Tag Archives: bankruptcy

Armor-Clad CA Mayor Seeks Support

Stockton, the small resort city South of Sacramento, California sought bankruptcy protection from its obligations last summer. The bankruptcy filing by Stockton, more than 290,000 residents, has been closely watched by both bond insurers who guaranteed the city’s debt and CalPERS, the state pension fund for public workers. Retiree health care, financed by most California… Read More »

Stockton, California as an Example of a Flourishing City

Stockton, CA – This city may be the first in California to declare bankruptcy. The city, in spite of cutting police, fire, and anything else it could think of, is still running in the red, and cannot make its bills. Why? Pensions and benefits for retirees have literally taken over the budget to the point… Read More »

Can This City Be Saved?

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… Read More »

RNC: “Give It To Me”

On Thursday, the Republican National Committee published a news release and video detailing Obama’s willingness to take responsibility for the economic situation in America and the results. Obama: “My administration has a job to do as well. That job is to get this economy back on its feet. That’s my job, and it’s a job… Read More »