In 2005 the federal government re-wrote the bankruptcy laws. Most of us paid little attention to this action. There was some news about this broadcast suggesting anyone expecting to go bankrupt should do it soon. The new laws were not going to be as kind to individual bankruptcies as they had been in the past. The vast majority of Americans had no intention of ever declaring bankruptcy, so little concern was displayed by the average bear.
Little did we know that the law would open up the floodgates for vulture capitalists like Mitt Romney, to swoop down on faltering or borderline companies? They used the new laws to buy up these companies, strip them of all their assets and then declare bankruptcy. Doing this allowed them to cast aside legacy costs such as retirement benefits and health insurance promised for retirees. It also allowed them to wipe out union contracts and any commitments in those contracts.
In short, the vulture capitalists grew richer and the people grew poorer; another take from the poor and give to the rich operation.
IMHO, the same thing is about to take place in Detroit, Mi. With the current laws and corporate controlled judges this is a done deal. All the protests and demonstrations in the world are not going to change the outcome of this proceeding. The Wall Street moguls will get theirs and the retirees and workers will suffer.
At this time the only thing we can do to reverse this, is find and support candidates that know people are at least as important as corporations, if not more important.
This is our future, join me in fighting to make it better.
And you all have another great day.
- Detroit’s bankruptcy case in court (bbc.co.uk)
- Crucial Trial To Begin In Detroit Bankruptcy Case (detroit.cbslocal.com)
- Detroit bankruptcy: Judge to decide whether city hoodwinked opponents (csmonitor.com)
- Detroit Retirees Sue Manager Over Health-Care Cuts – Bloomberg (bloomberg.com)