Comments on: Detroit to renege on pensions? CA next?

By: eatingdogfood

eatingdogfood — Tue, 18 Jun 2013 14:16:46 +0000

” Mo Town ” Is A Sewer !!! This Situation has been brought to ” Mo Town ” by Thieving DemoRats and Criminal Unions !!! It’s Pay Back Time; Baby !!!

By: Donkey

Donkey — Tue, 18 Jun 2013 04:39:47 +0000

Ignorance is what the RAGWUS is all about!! This is going to end rather badly for the feeders!! 🙂

By: SeeSaw

SeeSaw — Mon, 17 Jun 2013 23:37:37 +0000

And so does “Ignorance”.

By: Shelby

Shelby — Mon, 17 Jun 2013 22:04:05 +0000

“GREED” has consequence.

By: Sully

Sully — Mon, 17 Jun 2013 16:52:41 +0000

The camels’ back is getting closer and closer to breaking!

By: Al Moncrief

Al Moncrief — Mon, 17 Jun 2013 16:29:23 +0000

Even if the Legislature was able to refer a measure to propose a constitutional amendment, that measure could not be applied retroactively, impairing existing contractual relationships.

In any event, if one set of contracts is on the table, all sets of contracts, including corporate contracts and bonded debt will be on the table. Also, note that Detroit has significant assets that Orr wants to keep . . . not happening.

Like the Vallejo bankruptcy, Stockton’s bankruptcy will trim not a penny of its public pension debts:

“Under the deal with some 1,100 retired employees – Stockton’s largest group of unsecured creditors – the city will pay a lump sum of $5.1 million to reflect the loss of their health benefits in retirement and leave their current pension benefits intact.”

http://www.recordnet.com/apps/pbcs.dll/article?AID=/20130613/A_NEWS/306130321

By: Tough Love

Tough Love — Mon, 17 Jun 2013 15:46:51 +0000

I doubt the MI or CA laws (or Constitution) need be changed. In a Bankruptcy, it’s become quite clear that Federal Bankruptcy laws supersede State laws and Constitutional guarantees. The Judge can simply approve a Plan that reduces these pensions, and if the City won’t come up with such a Plan, then the Judge won’t them out of Bankruptcy.

By: Ulysses Uhaul

Ulysses Uhaul — Mon, 17 Jun 2013 03:54:32 +0000

Donkey as usual boring……Jerry Brown says California is an upswing….so says Perez and Steinberg…..believe Donkey…believe.

By: Donkey

Donkey — Mon, 17 Jun 2013 03:32:22 +0000

The RAGWUS has spawned a bevey of fools, with a few posting their lies on this blog.

California will end in a very poor manner because of the greed of public parasites. 🙂

By: stolson

stolson — Sun, 16 Jun 2013 15:40:18 +0000

RE–Orr recognizes the state constitution protects retiree pensions but wants to negotiate anyway – or possibly change the law.

“ ‘We might need legislative relief,’ he said. ‘This is the culmination of years and years of kicking the can down the road and borrowing from wherever they could.”

“Instead of the current health-care system, retirees would be offered a new program that relies heavily on Obamacare and Medicare, Orr said.”

Sounds like the ‘heart of the matter” now. If it can be made into law–it can be revisited, no???
I hope CA is watching closely as contrary to its bragging–CA is really broke.