Last night I went to sleep

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This is a perfect example of why pension funds that rely on future earnings of future people should be banned on a national level. They are ponzi schemes by design.

Workers should receive money into a 401K (or similar) at the same time they are working. This means they have ownership of the money and future people, that had no say in the actions of past people, are not responsible for bad past decisions.

$17 billion in unfunded liabilities? Makes Madoff look like a piker and no one is going to jail in Detroit.
 
Originally Posted By: Jarlaxle
Corrupt politicians should be publicly beheaded live on national television.


But then they would all be dead and we'd have no one to run the joint!
 
Originally Posted By: Tempest
This is a perfect example of why pension funds that rely on future earnings of future people should be banned on a national level. They are ponzi schemes by design.

Workers should receive money into a 401K (or similar) at the same time they are working. This means they have ownership of the money and future people, that had no say in the actions of past people, are not responsible for bad past decisions.

$17 billion in unfunded liabilities? Makes Madoff look like a piker and no one is going to jail in Detroit.


Totally agree on your pension statement,but you do know our former mayor is in jail and they are not finished with him or his accomplices yet.
 
I was involved in a pension meeting in our local city and it was revealed that nearly half their pension liabilities are unfunded!

This is totally criminal in my book. Those funds were paid in good faith and the corrupt city officials simply spent them...
 
Originally Posted By: Papa Bear
I guess things can't be too bad .... they're going to spend $650,000,000.00 for a new arena.

http://blogs.windsorstar.com/2013/06/19/red-wings-new-arena-a-step-closer/

Put it on the card ........


I know it's no fun to bring facts to the party... but did you actually even read the article?

The players involved are Olympia Development of Michigan, the Downtown Development Authority, and the Detroit Economic Growth Corp.

The DDA is an offshoot of the DEGC. The DEGC's purpose is to solicit *private* investment in city projects. Only 4 of the 12 DDA board members are associated with city government. The other 8 are from the private sector.

The DDA will own the complex and lease it to Olympia (this is exactly how Joe Louis Area is currently structured). Through the DEGC, most of the investment will be from private firms. The rest will come from the State of Michigan through bonds already earmarked for economic development... not the City of Detroit.

It may be fun to pile on the City of Detroit and their careless choices, but economic development projects like Comerica Park, Ford Field, and the Cobo renovation have worked out pretty well. The key is that they blend a number of parties who will benefit from the project into the decision-making and development process. These include the city government, regional government consortiums that represent the entire metro area, the state, and private stakeholders. When you add a bit of accountability to multiple parties, something the city seems to sorely lack on it's own, the results are better.
 
Thank you, MrHorspwer for putting that article in perspective with great diplomacy.

Even though your words were kind, I think you should give Papabear some slack. His posts indicate that he likes Detroit and it's teams.

Also, I think he is a bit disgruntled because the major attraction in his town is this giant tomato, and they had a heck of a time at the last city council meeting approving 2 gallons of red paint to refurbish the big fruit.
grin.gif

Leamington_web.jpg


P.S. - Papabear, hope I didn't pxss you off and that you answer my pm about Krown rustproofing in Windsor! Thanks.
 
Our tomato was paid for years ago !! No fiscal fiasco here .......

Actually my father worked in the Tomato (volunteer) in the 1960's and I live today right across the street from it.

I have no issue with Detroit, I love(d) Detroit. It is a shell of what it was in the 50's & 60's that I remember.

I sat in Windsor in '67 and watched the riots. I had been in Detroit that Saturday night.

Whether you love the Titanic or not will not stop it from sinking after it is irreparably compromised.

I was in Windsor today and looked across the river. I thought "The King is dead. Long live the King".



Now ... let me get to that PM.

Bob
 
Originally Posted By: MrHorspwer
Originally Posted By: Papa Bear
I guess things can't be too bad .... they're going to spend $650,000,000.00 for a new arena.

http://blogs.windsorstar.com/2013/06/19/red-wings-new-arena-a-step-closer/

Put it on the card ........


I know it's no fun to bring facts to the party... but did you actually even read the article?

The players involved are Olympia Development of Michigan, the Downtown Development Authority, and the Detroit Economic Growth Corp.

