$150,000 in the bank for San Berdoo. Geez, one has to wonder, albeit not for very long, as to the mentality of people who could not see this happening long in advance or let’s say...A FREAKING MONTH ago?
We’re going to see this cascade into an avalanche of muni BKs that will accelerate like nothing anyone has ever imagined before. Well, OK, maybe ticket sales at a Justin Bieber concert.
As long as this is steered AWAY from bailouts, and towards Chapter-11 (or whatever # applies to local govt), all will be well. The budget-killing pensions and health plans will get pared to sanity, and life will go on. Its the ONLY way to keep the problem local.