Detroit files for bankruptcy

VacationGuy234 said:
It can be fixed. There is always a way. The question is: Are the politicians smart enough to do it? It's their job to bring in the business.
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I am not sure if it's about being smart enough, I think it more like will the politicians be willing to take a cut in their salary and give up having so many expense parties with tax payers money. And stop trying to made friends with other countries that hate us by building new roads etc for them . And spend the money on our cities and towns.

http://www.dailymail.co.uk/news/art...orlds-richest-countries-asks-borrow-back.html
 
whatdidyousay! said:
I am not sure if it's about being smart enough, I think it more like will the politicians be willing to take a cut in their salary and give up having so many expense parties with tax payers money. And stop trying to made friends with other countries that hate us by building new roads etc for them . And spend the money on our cities and towns.

US gives billions in foreign aid to world's richest countries then asks to borrow it back | Mail Online
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The U.S. shouldn't be bailing Detroit out. Detroit did really, really stupid stuff over the last 40-50 years. It is their problem, not ours.
 
Reba said:
Relevance, please?
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Once the tree is cut down, it's no longer living and we make wood out of it so it becomes a product such as paper, building house, pencils, furnitures, etc. I don't see how that is an insult to wood when one says "dumb as wood". It has no soul.

This answer is also for Oink asking me how I know about that.
 
What happen if city of Detroit refuse to file for bankruptcy?
 
CrazyPaul said:
Once the tree is cut down, it's no longer living and we make wood out of it so it becomes a product such as paper, building house, pencils, furnitures, etc. I don't see how that is an insult to wood when one says "dumb as wood". It has no soul.
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Relevance to this thread?
 
I have read some comments about Chicago in other forum and some members said Chicago had went decline, then rebound, then decline - depending on overall country's economy. The population estimate suggested Chicago has rebound.

I don't think Houston will surpasses Chicago as 3rd largest city until 20 years and return to 2nd largest city is nearly impossible, unless Chicago have to add more than 1 million to retake LA.
 
Foxrac said:
I have read some comments about Chicago in other forum and some members said Chicago had went decline, then rebound, then decline - depending on overall country's economy. The population estimate suggested Chicago has rebound.

I don't think Houston will surpasses Chicago as 3rd largest city until 20 years and return to 2nd largest city is nearly impossible, unless Chicago have to add more than 1 million to retake LA.
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Chicago is doomed. No reason for any sane person to move there. They will be just like Detroit by 2017.
 
TXgolfer said:
Chicago is doomed. No reason for any sane person to move there. They will be just like Detroit by 2017.
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That's your biased opinion. :ugh:

There is no wrong with Chicago and many people live in Chicago, especially they have jobs. If I find a new job in Chicago, so I have to move as well. :roll:
 
Foxrac said:
That's your biased opinion. :ugh:

There is no wrong with Chicago and many people live in Chicago, especially they have jobs. If I find a new job in Chicago, so I have to move as well. :roll:
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The only bias would be facts. Chicago is an Economic disaster. Anyone that understands economics can see this clearly.
 
TXgolfer said:
The only bias would be facts. Chicago is an Economic disaster. Anyone that understands economics can see this clearly.
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Not really, US has economic disaster that affect Chicago and many other cities.

Based on your biased opinion, no doubt about you hate Chicago for various reason, also many members from Chicago in other forum disagree with you.

Chicago is very large city and they have many jobs that reason for people to live and work.

Birmingham is pretty depressed city - not worse as Detroit but it didn't make me move out of metro because of depressed city.
 
Foxrac said:
Not really, US has economic disaster that affect Chicago and many other cities.

Based on your biased opinion, no doubt about you hate Chicago for various reason, also many members from Chicago in other forum disagree with you.

Chicago is very large city and they have many jobs that reason for people to live and work.

Birmingham is pretty depressed city - not worse as Detroit but it didn't make me move out of metro because of depressed city.
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Umm, I love Chicago. It is my favorite city in the U.S. Try again.
 
Foxrac said:
...also many members from Chicago in other forum disagree with you.
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Those people would be idiots.

July 19, 2013, 12:50 P.M. ET
Moody’s Cuts Chicago Credit Rating

While everyone was focusing Detroit’s bankruptcy filing late Thursday, Motown wasn’t the only Midwestern city facing muni-market woes, as Moody’s cut Chicago’s general obligation bond rating by three notches to A3 from Aa3. From Moody’s:

The downgrade of the GO rating reflects Chicago’s very large and growing pension liabilities and accelerating budget pressures associated with those liabilities. The city’s budgetary flexibility is already burdened by high fixed costs, including unrelenting public safety demands and significant debt service payments. The current administration has made efforts to reduce costs and achieve operational efficiencies, but the magnitude of the city’s pension obligations has precluded any meaningful financial improvements. These credit challenges are balanced against key credit strengths that support the A3 rating, particularly Chicago’s long-standing role as the center of one of the most diverse economies in the nation and its broad legal authority to generate revenues from a large property tax base and a larger sales tax base.

The negative outlook is based on the dramatic spike in annual pension payments scheduled to take effect in the 2015 budget year (payable in 2016) under state law, which will place material strain on the city’s operating budget. The outlook incorporates the likelihood of continued growth in unfunded liabilities in the city’s four pension plans given currently suppressed contributions from the city.

What Chicago is facing at the city level is magnified at the state level too, as Illinois is plagued by its own unfunded pension liability. More from Moody’s:

The outlook also reflects the State of Illinois’ (A3/negative) constitutional protection of pension benefits. Given this framework, in order for the city to realize any significant alleviation in pension costs, the Illinois General Assembly would need to enact pension reform legislation that ultimately withstands inevitable litigation.
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Moody’s Cuts Chicago Credit Rating, Citing Pension Problems - Income Investing - Barrons.com
 
Foxrac said:
Chicago is very large city and they have many jobs that reason for people to live and work.
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Chicago Unemployment Rises to 10.7%

June 27, 2013
Today, the Illinois Department of Employment Security (IDES) released preliminary May 2013 unemployment rates for municipalities across the state.

The city of Chicago posted a preliminary rate of 10.7%, before seasonal adjustment – this is up from the May 2012 rate of 10.1%.
Despite the higher rate, the number of Chicago residents employed in May 2013 increased by 1,961 compared to May 2012 (from 1,142,412 in May 2012 to an estimated 1,144,373, before seasonal adjustment).
The first chart below summarizes the trends in non-seasonally adjusted monthly unemployment rates for Chicago and three comparison cities. The second chart illustrates the number of employed Chicago residents by month.
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Chicago Unemployment Rises to 10.7% | World Business Chicago | Economic Development, Chicago, Illinois
 
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