Reuters’ headline reads How a vicious circle of self-interest sank a California city, but as you slog through the debacle of the city of San Bernardino’s ugly descent into bankruptcy you notice the complete absence of one important participant The Taxpayer. “It’s total political chaos,” said John Husing, a former San Bernardino resident and regional economist. “There is no solution. They’ll never fix anything.” Yet on close examination, the city’s
bankruptcy
June 27, 2012
As goes Stockton, CA … [Darleen Click]
The folly and failure of spending every dime of other people’s money Officials in Stockton said Tuesday that mediation with creditors has failed, meaning the city is set to become the largest American city ever to declare bankruptcy. City Manager Bob Deis said officials were unable to reach a deal to restructure hundreds of millions of dollars of debt under a new state law designed to help municipalities avoid bankruptcy.