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HardTimes99

(2,049 posts) Sat Jul 20, 2013, 09:52 PM Jul 2013

Questions About Detroit's Bankruptcy: [View all]

Who will be the primary victim of Detroit's bankruptcy? Who will be the primary beneficiary?

I'm having trouble figuring out who is actually going to get hurt by a failure of Detroit to pay its debts. Are Detroit's municipal pensioners at risk of losing some or all of their pension?

Is there a possibility of mass layoffs of municipal employees to cut payroll costs?

I'm very disappointed that the legislative and executive branches of the federal government allowed this to come to pass, given that we were able to pay for bailing out privately-owned banks in 2008-09.

Is the 1% going to be hurt by this bankruptcy at all? Or will only the poor and working class suffer?

8 replies

= new reply since forum marked as read

Highlight:

Questions About Detroit's Bankruptcy: [View all] HardTimes99 Jul 2013 OP

"who is actually going to get hurt by a failure of Detroit to pay its debts" NoOneMan Jul 2013 #1

Are pensioners 'creditors' the way investors who buy bonds are? HardTimes99 Jul 2013 #2

Anyone with a valid debt should be able to claim to be a creditor NoOneMan Jul 2013 #3

No, they are unsecured creditors. kwassa Jul 2013 #4

That really pisses me off - nt HardTimes99 Jul 2013 #5

By investors, do you mean bond holders? NoOneMan Jul 2013 #6

Exactly. Water and sewer bondholders. kwassa Jul 2013 #7

Capital vs Labor NoOneMan Jul 2013 #8