Can This City Be Saved?

By | June 4, 2012

What happens when a city spends more than it takes in? Caught up in the boom times of the Silicon Valley, this city bought land and buildings beyond what it could afford, expecting that value would continue to rise. Today it is defaulting on bond repayments causing banks to seize property and laying off public workers threatening the safety of the citizens. Take a look at Stockton, CA as it edges closer to bankruptcy.

 

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