Detroit Bankruptcy May Reduce Pensions 90%. California Pensioners Take Notice.

Many will receive no pension or health benefits.

There is no money.

They are not eligible for social security, having not contributed to the fund.

The Chickens come home to roost, as the saying goes.

Much of this negotiated years ago with state leaders, city council members caving to union's support during elections, is my opinion.

This will come as a shocker to other states and cities nationwide, obvious candidates would be New Jersey, Illinois, and other Democrat run states.

Just some thoughts for the day.


This news report and opinions are from CALIFORNIA POLITICAL REVIEW by John Seilor.
 

Detroit, the Once Great Motor City, Has Filed for Bankruptcy.

Socialism - Unionism, never succeeds.

An utter failure wherever implemented.

Observe the countries in Europe such as Greece, Spain, Italy, Portugal and France.

One would think Europe learned from the Communism of Russia, and the Former East Germany.

More American cities will follow with bankruptcy plans, such as Oakland, CA, Philadelphia, PA;. naming a few obvious candidates. 

Just some thoughts today.


Read more from the local newspaper, the DETROIT NEWS by Robert Snell, Daniel Howes, Chad Livingood and David Shepardson.

Detroit, Once a Great City. Nearing Bankruptcy.

• Forty years of corruption, that's why!
• Former mayors and council members need to be summoned to court.
• More cities to follow, such as Oakland, California.
• It has been said that 47 per cent in Detroit are illiterate and unemployable.
• Some of the city has been converted to farmland.
• Liberal Socialist Democrat policies, their showcase is Detroit.
• Just some thoughts for the day.

This excellent report from the AMERICAN THINKER by Rick Moran, The American Thinker

50 Obama Green Energy Companies Face Bankruptcy.

• Obama is good at picking losers.
• 100 per cent so far.
• 90 billion wasted.
• Just think how much that could have fixed the infrastructure in New York and New Jersey!
• Another House hearing is needed. 
• House Committee Rep. Issa's list of hearings is growing.

More from the  DAILY CALLER by Michael Bastasch.

California's Powerful Public Unions and Their Demands Are Meaningless to a Near Bankrupt State.

• The unions often expressed slogan; We are for the improvement of California children's education?
• No, it is all about union retirement funds.
• California needs to nullify its government unions.
• Californians all know there is no more money. 
• Bankruptcy is the only fair solution.
• The judges will pay off the bondholders, vendor and and supplier's bills and the rest make cuts in the lavish salary and retirement plans.

This report from the LOS ANGELES TIMES by Michael J. Mishak.

California's Unfunded $500 Billion Pension Liability, There Is More: Health Care, $62 Billion.

• California needs a peoples initiative to nullify government unions and allow a open shop, no more closed shop. In California it is a closed shop, meaning you have to join and pay union dues if you work in a union shop. Not fair!
• Governor Brown in his first terms, signed the law for government unions.

 Here is an excerpt from this excellent report, 

Most California cities are just as bad, if not worse off. San Francisco has a $4.4 billion OPEB liability, which is zero percent funded, according to CACS. San Jose’s $2.1 billion liability and San Diego’s $1.2 billion liability are both only 9 percent funded. Oakland’s $520 million liability is zero percent funded. Surprisingly, Los Angeles, which has a $6 billion liability, has managed to provide 59 percent funding.

• Several California cities declaring bankruptcy, will the State of California be next?

Read the rest of this great report in the CALIFORNIA POLITICAL REVIEW by Dave Roberts.

California City of Compton May Go Bankrupt, With More Cities to Follow.

• Compton will be out of cash by September.
• Do bond holders get paid off?
• How about vendors and utilities getting paid?
• It may be that the whole Golden State of California may go under as well.
• If you have services for the state, best you work with cash in advance.

Here is a list from the article of some more possible cities in the Golden State that may go broke as well.

