VAPORIZED: Detroit Obliterates Retirement Funds: 80% Cuts to Pensioners: “This Is Goi

[Treasure_Hunter]

Gentlemen end it or I will.

We will NOT go quietly into the night!

 

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[Red James Cash]

Mines posted,if you need further info look it up.Google the title of the article.Trust me it isnt hard.

 

[onfire]

onfire,
What city is that?
I may move out of California for the right reasons.
Don....

The market value of the Fund as of September 30, 2013 was $4.69 billion.

 

[Native Floridian]

Mines posted,if you need further info look it up.Google the title of the article.Trust me it isnt hard.

What you posted is not proof. Regarding the Detroit situation, the article draws conclusions that may or may not come to pass. IOW , it's not a done deal. You can google that if you like and it will verify that as of today not one dime has been cut. And, that cuts have not been decided. You will also find that Unions representing pensioners will appeal and in likelihood sue the city of Detroit. You will find, if you dig deep enough, that legally, the state of Michigan may be on the hook as well.

My personal take is that the pensioners will take some sort of hit. But at this point it's only a possibility.

As posted for anyone to take a hit it first has to be determined exactly what the pension fund is worth. Once that's done the powers that be need to figure out what the pension fund will be worth in the future. Once that is done and all challenges satisfied, we will see exactly what the cuts will be. But for today, none of this is decided.

 

[Red James Cash]

What you posted is not proof.

Then disprove it.Your opinion is not proof.

 

[NHBandit]

Sorry about your mom.

I am considering retiring in S.America, it is cheap and you can get a full time nurse or assisted living facility cheap if ever needed.

Hosipital room is $50 a day with extra bed for family member. Assisted living facility is $500 a month in areas I looked at.... I am planning trip there to check out in person by summer.

Unless you have your mind made up you're going to end up in a retirement home consider Tennessee. It was recently voted the best state in the country to retire to. The little unincorporated town I live in has no police department, no town government, very low crime rate, volunteer Fire Dept. I have cows for neighbors. The weather is a nice compromise, not nearly as hot as Fla but not the bitter cold of New England. My property taxes for this place on an acre of land are $384 a year...

 

[Native Floridian]

Then disprove it.Your opinion is not proof.

Didn't you say google wasn't hard to use?

There is nothing to prove here. There is a process when Chapter 9 is filed and approved. That process is now underway. The next step is that the city will file a sustainability plan with the court. Within that plan will be listed exactly who gets what and who doesn't get what. Including pensioners. it will list in order exactly how Detroit will raise the capital it needs to restart fresh. Selling off assets will be at the top of that list. The process then moves to the lightning round where the lawsuits start flying and Detroit faces off against all of it's own employees, ex employees, and creditors. Expect creditors to stick a very effective stick in the spokes of any plan that involves selling any asset that was used as collateral for a loan. Which would be almost everything that the city owns and could sell. Ex employees will sue saying that they were mislead into investing in the pension system and look for the current employees not to be working too hard until this thing gets resolved.

Municipal bankruptcies aren't that common, thankfully, but in the past the above scenario is how they've played out. Bondholders have very powerful property rights. They hold the key to how this will play out.

 

[Native Floridian]

NHB - Nice!!!!!!!

I am amazed by the lack of property taxes. The taxes in NJ are off the hook! There are some small towns in the Pine barrens section of our state that like yours, have no real town services. They have low taxes!

 

[Dave44]

Quoting Mac Slavo as posted above by REDJAMESCASH: "Sounds impossible, right? Congressional members have already gotten the ball rolling on a nationalization of America’s retirement funds, and when they are ready to do it they’ll pass the legislation just like they did when they seized 1/6th of our economy by nationalizing health care."

Not true. Requiring everyone buy insurance or pay a penalty tax is not nationalization. The beleaguered insurance marketplaces were a Republican idea originally and help you shop for private insurance...nothing nationalized or socialized about the marketplace websites or the insurance providers they show you. The subsidies have a socialist aspect but nothing to do with nationalizing like they did in the UK, Canada, Cuba, etc. where the doctors, nurses etc are all government employees.

Required compliance, Fines(taxes to the Supreme court), federally mandated.. You Will buy a product from a company yet to be named, or the government will find a place to put you, ( Not completely socialist,, more totalitarian, maybe). The plan you try to lay at the Republicans feet was miles from this type of despotism.

 

[NHBandit]

NHB - Nice!!!!!!!

I am amazed by the lack of property taxes. The taxes in NJ are off the hook! There are some small towns in the Pine barrens section of our state that like yours, have no real town services. They have low taxes!

NF the fact that it's an unincorporated town means we only pay county taxes. Not to stir the pot but it's proof that big government isn't always the best option. We tend to look out for ourselves out here especially since when you need a cop in seconds, the County Sheriff will be along in an hour or so but I'm fine with that. Rescue squad right up the street. Shopping and great medical care 15-20 minutes away with 3 choices of nearby cities to go to depending on what direction you drive in yet this is what I see when I look out the window.. Nothing.. I pic looking North & 1 looking South. lol And everything is cheaper. Gas is right at $3.00 currently, I have a 67 Camaro I registered with antique plates. It was a one time fee of $48 with no renewal ever. The wife & I both have Harleys and the very best riding in the country is here in the Eastern TN/Western NC mountains. What's not to like. I now return you to your regularly scheduled program..

