7/29/13 - Michelle Malkin on Detroit Bankruptcy and Obamacare - America Live - Fox News
wall st killed Detroit
That would be like me showing current assets, then deducting 30 years of my mortgage interest (which I haven't yet paid) to end up with my net worth. All govts do this and it's total BS!! When these bogus govts try to cry Bankruptcy, they show the Judge the Balance Shee where they can easily hide Assets. In the CAFR;(CAFR = Comprehensive Annual Financial Report) however, the Statement of Net Assets tells the true story of their financial condition. CURRENT ASSETS minus LONG TERM? (not current liabilities?) = Net Assets...I don't think so!!!
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