“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx
May 2, 2011
Not everyone loses under the EFM. The mainly wealthy investors that hold municipal bonds are protected. According to a Snyder administration spokesperson: “There is nothing in [Public Act] 4 which would allow an [emergency manager] to void bonds or other municipal securities.” (Lansing State Journal, 4/22)
Of course not. The servants of the wealthy wrote the law!