A California city filed for bankruptcy Wednesday, the third in the Golden State to do so in recent weeks, stoking experts' concerns that other cities could follow suit.
The City of San Bernardino - with over 200,000 residents on the eastern tip of greater Los Angeles - "filed an emergency petition for Chapter 9 Bankruptcy" with a regional U.S. bankruptcy court, according to a news release from the city's interim manager.
The other two to file recently were Stockton, with around 300,000 residents, according to 2010 U.S. census data, and Mammoth Lakes, a resort town, where visitors and seasonal residents outnumber the just over 8,000 permanent inhabitants.
Many municipalities in the Golden State and around the nation are struggling to cover their costs as the economic malaise continues to hurt tax revenue streams, experts said. This will lead to more municipal bankruptcies, which have been rare until now.FULL STORY
Isn't like this hasn't been seen coming well in advance.
Some people just cannot keep their checkbook balanced and live within their means. Closing the parks should have been one of the 1st things, cutting the hours for librarians during the summer should have been some steps before bankruptcy.
You mean cutting the *library's* hours, right, Mama?
I can tell you that the employee salaries are a small part of the total cost of running a library...
It costs quite a bit to keep some of those drafty old buildings open.
Cutting Arnold loose woulda served as a purpouse for future Goveners, don'cha think?
@Mary, you are right this was waaay too long in the making.
@ Mama, Not like our central banks haven't over extended themselves more than Cali.
Exactly. And now you know that low-priced Chinese products have nothing to do with cheap slave labor as is the mindset on these blahgs.
With the rate of foreclosure and the lost revenue from property taxes, there will be many more cities in this same situation. And the first thing they cut is law enforcement, emts and fire depts. Stupid moves if you ask me.
There are actually citizens who commute from San Berdo county to LA city 2-4 hrs per day to save 800 dollars per month on their house payment. And now the taxpayer will foot the bill.
San Bernardino isn't the only corporation filing for BK protection. The RC Archdiocease of San Diego, inc. filed for ch. 11 bankruptcy protection from boys winning malpractice lawsuits. 11 other RC corporations have likewise.
Do corporations buy a lot of stuff right before filing for bk protection as individuals do?
Yeah, they do...don't you listen to the news, or do you just make it up as you go along? It's called tax dodges, breaks, outsourcing, etc etc etc. Vote republican! Say YES to more of the same!
If your community is not secure enough for small businesses that employ 80% of America to expand into your town, you must commute to the big city corporations.
"I put 60,000 miles on my 2011 Chevy Malibu driving back and forth to LA last year and spent 1,200 extra hours behind the wheel saving me 10 thousand dollars on my house payments."-actual customer testamonial
Why not commute! LA traffik is fine this time of year. And it's nice to trade drive-bys for a few road rages. Breaks up the boredom. brb...trafic is moving again.
80% of Americans are employed by small businesses? Where did you get a figure like that? Outlandish. Making up data isn't right.
It was long ago predicted that California would disappear from the map due to the mother of all earthquakes. It seems now they are dropping off the map a little piece at a time due to bankruptcy. In their attempt to be the place where eveybody wanted to go, they managed, due to mismanagement, to become a place where everybody wants to leave but can't, because now they don't have the resouces to do so. It's a shame when you go to an area looking for the golden ring, and when you don't, are stuck due to circu mstances.
God was missing for six days. Eventually, Michael the archangel found him, resting on the seventh day. He inquired of God. "Where have you been?"
God sighed a deep sigh of satisfaction and proudly pointed downwards through the clouds, "Look, Michael. Look what I've made."
Archangel Michael looked puzzled and said, "What is it?"
"It's a planet," replied God, "and I've put Life on it. I'm going to call it Earth and it's going to be a great place of balance." "Balance?" Inquired Michael, still confused.
God explained, pointing to different parts of earth. "For example, northern Europe will be a place of great opportunity and wealth while southern Europe is going to be poor. Over there I've placed a continent of white people and over there is a continent of black people," God continued pointing to different countries. "This one will be extremely hot and while this one will be very cold and covered in ice." The Archangel, impressed by God's work, then pointed to a land mass and said "What's that one?"
"Ah," said God. "That's California the most glorious place on earth. There are beautiful beaches, deserts, streams, hills, and forests. The people from California are going to be handsome, modest, intelligent and humorous and they are going to be found traveling the world. They will be extremely sociable, hardworking and high achieving, and they will be known throughout the world as diplomats and carriers of peace."
Michael gasped in wonder and admiration but then proclaimed, "What about balance, God? You said there would be balance!!!"
God replied wisely, "Wait until you see the idiots I put in Sacramento."
A Texan, a Californian, and a Nevadan were out riding their horses.
The Texan pulled out an expensive bottle of tequila, took a long draught, then another, and then suddenly threw it into the air, pulled out his gun and shot the bottle in midair.
The Californian looked at the Texan and said, "What are you doing? That was a perfectly good bottle of whiskey!!
The Texan replied, "In Texas, there's plenty of whiskey and bottles are cheap.
A while later, not wanted to be outdone, the Californian pulled out a bottle of wine, took a few sips, threw the half full champagne bottle into the air, pulled out his gun, and shot it in midair.
The Nevadan couldn't believe this and said "What the heck did you that for? That was an expensive bottle of wine! The Californian replied, "In California there is plenty of wine and bottles are cheap."
A while later, the Nevadan pulled out a bottle of Sierra Nevada Pale Ale. He opened it, took a sip, took another sip, then chugged the rest. He then put the bottle back in his saddlebag, pulled out his gun, turned, and shot the Californian.
The shocked Texan said "Why in the hell did you do that?"
The Nevadan replied, "Well, in Nevada we have plenty of Californians and bottles are worth a nickel."
Heh. Heh heh, Rawr!
Another CA city that's been in the grip of the corrupt alliance of Democrats, public employee unions, and left wing special interest groups has spent and borrowed itself into insolvency as the democrats voted pay and benefits for the its corrupt allies to keep themselves in power. California as a state has done the same thing, and is one of the worst basket cases in the nation, and Obama is doing the same thing to our nation. If you want to know where Obama is taking our nation you can look East to Greece, or West to California. Trillions in wasted corrupt spending, nation destroying debt, massive UNEMPLOYMENT, and finally collapse!!!
But, I thought the Latinos in California worked hard. I guess that was a lie??? Like everything else they do.