Re:Detroit files for Chapter 9 bankruptcy amid staggering de...
by bilbo0s on Thursday July 18, 2013 @07:30PM
(#6067273)
Fnord is also being a bit misleading...
Not to put too fine a point on it...
But the VAST majority of the money spent "honoring commitments made to retirees" is not made to "current residents of Detroit". Most of it was just a one-way funnel of money from Detroit out to the suburbs, other areas of Michigan and beyond.
It makes no sense for Detroit... to essentially be funding people in the suburbs... by taking on debt. That was just craziness.
Not to put too fine a point on it...
But the VAST majority of the money spent "honoring commitments made to retirees" is not made to "current residents of Detroit". Most of it was just a one-way funnel of money from Detroit out to the suburbs, other areas of Michigan and beyond.
It makes no sense for Detroit... to essentially be funding people in the suburbs... by taking on debt. That was just craziness.