Haunting description of Detroit from Ayn Rand
- Thread starter Maverick74
- Start date
A Federal judge has ruled that the City of Detroit is eligible for Chapter 9 bankruptcy.
from USA Today:
Detroit is insolvent and eligible for Chapter 9 bankruptcy, a federal judge ruled Tuesday.
U.S. Bankruptcy Judge Steven Rhodesâ decision sets the stage for a battle over pension reductions, the potential sale of assets and proposed cuts to creditors.
"The city needs help," Rhodes said. "The city no longer has the resources to provide its residents with basic services."
Because of Rhodesâ ruling, the city becomes the largest municipality in the USA to go through the bankruptcy process.
In his comments from the bench, the judge signaled that he also will allow pensions to cut in Detroitâs bankruptcy...
http://poorrichardsnews.com/post/68887714833/breaking-judge-clears-path-for-detroit-to-file-chapter
from USA Today:
Detroit is insolvent and eligible for Chapter 9 bankruptcy, a federal judge ruled Tuesday.
U.S. Bankruptcy Judge Steven Rhodesâ decision sets the stage for a battle over pension reductions, the potential sale of assets and proposed cuts to creditors.
"The city needs help," Rhodes said. "The city no longer has the resources to provide its residents with basic services."
Because of Rhodesâ ruling, the city becomes the largest municipality in the USA to go through the bankruptcy process.
In his comments from the bench, the judge signaled that he also will allow pensions to cut in Detroitâs bankruptcy...
http://poorrichardsnews.com/post/68887714833/breaking-judge-clears-path-for-detroit-to-file-chapter
Residential building permits lift Comerica economic index in September
By Tom Henderson
Originally Published: December 03, 2013 9:32 AM Modified: December 03, 2013 11:55 AM
"Led by an increase in residential building permits, Comerica Bank's Michigan Economic Activity Index jumped 4.2 percentage points in September to a level of 129.4.
"That is 15.4 points above the average for 2012 and 57 points, or 79 percent, above the cyclical low hit in June 2009.
"A surge in residential building permits in September lifted our Michigan Index despite a small dip in payroll employment for the month. Also, vehicles assemblies were strong in September," said Robert Dye, Comerica's chief economist, in a news release.
"Dye had words of caution despite the good news.
"The surge in residential building permits is probably not sustainable and will likely be a drag on the Michigan index in coming months," he said.
"Recent auto sales data has been soft. Auto sales dipped through September and October, down to a 15.2- million-unit pace, as fleet sales eased and consumer confidence suffered through the federal government shutdown. Auto sales are expected to show gains in the November data."
"The index consists of seven variables â nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, and motor-vehicle production.
"All data are seasonally adjusted and indexed to a base year of 2008."
http://www.crainsdetroit.com/articl...lding-permits-lift-comerica-economic-index-in
By Tom Henderson
Originally Published: December 03, 2013 9:32 AM Modified: December 03, 2013 11:55 AM
"Led by an increase in residential building permits, Comerica Bank's Michigan Economic Activity Index jumped 4.2 percentage points in September to a level of 129.4.
"That is 15.4 points above the average for 2012 and 57 points, or 79 percent, above the cyclical low hit in June 2009.
"A surge in residential building permits in September lifted our Michigan Index despite a small dip in payroll employment for the month. Also, vehicles assemblies were strong in September," said Robert Dye, Comerica's chief economist, in a news release.
"Dye had words of caution despite the good news.
"The surge in residential building permits is probably not sustainable and will likely be a drag on the Michigan index in coming months," he said.
"Recent auto sales data has been soft. Auto sales dipped through September and October, down to a 15.2- million-unit pace, as fleet sales eased and consumer confidence suffered through the federal government shutdown. Auto sales are expected to show gains in the November data."
"The index consists of seven variables â nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, and motor-vehicle production.
"All data are seasonally adjusted and indexed to a base year of 2008."
http://www.crainsdetroit.com/articl...lding-permits-lift-comerica-economic-index-in