Skip to comments.San Bernardino, California, files for bankruptcy with over $1 billion in debts
Posted on 08/01/2012 8:47:11 PM PDT by tcrlaf
San Bernardino filed for bankruptcy protection on Wednesday citing more than $1 billion of debts and making it the third California city to seek protection from creditors.
The city of about 210,000 residents 65 miles east of Los Angeles declared a fiscal crisis last month after a report said local government had tapped out its reserves and projected spending would top revenue by $45 million in the fiscal year that began on July 1.
The filing, made in the United States Bankruptcy Court, Central California District, states that the city has "more than $1 billion" in liabilities, and estimated that it has between 10,001 and 25,000 creditors.
(Excerpt) Read more at reuters.com ...
Here in San Diego, we also have a island of conservatives trapped. We are fighting a rear guard action. We are hanging on by our finger nails. But today..we had some victory. Our local CFA was jumping. A line at least 200 people and a drive thru that was hard to estimate since they extended into the Sports Arena parking lot. No sign of Fags. There were even Navy uniforms in the line..like most days there. News channel with camera’s and new helo overhead. No extra police when I was there,because of the huge parking lot next door..traffic wasn’t effected, but a lot of conservatives turned out.
That is what should finally convince voters everywhere that we need massive, drastic change. Basically, the government cannot provide the services we pay taxes for because the money is going to payroll and pensions for people who are supposed to provide them. When they complain there is no money to provide the services they are right... they took it all home in salary and benefits.
Atlas will shrug. The private sector producers but especially the private sector employees who do substantially the same or even more difficult and demanding work than public sector employees but can't earn anywhere near the same salary and benefits will revolt. They are being asked to pay employees who can't provide the services their taxes are meant to pay for! It's a raw deal, a bad bargain, and it can't last much longer.
If one big Tsunami hit here this state would go red. Where would the libtards go? Who would feed them? Who cares.
“We are fighting a rear guard action.”
It’s no picnic that’s for sure.
Much of that is hard to do because so much of the policies that enlarge the personnel roles are driven by court decisions.
Read that sentence again, please...
Yep, are bonds still considered a safe investment, or is it just another derivative to bundle for investors? (Rhetorical)
Where are the criminal charges????
Suck it up. California deserves all the ridicule it gets and more. People and freepers always slam Florida and you don’t see me whining like obama. Californi IS responsible for the cultural slide down the liberal rat-hole to at least some degree, nevermind the fiscal cliff they are going to drag the US off of. Ever heard of Hollywood?
Went to college and have lived/worked in SoCal myself - sheesh, lighten up.
Well it’s true in England since their billion is equal to the US trillion.
>>Well its true in England since their billion is equal to the US trillion.
Technically, that hasn’t been true since 1975 when the UK treasury started using the US billion.
Since there was an error, I'll just post it again for you. Thanks for paying attention!
No, this is you, and all states
The U.S. is now in the hole for about 15 trillion.
It takes 1,000 billion to make just 1 trillion.
They now need nuclear powered printing presses to keep up, as the old presses have burned through the floors.
Even those not paying attention should be able to understand this.
Where are the criminal charges????
Absolutely, where are the charges?
In addition, are those responsible for running the city going to resign en-mass and forfeit their government pensions?
I have no idea what you’re talking about.
Feel free to quote my post which offended you.
60-80% is typical across municipal governments. Keep in mind that this is a reinforcing loop. One governmental body, be it the village/town/city or the park district, library or any taxing body, will look at a survey of other public bodies to determine the proper perks and salaries.
They do this without reference to the community or the private market. Thus we end up where we are today.
It’s the liberal echo chamber that is the most dangerous thing about them. They talk about rights and free speech and thought, but in practice they’re closer to Al Qaeda than Tom Jefferson.
The HSR project has changed their theme to:
A project nobody wants and none of us can afford - The Time is Now.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.