SAN BERNARDINO IS THIRD CALIFORNIAN CITY SEEKING BANKRUPTCY
By Pete Moore On July 11th, 2012LA TIMES: San Bernardino seeks bankruptcy protection
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.
the places you list are already bankrupt not one major city in the US can meet their pension obligations. The same with very few states. California is is over a half trillion dollars in debt to unfunded obligations, and what do they do, they order a train that they can’t pay for and no one will ride.
As California, Illinois, NY, etc go belly up the fight is to prevent them from being bailed out.
I can’t say that I’m surprised…this is Liberalism on parade. Liberal policies rule California and we are going down the tubes – despite the weather, what was once a first-class education system and dynamic population. No one to blame except liberal politicians and the voters who vote for them.
to illustrate the abject foolishness of the Democrat-run State Government, California legislators just approved a high speed rail project from LA to San Fran. – we have no money to pay for it, but what the hey!
Here’s the rail project.
Well, the San Andreas fault could have a cataclysmic hiccup, eliminating all of this fiscal melodrama in one natural abortive act.