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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Recent Comments
Zbigniew Mazurak { Thanks, Jan! I really appreciate your comments! } – May 12, 11:03 AM
Zbigniew Mazurak { This is unwise. The value of gold is decreasing fast. } – May 12, 10:59 AM
Jerry T { Chris the truth be told it is a shame for this man as our President to suggest to graduating college class that America is simply... } – May 12, 9:39 AM
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