I fully agree .... that would indeed be a major source of worry. First news reports indicate they will be lucky to get a dime on the dollar in pension payments.

My frustration is that anyone who knew anything about Detroit could see this coming years ago. But, there were simply no politicians who had the brains, inclination or courage to "obviate" the problem ... ie address it before it became too big to solve. It was just too easy to rabble rouse and play to the galleries for the easy interim fix.

As I said in an earlier post, given the abundance of other cities / states in a similar dismal fiscal condition, Detroit is simply a preview of coming attractions.

A Michigan judge has blocked the bankruptcy saying it violates the state's constitution and must be withdrawn.

I understand the city workers get 90% of their salary as their retirement amount. Since the average in the country is 35% guess an adjustment would put them in life with everyone else. If they weren't paying out these ridiculous amounts all along they may not have had to file bankruptcy.

I feel sorry for the folks holding general obligation bonds thinking they were insured and then maybe not in bankruptcy. Detroit (really Birmingham) is my home and I wish it well and I love the state.

[QUOTE=Suzi;710923]. The riots in 1967 were a warning shot that this city was losing control. No one in charge was willing to DO ANYTHING because they were too busy lining their pockets.

I agree 100%. It was the people, the leaders (business and union), and government who all let things go to pot.
We lived in St Claire Shores and worked in Detroit 1964 thru 1969. The riots were the handwriting on the wall and we got out of there ASAP and never looked back. I'm surprised that it took so long to collapse.

What happened in Detroit happened in Stockton, CA and is happening in Chicago. These are teachable moments but they continue to be ignored

Nothing is free.

motion to stop bankruptcy