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Old 06-27-2012, 12:11 PM
 
434 posts, read 848,822 times
Reputation: 516

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Stockton set to declare bankruptcy. Not unexpected. Neither will be the golden states' demise.

http://m.cbsnews.com/storysynopsis.r...catid=57461273

 
Old 06-27-2012, 12:57 PM
 
Location: San Luis Obispo and Santa Barbara Counties
6,390 posts, read 9,679,297 times
Reputation: 2622
Quote:
Originally Posted by native56 View Post
Stockton set to declare bankruptcy. Not unexpected. Neither will be the golden states' demise.

http://m.cbsnews.com/storysynopsis.r...catid=57461273
The land abides.
 
Old 07-01-2012, 06:37 PM
 
624 posts, read 1,246,921 times
Reputation: 623
Many cities in California are broke because of pension debt and government job abuses. People love to spend money that is not theirs.
 
Old 07-01-2012, 06:46 PM
 
7,150 posts, read 10,893,251 times
Reputation: 3806
Many cities in California are broke because of the burst housing bubble. That would be it. Pension debt and government abuses weren't an issue until the market collapse. They are out of line with reality ... but they did not cause the problem we are dealing today.
 
Old 07-02-2012, 05:18 AM
 
Location: St Louis, MO
4,677 posts, read 5,764,147 times
Reputation: 2981
Stockton is broke because of a billion dollars in grants and tax credits.
Jefferson City went broke because of $3B in capital improvements.

But feel free to keep blaming government workers salaries and benefits....
 
Old 07-02-2012, 07:32 AM
 
25,619 posts, read 36,680,593 times
Reputation: 23295
No matter how much the Pan Leninists rail away at the housing bust, what your seeing is a perfect storm of all the above triggers and many more not mentioned.
 
Old 07-02-2012, 08:50 AM
 
Location: Orange County, CA
3,727 posts, read 6,221,555 times
Reputation: 4257
Stockton today, California tomorrow, and the USA the day after?
 
Old 07-02-2012, 09:06 AM
 
Location: Earth
17,440 posts, read 28,589,728 times
Reputation: 7477
Quote:
Originally Posted by BlackShoe View Post
Stockton today, California tomorrow, and the USA the day after?
The USA's debt to GDP ratio is worse than California's.
 
Old 07-03-2012, 01:43 PM
 
Location: Orange County, CA
3,727 posts, read 6,221,555 times
Reputation: 4257
Default Mammoth Lakes Bankrupt.

The problem is spreading, Mammoth Lakes, an Eastern High Sierra town of 8000 known for it's skiing, fishing and other outdoor recreation has filed for bankruptcy. The action was mostly taken because of a 43 million dollar judgment against the town, but Mammoth had other issues as well.
www.latimes.com/news/local/la-me-mammoth-lakes-20120703,0,4573711.story
 
Old 07-03-2012, 06:57 PM
 
Location: Dublin, CA
3,807 posts, read 4,273,534 times
Reputation: 3984
Quote:
Originally Posted by BlackShoe View Post
The problem is spreading, Mammoth Lakes, an Eastern High Sierra town of 8000 known for it's skiing, fishing and other outdoor recreation has filed for bankruptcy. The action was mostly taken because of a 43 million dollar judgment against the town, but Mammoth had other issues as well.
www.latimes.com/news/local/la-me-mammoth-lakes-20120703,0,4573711.story
Damn, I love Mammoth Lakes. Great place to go hiking, etc (not that its changed).
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