The DDA is an offshoot of the DEGC. The DEGC's purpose is to solicit *private* investment in city projects. Only 4 of the 12 DDA board members are associated with city government. The other 8 are from the private sector.

The DDA will own the complex and lease it to Olympia (this is exactly how Joe Louis Area is currently structured). Through the DEGC, most of the investment will be from private firms. The rest will come from the State of Michigan through bonds already earmarked for economic development... not the City of Detroit.

It may be fun to pile on the City of Detroit and their careless choices, but economic development projects like Comerica Park, Ford Field, and the Cobo renovation have worked out pretty well. The key is that they blend a number of parties who will benefit from the project into the decision-making and development process. These include the city government, regional government consortiums that represent the entire metro area, the state, and private stakeholders. When you add a bit of accountability to multiple parties, something the city seems to sorely lack on it's own, the results are better.



Detroit is hardly alone in sleazy stadium deals, but those things are always bad for the taxpayers. Look at that article. Not to single the newspaper out, but the casual reader really has no idea of the details of the deal. I can guarantee you that the details are almost all bad for the taxpayers. So there is a "partnership" Most of these "partnerships" are split the watermelon deals where the taxpayer gets the rind. All we really know is that the developer gets to collect 12 million in tax money and that the city contributes land. (And probably lots and lots of unreported guarantees).

Its gotten so bad that the Brazilians (Brazilians!) take to the street to protest soccer stadium deals.
 
Originally Posted By: MrHorspwer
Originally Posted By: Papa Bear
I guess things can't be too bad .... they're going to spend $650,000,000.00 for a new arena.

http://blogs.windsorstar.com/2013/06/19/red-wings-new-arena-a-step-closer/

Put it on the card ........


I know it's no fun to bring facts to the party... but did you actually even read the article?

The players involved are Olympia Development of Michigan, the Downtown Development Authority, and the Detroit Economic Growth Corp.

The DDA is an offshoot of the DEGC. The DEGC's purpose is to solicit *private* investment in city projects. Only 4 of the 12 DDA board members are associated with city government. The other 8 are from the private sector.

The DDA will own the complex and lease it to Olympia (this is exactly how Joe Louis Area is currently structured). Through the DEGC, most of the investment will be from private firms. The rest will come from the State of Michigan through bonds already earmarked for economic development... not the City of Detroit.

It may be fun to pile on the City of Detroit and their careless choices, but economic development projects like Comerica Park, Ford Field, and the Cobo renovation have worked out pretty well. The key is that they blend a number of parties who will benefit from the project into the decision-making and development process. These include the city government, regional government consortiums that represent the entire metro area, the state, and private stakeholders. When you add a bit of accountability to multiple parties, something the city seems to sorely lack on it's own, the results are better.



Well put. Even outside in the subs, I've noticed improvements being made. This is not going to being an overnight thing, nor is it going to be pretty . But it will get done. I have a good friend on a few of these projects downtown (and the subs) are making progress for the first time in years...


We may not be the brightest group here, but make no mistake of our passionate hearts...
grin.gif
wink.gif
 
Deeeetroit is setting an example for the rest of the Northeast. All of these rustbelt cities are doing the exact same thing.

I live in Syracuse and, while there have been excellent strides in making it into the 21st century, there's still enough corruption and unemployment to hurt the city.

There's no manufacturing left, but nothing comes in to fill their place. Any time a legitimate business tries to open up, they are run out of town.

We're losing our south side; the south side of Syracuse is turning into a gangland ... Physically, we're MUCH smaller than Deeeetroit and certainly less population ... but it's the same thing.

The city of Syracuse has been running a deficit, but had $50M "rainy day fund" that will run out. Would be interesting to see how it
 
I have to admit that after watching a recent 2 hour special on the Documentary Channel (I think) about Detroit's past 40 years, I was in awe regarding the amount of it's government corruption and mis-spending (admit to having my head in the sand about the level of corruption - knew that its there, but not this bad).

Is there no system of accountability for city governments?

This is something the state citizens should be up in arms about.
 
I hope that bozo Kilpatric gets 20+ years for all his corruption.

When is his sentencing ?

I hope they throw the book at him.
 
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