Waistline2 In respect to AIG, I have not done the investigation into the rates charged to Detroit to determine if insurance of Detroit bonds required a higher premium rate.
^^^^^ CB: This switcheru was voted on in a public session, so, I'm sure of what I'm saying. AIG was insuring some of Detroit's bonds. When AIG went bankrupt, the bond agency lowered Detroit's bond rating , because its insurance was no good. Detroit had to enter into a draconian revision ( higher priority for the Wall Street bhe ond company to a casino revenue stream to the City) against its interests of its contract with the Wall Street bond company/parisite in order to avoid bankruptcy/receivership/in Michigan: Emergency Financial Manager. The Emergency Financial Manager acts as a financial dictator in cutting City jobs and stealing tax money for Wall Street. ^^^^^^^^ Wall Street Dictators by John Henry If one looks at the big picture, the City of Detroit is being set up by the powers-that-be, including the news media, for the same treatment as the school system - a financial dictatorship, with Wall Street and its agents ripping off the City workers and People of Detroit. Mayor Bing is demanding that the City workers take a 10% paycut over two years. The City unions are picketing today and may strike. A big part in this set-up is the years long project of portraying the elected officials of the City,Mayor and City Council, as so bad that the masses will accept a non-elected financial dictator to "clean up the mess" of these oh so foolish people elected by the citizenry. Whatever, faults they have, they are no worse than the dozens of white men who exclusively ran Detroit City government for so many decades. It is no coincidence that once the City Council became majority Black and women the forces that shape public opinion turned them into a bunch of fools in the minds of so many suckers and naive ones among us. Detroit financial problems are not due to City officials' bad decisions, but the disinvestment from and failures of corporate America in Detroit, and the related long term depopulation begun 60 years ago. The last thing the City needs is "CEO thinking" in leadership. CEO thinking has bankrupted all Wall Street, GM, Chrysler ! No exaggeration. At any rate, the effect of brainwashing so many citizens ignorant of Detroit's history and current events. has brought just such a CEO-style Mayor , who has all the appearances of someone who will facilitate handing the City over to a financial dictator, or emergency financial manager as over the DPS. Critically related to this looming financial rightwing coup, within the last several months, Wall Street bond holders tightened the noose through a swithcheroo perpetrated by Wall Street giant AIG's failure lowering Detroit's bond rating , triggering and threatening an emergency financial manager, i.e. financial dictator event. In the end Detroit was forced to let a Wallstreet firm get its teeth deeper into a City juggler vein/revenue stream from a casino. Then AIG was bailed out and Detroit was not by the federal government. Rushing Detroit to bankruptcy is very much about enriching Wall Street, the nation wide financial sector of America, at the expense of City workers and the People of Detroit. The financial dictator selected will be an agent of that finance capitalist class. _______________________________________________ Marxism-Thaxis mailing list Marxism-Thaxis@lists.econ.utah.edu To change your options or unsubscribe go to: http://lists.econ.utah.edu/mailman/listinfo/marxism-thaxis