Victorville, Montebello, Los Angeles, Oakland
It’s a safe bet to add Montebello and Victorville to the list. Moreover, some of the big guns will eventually go under as well.
Unsound pension problems will be the death of many cities. I consider Oakland and LA to be sure things. It’s just a matter of time.
Delays in filing will only waste more taxpayer money. Eventually cities will catch on and there will be a flood of bankruptcies.

A city in Pennsylvania had the same problem, the mayor put everyone on minimum wage. 


Read more about it in the California Political News & Views by Stephen Frank.

Another California City, San Bernardino, Files for Bankruptcy.

• Some call it Detroit West.
• Unions are the cancer of any organization.
• Public sector with union lobby in Sacramento, they payoff legislatures to get the lavish pensions. 
• Corruption even amongst our so called trusted legislatures; is there any honesty anywhere?
• We have corruption even in our municipalities.

Reported by REUTERS

Los Angeles On the Way to Bankruptcy, Former Mayor Says.

• Pension costs to be 15.4% of expenditures.
• Unions pay off the politicians, who agree to these unrealistic pensions.
• Unions will control, because they help with the elections of Democrats.
• The whole state of California is destined to the same debt solution, bankruptcy.
• There are good leaders who could solve this, but to deal with the corruption, day in and day out with the media supporting the unions.
• A hopeless situation.

More from THE ORANGE COUNTY REGISTER by Brian Calle.

Unions Get 'Take It Or Leave It' Offer of Hostess Brands Or Bankruptcy.

• Pensions is the major target of cost cutting.
• The article does not state what the pension plan pays.
• This is a big time supplier of Twinkies, and other goodies, hard to believe that that market has declined.
• Look for their products to come from Mexico is my thought.

More about Twinkies' ABC NEWS by David Koenig AP Business Writer. 

Another Solar Bankruptcy.

From the article,

“Solar Trust of America LLC, which holds the development rights for the world's largest solar power project,” reports Reuters, “on Monday filed for bankruptcy protection after its majority owner began insolvency proceedings in Germany.”

• Smart investors shun solar.
• Greedy politicians support these firms with tax breaks ans subsidies with our tax money.
• Coal, natural gas, hydroelectric power and oil, the United States surpasses Arabia in energy sources.
• U.S. could be the worlds energy supplier.
• EPA needs to be brought under common sense type leadership.

Read more from FINANCE-TOWNHALL by John Ransom.

Bankruptcy May Be the Only Relief for Detriot & State.

• The city is already being razed into farmland.
• Will Obama bail out his people?
• Not a wise move during election year, when earlier bailouts were scandalous.
• The bankruptcy trustee would be fair and ruthless. The only solution.
• If the city cannot pay its obligations, services will demand cash before delivery, meaning shut down all services, such as water, electricity, gas, and other vendors who make the city operate.
• California's Los Angeles and Oakland are cities facing similar financial problems. 

 Find out more from Mlive by Jonathan Ousting.

Public Unions Threatened, Face Trends of City Bankruptcies.

• Cities have no funds, they must take another look at the huge retirement payout.
• Bankruptcy is the only fair solution.
• De certify public unions. 
• Blame California's Governor Brown for allowing public unions.
• FDR was opposed to public unions.
• 2012 nationwide ban on forced union membership. It is undemocratic to force you to join unions and pay dues.

Read more from the Townhall-Finance by Mike Shedlock.

254 Firms Left "Taxafornia" In 2011. Revenue Down 22%

• Bankruptcy is the the only solution.
• Pay off bonds first, then what's left, pay vendors and suppliers.
• 10% pay reduction for all government workers.
• Right to work enacted. 
• All government pensions on the table for changes of existing and future agreements.
• Disband Department of Education. To be an advisory commission.
• Local school boards to solely operate schools.
• California Democrats must have certainly observed what has happened in Socialist Europe, but they refuse to learn from the European financial disaster.
• Is it possible to isolate San Francisco and Los Angeles from the state as Socialist Cities and govern themselves? Just a thought.

Read an excellent report from BRIEGHTBART/BIG GOVERNMENT by Chriss W. Street.