair amount of African tribalism.
Link Posted: 7/24/2013 1:54:56 AM EST
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Originally Posted By Mattl:
Phiily and Baltimore about to go bankrupt too?
View Quote



Philly, possibly. Baltimore is planned to go sometime in the next 15 years or so, if I remember correctly. No problem, though. The rest of the state will have their taxes raised to support its drug-addled little brother.
Link Posted: 7/24/2013 1:59:45 AM EST
liberals blame Reagan, and both bush's for those cities downfall....I was just reading a msn article about an oil rig fire and someone mentioned detroit being a shit hole due to it being dem controlled for 60 years,

and some libtard just responded by saying its republican right wing presidents that killed off detroit.
Link Posted: 7/24/2013 2:11:16 AM EST
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Originally Posted By 4v50:
Virtually any municipality and almost all states are in no different of a position. Detroit isn't the first, it's only the largest to date.
View Quote



Not true, at least in my area.

That said they are only a election away from it. Libtard Dems can ruin a budget in a term to where it takes years to recover. Most municipalities that do a decent job of keeping taxes low run on the razor's edge anyway so it does not take much to upset the apple cart.

The wildcard in the mix is fed .gov unfunded mandates for things like sewage/water treatment and it can put the best run town in the red in short order. I firmly believe that regulation is the bane of small and large communities alike, even more so than debt because you are never out from under the heel of fed .gov oppresssion.
Link Posted: 7/24/2013 2:18:30 AM EST
Camden, NJ has to be on that list. Worst I've seen personally. Think I Am Legend.
Link Posted: 7/24/2013 2:20:39 AM EST
My Top 3 for "Who's Next" are as follows:

Chicago
Sacramento
St. Louis
Link Posted: 7/24/2013 2:31:30 AM EST
Chicago will be one of the next if not the next. What a stinkhole of a city.
Link Posted: 7/24/2013 2:43:52 AM EST
Rust belt cities first.


Chicago
Cleveland



In Ohio, I think Cincinnati is safe. They have a lot of non industrial work, banking, tech, etc. Columbus is safe for sure, as its the state capital and you have a lot of people who live in the city propper.


Cleveland though, is tanking hard.


Chicago, I hope gets cut off and sinks.
Link Posted: 7/24/2013 2:53:58 AM EST
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Originally Posted By dex357:
liberalism and unionism



the American public can no longer afford either.
View Quote


spni
Link Posted: 7/24/2013 2:59:09 AM EST
I pretty much all cases, unemployment/drop in population are the main reason.
Link Posted: 7/24/2013 3:03:33 AM EST
Ed Snow of MSNBC said Republicans were to blame.
Link Posted: 7/24/2013 3:09:16 AM EST
[Last Edit: 7/24/2013 3:30:22 AM EST by JDJR]
The American Recovery and Reinvestment Act of 2009 directed Billions of fiscal relief to states (free grants) and still goes on today. If you don't think Obama won't bailout states/cities union pensions (mostly Democrats) you are living in a dream world. Problem is no one will be able to bailout our Federal Government when dollars become worthless.

What do they have in common?
1. Unrealistic 10% yields projected on retirement investments so not enough money was invested in the first place
2. Crime wave and people move to burbs erasing Tax base
3. Higher unemployment due to recession
4. Democrat run OFC
Link Posted: 7/24/2013 3:12:29 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By jmt1991:



Philly, possibly. Baltimore is planned to go sometime in the next 15 years or so, if I remember correctly. No problem, though. The rest of the state will have their taxes raised to support its drug-addled little brother.
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Originally Posted By jmt1991:
Originally Posted By Mattl:
Phiily and Baltimore about to go bankrupt too?



Philly, possibly. Baltimore is planned to go sometime in the next 15 years or so, if I remember correctly. No problem, though. The rest of the state will have their taxes raised to support its drug-addled little brother.


Maryland already is raising taxes to support Baltimore. Bay Bridge toll going from $2 (and making profit at $2) to $6 with another increase coming. Gas tax going up1% for the next five years in addition to the current tax. Rain water tax. Millionaire tax. In tease sales tax. All done by Martin Omalley. Former Baltimore mayor, current MD governor, and future presidential candidate.
Link Posted: 7/24/2013 3:17:00 AM EST
[Last Edit: 7/24/2013 3:21:24 AM EST by JDJR]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Gator:
And the only reason the fed hasn't is because they can print or borrow their way out. Back to the original question, just how long can they keep kicking the can down the road.
View Quote

A long time. Fed can gin up unlimited cash and make up any shortfall. Issue is it destroys savings/bond market and eventually Nations will reject dollars as world reserve then hyperinflation will kick in. Saudis will say we want $10,000 a barrel. etc. Our purchasing power is already being destroyed. They claim there is low inflation but they keep moving goal post on how it's tabulated. Just look at gas or milk 10 years ago was ~ half.

20 years from now I may still get a $2200 SS check but wont go far if gas is $50 a gallon.
Link Posted: 7/24/2013 3:18:32 AM EST
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Originally Posted By ceverett:

Which is why he probably won't. That trend would be very, very bad, and even Obama knows it.
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Originally Posted By ceverett:
Originally Posted By GrandfatherCoyote:
Originally Posted By RDak:
Obama will bail out Detroit.

Mark my words.


And when he does, 100s of other cities will show up, hat in hand, wanting it too.

Which is why he probably won't. That trend would be very, very bad, and even Obama knows it.


0bama wants exactly that. Cloward-Piven describe how overwhelming the system and bringing a collapse can result in a progressive/communist take over.
Link Posted: 7/24/2013 3:33:43 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By mnvwguy02:


0bama wants exactly that. Cloward-Piven describe how overwhelming the system and bringing a collapse can result in a progressive/communist take over.
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Originally Posted By mnvwguy02:
Originally Posted By ceverett:
Originally Posted By GrandfatherCoyote:
Originally Posted By RDak:
Obama will bail out Detroit.

Mark my words.


And when he does, 100s of other cities will show up, hat in hand, wanting it too.

Which is why he probably won't. That trend would be very, very bad, and even Obama knows it.


0bama wants exactly that. Cloward-Piven describe how overwhelming the system and bringing a collapse can result in a progressive/communist take over.

Dangerous game. Couldn't it just as easily go fascist like Germany or Spain?
Link Posted: 7/24/2013 3:45:44 AM EST
Is there a major city that doesn't have liberal leadership?
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