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Detroit files for bankruptcy

BandrikBandrik Elkhart, IN Icrontian
edited Jul 2013 in The Pub
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It's official: after years of continued decline, the D has officially filed for bankruptcy. This marks the largest U.S. city to go through this process. Considering ICHQ is in Detroit, this is rather unfortunate news.

While it probably won't affect Icrontic much as a whole, it definitely will have a negative impact on many Detroiters. Public workers are looking at having pensions slashed with retirees losing benefits, bondholders losing the majority of their investment, and even the art museums may have to sell off their exhibits.

This news is causing quite a stir in both national and international media. What are your thoughts? How much will this actually impact our community? Does this affect anyone at a personal level? Is this a sign of worse times ahead for the D, or perhaps a painful necessity on the road to recovery? Paging @primesuspect @Lincoln @djmeph @RyanMM and others.

Comments

  • ardichokeardichoke Icrontian
    I'm not as well versed in Detroit politics and finances as I should be... but I do feel sorry for the pensioners that are likely to get (from my understanding) as little as 10 cents on the dollar in this bankruptcy. That's just a tragedy, to work your life for a city for the guarantee of a certain level of retirement just to have it yanked out from under you.
  • BandrikBandrik Elkhart, IN Icrontian
    When employees of a bankrupt business lose their promised pensions, the Pension Benefit Guaranty Corp. steps in and provides a minimal level of benefits. But that federal agency doesn't back pensions in the public sector.
    That's the part that really gets me. If the feds don't back up the public sector, who does (if anyone)? And who should?
  • LincLinc Bard Detroit, MI Icrontian
    Part of the problem is the pensioners all moved to the suburbs. Woops.
  • ThraxThrax Professional Shill, Watch Slut, Mumble Hivemind Drone Austin, TX Icrontian
    edited Jul 2013
    Should've happened 20-30 years ago. This will be hard for the city, but also tremendously necessary. Now let's hope its finances and politics can catch up with its social progress.
  • BlackHawkBlackHawk Bible music connoisseur There's no place like 127.0.0.1 Icrontian
    Lincoln said:

    Part of the problem is the pensioners all moved to the suburbs. Woops.

    Why would that matter?
  • LincLinc Bard Detroit, MI Icrontian
    BlackHawk said:

    Why would that matter?

    They're no longer part of the tax base that pays for their pensions, i.e. they've become part of the problem.
    GnomeQueenUPSLynx
  • BlackHawkBlackHawk Bible music connoisseur There's no place like 127.0.0.1 Icrontian
    Lincoln said:

    BlackHawk said:

    Why would that matter?

    They're no longer part of the tax base that pays for their pensions, i.e. they've become part of the problem.
    Isn't that what pension funds are for?
  • LincLinc Bard Detroit, MI Icrontian
    @BlackHawk I don't follow.
  • ThraxThrax Professional Shill, Watch Slut, Mumble Hivemind Drone Austin, TX Icrontian
    He's saying that pensions are what allow you to move when you retire. That's the point of a pension.
    GnomeQueen
  • BandrikBandrik Elkhart, IN Icrontian
    I would imagine that departing pensioners mark a very insignificant part of Detroit's problems. Many people live in cities to be closer to work, something they no longer need upon retiring. It's silly to blame them for wanting to retire elsewhere.
  • SnarkasmSnarkasm Madison, WI Icrontian
    I would even go a different way - they paid into their pensions their entire life, and due solely to an issue of timing, they're going to lose nearly their entire investment. Not really fair to punish a previous generation for the current generation's failings.
    JBoogalooCliff_ForsterardichokeCyrixInstead
  • JBoogalooJBoogaloo This too shall pass... Alexandria, VA Icrontian
    In all fairness, I'd be more inclinced to believe it's a good mixture of multiple generations.
  • JokkeJokke Bergen, Norway Icrontian
    edited Jul 2013
    Sell Detroit to Canada?

    Also, if you read between the lines of Norwegian newspapers: black people are to blame.
    Most recent article divided up like this: 1/5 is quoting Rick Snyder's letter, 1/5 is about the car industry and pensioners, 3/5 is murder statistics and how many black people live there.
  • Cliff_ForsterCliff_Forster Baltimore, MD Icrontian
    http://www.freep.com/article/20130718/NEWS01/307180061/detroit-pension-board-detroit-lawsuit-kevyn-orr

    The world is watching to see how Detroit public workers respond. If the response is weak, they roll over and allow the city to fleece them of what they bargained for fairly, this will be the model several municipals will utilize to shore up their finances. Detroit is only the beginning.


    BHHammy
  • VicarVicar Member
    I wish the city of Detroit a speedy recovery and my thoughts to all those affected by this financial crisis.
  • UPSLynxUPSLynx Top EA shill, The Dean of Computer Graphics Redwood City, CA Icrontian
    Can't speak as a local, obviously, but this move will be positive for Detroit in the long run. It's about bigger picture, and what's necessary to move the city forward.
  • CyrixInsteadCyrixInstead Stoke-on-Trent, England Icrontian
    Sorry to hear it for those Icrontians living in Detroit. I heard about it this morning on BBC Radio 4; there was a clip from the mayor saying he didn't want it to go that way, but you're there now and have to deal with it. There's loads of news about it on the BBC News website.

    They mentioned a few bad things about the city. Something to do with a high/highest crime rate of some sort; you have to wait an hour for the police to arrive; only a third of the ambulances are running. Sad indeed.

    From the photos of outings I've seen on here over the last few years, there looks to be some nice places. And there seemed to be things going on in the city to try to stimulate growth.

    Brian, you should get yourself on the BBC as a Detroit resident and owner of high profile US tech website Icrontic on a page like this , talking about the positives in the city :D.

    My suggestion to sort everything out, for what it's worth, is to actually go ahead and build Zombie World. That would be my ticket to come over and finally meet everyone lol.

    Anyway, like I say I'm sorry to hear about this, and hope it doesn't have too adverse an effect on the place and you guys in particular.
    GnomeQueen
  • primesuspectprimesuspect Beepin n' Boopin Detroit, MI Icrontian
    It will almost certainly have positive effects on regular residents like us. Now that we've got a reprieve from these crushing, insane debts, we can start plowing money back into city services like getting the streetlights working again and continuing the tidal wave of growth that we've been experiencing. The media can show all the ruin porn and negative statistics they want. The simple fact is, Detroit has been, is, and will continue to be pretty freaking awesome for the last several years.

    If the international media showed nothing but snippets of all the good, awesome, beautiful, wonderful things that are happening here, why, I bet everyone in the world would think Detroit is one of the best cities in America. Those of us who live here now know that.
  • BandrikBandrik Elkhart, IN Icrontian
    edited Jul 2013

    Then there were the boytaurs.

    I had to look up what a "boytaur" is.

    image

    image

    PirateNinjaUPSLynxCyrixInstead
  • KwitkoKwitko Sheriff of Banning (Retired) By the thing near the stuff Icrontian

    The media can show all the ruin porn and negative statistics they want.

    Because that's what sells. Everyone needs a whipping boy.
  • BandrikBandrik Elkhart, IN Icrontian
    Kwitko said:

    DETROITROCKsuspect said:

    I totally read that out in my head as "Detroit Cock Suspect". And yet I still thought of Brian. <3

    ardichoke
  • RyanMMRyanMM Ferndale, MI Icrontian
    Rumors of Detroit's demise have been greatly exaggerated.
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