Guest Post: Detroit’s Bankruptcy WILL Bite You In the Wallet
By Editor on July 20, 2013
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All this isn’t even taking into account the rampant corruption, bribes, and ulterior motives that every municipal government is crawling with – those are self-explanatory. Fast-forward a few decades and the politicians who planted the seeds of decay are long gone in one way or another – but now the municipality cannot afford its obligations. Losses on poorly planned projects, debt, and exorbitant employee compensation eat up most of its revenue, and it can no longer afford to provide the essential public services every resident counts on.
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See that is the essence of the problem.
Folks want “free lunch”, but there ain’t none.
Detroit is what happens when the bill comes due.
And they Sheeple and Clover there have voted Democratic for 50 years. (Not that the R’s would be MUCH better.)
Like the Delta pilots, everyone’s getting a haircut.
Unfortunately, a promise is worth what backs it up.
On Wall Street, they have a name for it — “Counterparty risk”.
Sorry to say, but you depend on Gooferment, politicians, and bureaucrats at your own peril.
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Filed under: Ranting Tagged: bankruptcy, crony capitalism, debt crisis, FRAUD, pensions