 

[Mackaydon]

onfire,
Thanks; Milwaukee seems to be doing fine.
Don.......

 

[Native Floridian]

NF the fact that it's an unincorporated town means we only pay county taxes. Not to stir the pot but it's proof that big government isn't always the best option. We tend to look out for ourselves out here especially since when you need a cop in seconds, the County Sheriff will be along in an hour or so but I'm fine with that. Rescue squad right up the street. Shopping and great medical care 15-20 minutes away with 3 choices of nearby cities to go to depending on what direction you drive in yet this is what I see when I look out the window.. Nothing.. I pic looking North & 1 looking South. lol And everything is cheaper. Gas is right at $3.00 currently, I have a 67 Camaro I registered with antique plates. It was a one time fee of $48 with no renewal ever. The wife & I both have Harleys and the very best riding in the country is here in the Eastern TN/Western NC mountains. What's not to like. I now return you to your regularly scheduled program..

I see a lot in those Pics and it is all good!!!! And you get to ride the Dragon anytime you want! I'm jealous!!!!!! Seriously!!!

TH, or anyone else looking for a place to retire - The twisties in this part of the country make this a prime location!!!!

 

[onfire]

NF the fact that it's an unincorporated town means we only pay county taxes. Not to stir the pot but it's proof that big government isn't always the best option. We tend to look out for ourselves out here especially since when you need a cop in seconds, the County Sheriff will be along in an hour or so but I'm fine with that. Rescue squad right up the street. Shopping and great medical care 15-20 minutes away with 3 choices of nearby cities to go to depending on what direction you drive in yet this is what I see when I look out the window.. Nothing.. I pic looking North & 1 looking South. lol And everything is cheaper. Gas is right at $3.00 currently, I have a 67 Camaro I registered with antique plates. It was a one time fee of $48 with no renewal ever. The wife & I both have Harleys and the very best riding in the country is here in the Eastern TN/Western NC mountains. What's not to like. I now return you to your regularly scheduled program..

Love that garage thought mine was nice 1300sq attached. Trouble here house across the street from me 4800 sq ft 12,800 property tax. 3/4 acre mine 1/2.

 

[Chadeaux]

I dunno, looks like they stayed there to get this great pension, but once they didn't HAVE TO LIVE THERE ANY LONGER, they were out of that rat infested sewer called Detroit.

Well, they took their pensions and ran ... and the city which had planned on collecting high taxes from these folks for the rest of their lives got stiffed. Can understand them though! Who would want to stay in a place where the crime rate was through the roof, just like the taxes?

The only ones to blame are the unions and their leaders ... most of whom have moved to Florida to get away from the high taxes and high crime rates.

 

[Red James Cash]

Didn't you say google wasn't hard to use?

Figure it out yet?

 

[NHBandit]

I see a lot in those Pics and it is all good!!!! And you get to ride the Dragon anytime you want! I'm jealous!!!!!! Seriously!!!

TH, or anyone else looking for a place to retire - The twisties in this part of the country make this a prime location!!!!

The Dragon is for the tourists. The Rattler is better. The Bobarosa Saloon was just on an episode of Moonshiners. . lol http://www.bobarosasaloon.com/

 

[Treasure_Hunter]

Unless you have your mind made up you're going to end up in a retirement home consider Tennessee. It was recently voted the best state in the country to retire to. The little unincorporated town I live in has no police department, no town government, very low crime rate, volunteer Fire Dept. I have cows for neighbors. The weather is a nice compromise, not nearly as hot as Fla but not the bitter cold of New England. My property taxes for this place on an acre of land are $384 a year...

Luckily, unlike the poor Detroit pensioners, my pensions are pretty secure and I have maxed out SS.



We will NOT go quietly into the night!

 

[H-2 CHARLIE]

Obama will find programs to give the stolen money to like to help immigration or donate it to africa .Yes ?

 

[njal]

Unless you have your mind made up you're going to end up in a retirement home consider Tennessee. It was recently voted the best state in the country to retire to. The little unincorporated town I live in has no police department, no town government, very low crime rate, volunteer Fire Dept. I have cows for neighbors. The weather is a nice compromise, not nearly as hot as Fla but not the bitter cold of New England. My property taxes for this place on an acre of land are $384 a year...

Love that Garage! Did you have built?

 

[Native Floridian]

Figure it out yet?

Yes, and i used it to find this word to describe your lead article in this thread:

Catastrophize

Hyperbole - another word that could be used but i didn't have to Google that one to recognize its use by the author.

As for proving what i posted about municipal bankruptcies- you are asking me to prove the sky is blue. it is what it is.


THX for directing me to GOOGLE. Neat site! And I learned a new word today!