Posted on 02/23/2012 8:33:28 PM PST by ScottinSacto
STOCKTON - The City Council on Tuesday is expected to take its first step toward filing for bankruptcy in a dramatic move to remedy Stockton's crippling finances.
If bankruptcy ultimately happens, Stockton would be the nation's largest city to fall into Chapter 9 protection.
While city administrators remained silent on any plans, it became an open secret Wednesday. The Downtown Stockton Alliance board of directors in a public meeting discussed the city's bankruptcy timetable.
Also Wednesday, the San Joaquin and Calaveras counties Central Labor Council distributed an email, alerting its members that Stockton plans to begin the process at next week's council meeting. The email also invites its members to a meeting Monday to map their strategy for opposing bankruptcy. They won't be alone.
(Excerpt) Read more at recordnet.com ...
Oy nay munies are bestes investement for ever and ever.
I’m reading the book “A Colossal Failure Of Common Sense”. It’s about the Lehman Brothers debacle.
In that book, there’s a chapter about the mortgage boom and all of the fraud that accompanied it. Stockton was brought up repeatedly. I got the distinct impression that Stockton could be the literal and figurative poster child for the mortgage crash.
There are parts of southwest Florida that I’ve been in and some of those areas looked bad. I can only imagine that Stockton looks a lot worse.
It has been noted on this forum that technically a state can’t declare bankruptcy, but what if every municipality in that state does?
Isn’t Stockton where Hoss and Little Joe went to get supplies for the Ponderosa?
Okay! On the far left hand are “- - - the San Joaquin and Calaveras counties Central Labor Council - - - “ who “ - - - invites its members to a meeting Monday to map their strategy for opposing bankruptcy.” Am I right so far? Labor versus Reality. Got it!
BTW, if the SUPPLY of money is less than the DEMAND for money, can’t they just print more money? The District of Corruption does it 42 % of the year!
Give ol’ Enema Ben Bernanke a call. I’m sure Ben would be happy to ease the pain of such a trivial, old-fashioned, market-based nuisance. That was easy!
When “60 Minutes” wanted a city with an eye-opening number of foreclosures, they picked Stockton:
http://www.cbsnews.com/stories/2008/01/25/60minutes/main3752515.shtml
One of the people commenting is asking the politicians to use a little common sense, particularly when it comes to approving the spending of $20M in legal fees to cover a $10M shortfall. Funniest line I have heard since Newt’s remark about the gun rack on a Chevy Volt.
No...they shopped in Virginia City. You might be thinking of the Barkleys. :-)
Not as the 1% ! The Occupy folks took over. You’d think ever since Heath got bionics he’d kick some ass!
A much larger city than Stockton, California, went bankrupt — namely, Cleveland, Ohio, in the 1970s, under Mayor Dennis Kucinich. And, amazingly, the world didn’t come to an end; no one died; no one starved; no banking system collapsed; and life went on.
Why else do governments require banks to keep a portion of their money in reserve, except to deal with events like bankruptcies? Since Stockton is fortunate enough to be in the U.S., rather than in Europe where the powers that be have held an entire country, Greece, hostage for several years to their fear that their entire continent will collapse if a few bankers don’t get their loans paid back at 100 percent, Stockton should survive.
The same idiots that have spent the state of California into oblivion are going to fix the City of Stockton? Got it; what could possibly go wrong?
Orange County, CA, went bankrupt back in the 90s, right? That worked out ok.
I thought Vallejo was bigger than Stockton!!!
Will the last taxpayer to leave California please turn off the lights?
Unless there is no power, then don’t bother.
Although the television series Bonanza is based on the life of Ben Cartwright and his sons, it cannot be totally truthful for historical personages and historical events do not always coincide.
Adam Cartwright grew tired of the ranch life and in his early twenties went to sea for a few years, before finally attending the University at Stockton, California. There he met and wooed, Audra Barkley. Adam Cartwright became an architect and in concert with his brother in law, Heath, an engineer, designed many Southern California communities.
http://www.pjfarmer.com/secret/woldwest/Cartwrights.htm
Vallejo has about 115,000 people.
Stockton has about 300,000 people.
High Profile resignations at banks across the world in the past 2 weeks
February 19, 2012
http://business.time.com/2012/02/15/world-bank-president-zoellick-resigns/
http://www.proformative.com/news/1470243/cfo-anz-bank-resigns-amid-turmoil
http://www.livemint.com/2012/02/06160111/Dhanlaxmi-Bank-CEO-Amitabh-Cha.html
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