I cannot wait for the entire span of city officials to be replaced with an emergency financial manager. Bring on Caesar! Democracy cannot survive when your people are this stupid.
If you enjoy the content at iBankCoin, please follow us on TwitterA closely guarded report on Detroit’s finances paints an alarming picture of a city that will run out of cash by April unless officials make immediate, painful reductions that will cut deeply in to public services.
The report, obtained by the Free Press, outlines some drastic scenarios that illustrate how steep those cuts must be for the city to stay afloat.
For example, if the city laid off 2,200 employees — a third of its workforce — the city still would run out of cash by July.
No one has said the city is considering that as an option, but it demonstrates the severity of the financial crisis.
Mayor Dave Bing and the City Council have said the solution lies in getting major concessions from reluctant labor unions and reducing the city’s skyrocketing costs for retirees.
Bing is planning a public address Wednesday regarding the financial crisis.
“Mayor Bing inherited a city in fiscal, operational and ethical crisis,” his spokesman Dan Lijana said Monday. “Rather than continuing business as usual and sweeping problems under the rug, Mayor Bing has taken on the tough issues and had an honest dialogue with Detroit about our fiscal challenges.”
The problems are so severe and immediate, restructuring experts said, that the state may have no choice but to appoint an emergency manager with the authority to gut union contracts, sell assets, restructure the government and end nonessential services.
“At the point where Detroit is, they need an emergency manager,” said Pontiac’s emergency manager Louis Schimmel, who also took over the shrinking budgets of Hamtramck and Ecorse years ago. “What are they going to do when they run out of cash?”
Bullish!
May every dollar be stripped from the city’s officials and their grotesque pensions
in order for union charter’s to be rendered null and void, the city must declare BK. IF, the corporation does that……..no more union.done,zip, natha, and not a F$#@!ng thing they can do. gm did it.
I’m not thinking that’ll happen; Detroit is just too entrenched with union power.
it takes big balls to do it. if unbridled fortitude was unleashed in the proper way,they could have them on their knees. alas,being a staunch ex-union man is ugly to think about,but in a do-or-die situation,their has to be serious concessions. or,they start handing out pink slips,and seniority prevails at all times,that the bottom half could be cut,and they still cant do shize
The same can be said of any union. But our fellow Detroiters are big softies for labor; only a thin minority of us have the balls to make it happen and we’re not getting elected anytime soon.
Only true bankruptcy will change things around here. Let’s see if we don’t get bailed out by the Dems?
Be interesting to see how this plays out. If there is any place on earth that could be considered the ultimate bastion of unionism, it would be Detroit.
I’m thinking this could be Waterloo for the unions. If they “lose” Detroit, they will lose nearly everything.