Predicted, confirmed...

so let's see ... that's Central Falls, R.I.; Stockton, Calif.; Jefferson, Ala.; Harrisburg, Penn.; San Bernadino, Calif.; Mammoth Lakes, Calif.; Boise County, Idaho ... and now, DETROIT, MICHIGAN. ... That's all. Just the heartbeat of America at one time.

"what collapse? this doesn't seem so bad! obv ur wrong! ... zOMG, peeeeeak jiiiiiiigz!!!"

Right.

Detroit files for largest municipal bankruptcy in U.S. history
http://www.foxnews.com/politics/2013...in-us-history/

Detroit filed for the largest municipal bankruptcy in U.S. history Thursday after steep population and tax base declines sent it tumbling toward insolvency.
The filing by a state-appointed emergency manager means that if the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.
Kevin Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall, and made the filing Thursday in federal bankruptcy court.
"Only one feasible path offers a way out," Gov. Rick Snyder said in a letter to Orr and state Treasurer Andy Dillon approving the bankruptcy. The letter was attached to the bankruptcy filing.
"The citizens of Detroit need and deserve a clear road out of the cycle of ever-decreasing services," Snyder wrote. "The city's creditors, as well as its many dedicated public servants, deserve to know what promises the city can and will keep. The only way to do those things is to radically restructure the city and allow it to reinvent itself without the burden of impossible obligations."

Detroit tho

well, by all means... let the boiling frog syndrome continue ...

maybe next it'll be Buffalo, Chattanooga, Birmingham? ... Chicago?

"it's just Chicago."

I know you think this is an "I told you so.." story. But it's not.

OK, but... for that to really resonate, you'll haveta go a little deeper than surface dismissal. Because I was predicting growing numbers of municipal bankruptcies here about 3-4 years ago. I've also mentioned Detroit at least twice since I've been back.

Surely the death of the auto industry there is a major factor, but those other cities that have become insolvent didn't have to endure that kind of specific industry loss.

The broader, root cause - nation-wide - remains expensive energy prices (far ahead of normal inflation) leading to less revenue, shrinking municipal budgets and plummeting discretionary spending.

Population of Detroit went down by like 60% over the last 15 years or w/e, the tax base just wasnt there. The root cause was not energy prices. Energy prices are a factor in the economy, not the only factor.

Predicting Detroit would go bankrupt...not really that impressive.

Illinois is shaping up to be the problematic case.

Now ill await the lol Jiggs response.

Cool. And if the tax base shrinks, so does the need for revenue, yes?

Anyhow, those other cities? Surely they were caused by some other surface symptom you can isolate as you work backwards from conclusion.

"Go ahead and laugh at Detroit because you are laughing at yourself."

-Charlie LeDuff, Author of Detroit: An American Autopsy

Too bad I never said that. Just that it's the biggest factor. Pretty sure I've clarified this a half dozen times here. It's just that some people are stuck on stupid.

I predicted many municipal bankruptcies, which we're seeing from Cali to R.I. ... It will get worse.

Must be "over-spending by lib lawmakers" or some other dumb rationalization.

You mean like the previous dozen where you got taken behind the woodshed and then hit the escape hatch by resorting to irrelevant trolling? Got it.

How big was Jigg's erection after he read the news about Detroit today? I'm guessing a solid 4.5 inches.

Idk.

But I checked out Jefferson County and they went bankrupt because of sewers lol. I guess pvn has monster craps.

So you spend time thinking about other posters' member size? Odd.

Solid trolling from a religion forum mainstay and a PoFo sideline cheerleader who hasn't created a thread of any kind in almost 3 years.

Well the sewer contract was rife with corruption, and a big part of the overall system breakdown. But more a symptom.

Chapter 9's have been exceedingly rare, even more so those involving bonded debt backstops. There are almost 300 municipalities in default on their debt, most very small towns.

This is unprecedented territory here.

Central Falls RI went tits up over pensions lol.

Harrisburg **** the bed over some incinerator loans which is almost energy related if you're ******ed.

San Bernardino: pensions lol. I'm not looking anymore of this **** up. JIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIGGGGGGGGGGGGGGGGGGG GGGGSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS SSSSS.

Illinois will be in some major trouble very soon

Here Falcon, saved you a bunch of work.

http://www.washingtonpost.com/blogs/...pt-in-one-map/

LOL, Boise County.

Boise County Status: Bankruptcy filing rejected Date: 9/8/2011 Debt or Deficit Amount: $5.4 million

A federal judgment ordered the rural county to pay $5.4 million in damages and attorney fees to developer Oaas-Laney for allegedly violating the federal Fair Housing Act. The county later filed for bankruptcy, but failed to prove it was insolvent.



That there is a county that doesn't know how to hire good lawyers.

Don't worry guys, they can just hire max to re-calculate their pensions with a 100 year life expectancy and everything will magically work out.

So other than one poster, everyone gets that peak oil is not the root cause of municipal bankruptcies. Cool.

Lol at "many municipal bankruptcies from Cali to RI". There have been a handful, but since one was on each coast they're sweeping the nation apparantly.

Journalists were predicting Detroit would go bust 50 years ago, so don't start thinking you were ahead of the curve Jiggs.

Will Smith knows what's he talking about!

I'm going to go out on a limb and guess that Morgan Freeman never actually said that.

Pretty sue it was james earl jones.

I think it was Einstein.

He sort of said it.

http://www.snopes.com/politics/quotes/blackhistory.asp