What do you think of when someone mentions "unions"? Me? I think of striking workers marching down streets. I think of Tony Soprano. I think of ceme...
While corporate profits soar and our biggest corporations increase in value by billions, the people of the city of Detroit, some of whom are also the customers and employees who keep those corporations in business, are insolvent.
The message we're sending other cities as well as our own citizens is it's OK to mismanage all of your money because the government will come riding in on the white horse to save you.
Today, Chicago residents can count on their streetlamps working tonight and the police responding to emergencies in well under an hour. Unless they demand immediate action to address public employee retirement costs, that may not be true tomorrow.
It's easy to blame Detroit's problems on corruption, unions and overly generous pension benefits, but none of which were the primary cause of bankruptcy. Detroit may have mismanaged finances, but the state's cuts to revenue sharing doomed the city.
Poor Detroit. The City's been getting a ton of abuse over the past week or so ever since it was announced that they were filing for bankruptcy. It's just not fair. Detroit's a cool town. I can think of at least 10 good reasons why moving to Detroit isn't such a bad idea at all.
I feel bad for the folks in Detroit right now because it already sucks to live there, plus the Lions are usually bad, and with this new bankruptcy filing, it's just another blow to the hometown spirit.
The refrain on repeat across news outlets includes some combination of the following: decades of mismanagement, a shrinking tax base, the decline of industry, and corruption. All of these factors doubtlessly contributed to Detroit's financial distress, but as an explanation for it they are woefully incomplete.
The world will shrug when Detroit's art collection is put on the block, when cops are fired, when schools close and when real people suffer. But don't pay back bondholders and attention must be paid.
The Windy City is likely the next shoe to fall. Above all, elected officials around the country must take this lesson from Detroit: Do not spend money you do not have because one day, the bills will come due.
In an Alice Through the Looking Glass decision, where everything appears backwards, the Fourth Circuit Court of Appeals ruled a 1099-C meant nothing, ...
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When a kid snatches an old lady's purse, it's punished as a crime. But when a corporation manipulates bankruptcy law to deny thousands of retired coal miners benefits they labored their entire lives to earn, it's endorsed by federal court.
Student lenders have collection powers denied most creditors. Credit card companies can't garnish your wages without a court order. A federal student loan collector can garnish your wages just by sending a notice in the mail to your employer.
There is an age-old tradition in this country: if you don't like a law and can't get rid of it, look for a loophole. That's what some companies that don't want to comply with an important Obamacare requirement have done, and it appears they've hit pay dirt.