Failure....

[exedir]

Failure is not uncommon, and yes, probably more common than success. And no, it is not just a matter of the eye-of-the-beholder, it can and usually does represent a fact.

One of the facts is that failure is not pleasant, and failure has consequences, also, usually not pleasant. And one part of failure is choice, the wrong one, or the one that wasn't the right one. And normally failure is not the issue of a random or spur of the moment, though that certainly does exist, or at first look appears to exist. Failure is usually a process or a part of a process that starts and then runs a course that leads to well, failure.

And failure is endemic to all sorts of processes, human being only one form of those things that experience failure.

We can experience failure in a number of ways, and one way, is to give failure a word that defines what form the failure represents. One of those words is "divorce", the failure of a form of human relationship. And other word that represents failure is "bankruptcy". Now most humans have experienced one type of failure than others, such as, divorce is more common than bankruptcy, and of course, humans can experience both, and both at the same time, but I digress.

And bankruptcy can be experienced by more than one individual, say, a corporation and even a community. The city of Detroit is potentially going to experience the process of bankruptcy, and as such, those that live in Detroit and those that loaned funds to Detroit. Now, some of the money is owed to some of those that lived and worked in Detroit and have pensions and health coverage provided as a part of their public service and participation in labor contracts that now, can't be paid, or paid at the full rate of the benefit intended.

Nor is the bankruptcy unique for community entities in America, the same has occurred to cities in California; Stockton, CA, being the largest example, so far.

What it means is that this failure, bankruptcy, came about as a choice and a part of a process that started decades ago, a choice that bet on a future, a future that did not exist except in the minds of those that were entrusted to safeguard the people and community of Detroit. What happen was that trust became more of a wish than a fact, a wish that voters ratified in more than one election.

And yes, of course, one wishes for a lot. A better life being one for one's self and one's family. And of course, if wishes were dishes what a fine feast we would all have.

For the people of Detroit it is going to hurt, but its going to hurt those more that believed in the promises of those that they elected and thought they were going to have benefits that can no longer be provided.

As to what it tells us all, is, failure is an option, a rather common one at that...unless....

[LoveLife&Laughter]

Unless what?

[exedir]

You are too big to fail and get a governmental bailout....

[LoveLife&Laughter]

Yep!  That's definitely one lol... :0)

[P.A.]

I am pretty sure this would never have come to bankruptcy if the governor of Michigan had not taken control of the city away from the duly elected officials and turned it over to a "manager" who sold off city assets at give away prices.

[LoveLife&Laughter]

So that's what happened...  :0(

[P.A.]

I don't know specifics for Detroit. I do know that in nearby Pontiac a "manager" sold the Silverdome where the pistons used to play for $500,000 when it was valued at $20 million.

[LoveLife&Laughter]

That's about what Bush paid for the Texas Rangers and their taxpayer paid-for stadium.  He sold his share for ~$20 millions.  That was a real problem back then too.  Bunch of f'g crooks.

[exedir]

The last mayor was convicted of bribery and corruption, not to say that it isn't just business in an American big city, today.

The real problem with Detroit, and it is not alone, is the unfunded liabilities of pensions and future benefits while using the bonding authority to pay for operating expenses with a collapsing tax base.

[P.A.]

Of course you would blame it on the working class for wanting their pensions.

[exedir]

No, the blame is on the politicians that made the deal knowing that the pensions and benefits were not funded but due long past their terms of office.

[ProblemAgain]

same as the blame for company pension shortfalls is on the management for not funding their obligations in spite of the fact actuaries have been warning both business and government for nearly 40 years they were not investing enough in the funds to meet the requirements or to guarantee their promises to the employees..yet suddenly it is them greedy unions (tho they are only 11 per cent of the work force these days) and greedy employees that want to flaunt their wealth in retirement by doing ostentatious things like eating and having lights and heat....how DARE they!

[LoveLife&Laughter]