San Bernardino, facing the possibility of missing payroll, becomes California’s third city in weeks to authorize a bankruptcy filing
First Stockton, then Mammoth Lakes and now San Bernardino discover that you can kick the can only so far down the road. These are just the hors d’oeuvres. The real action begins when cities like Chicago and states like Illinois and California meet reality. It might be one, two or five years away, but they’ll go bankrupt too. When it happens they’ll become extremely unpleasant places to be.