Bankruptcy in Calif. cities
 

Just heard that San Bernadino just filled chapter 9 bankruptcy today.
Not sure how many that makes in the past year but "It ain't lookin good Lucy"
I would guess it's just a matter of time before the state follws suit. Then you will see the result of years of mismanagement and illegal immigration into this once proud state.

I wish California would just slide off the map, and give the decent Arizonans some beachfront property.

Wasn't Orange County, CA the test case or origin of Chapter 9?

No Chapter 9 for municipalities came about back during the great depression.

In 1994 Orange County was the largest municipal bankruptcy until Jefferson County (AL) filed in 2011.

Does that make this the great recession?

I think this is more than a recession mm13. If it keeps going the great depression will look like a cakewalk.

I would imagine the truth of the matter is that it is already worse. People just don't realize.

I'm almost proud to be able to say as an old man (I'm still young yet), that I've endured some of the same hardships as my Grandfather. It also kind of saddens me though. As a country and as a people, we should have learned from our past mistakes.

3rd city this year in the PRK. Mammoth, Stockton and now San Bernadino. California is beyond broke and they still have no clue on how to manage an economy. They should require an MBA to run for office. They also need to shut down all the entitlement programs. They have driven out almost all their business base and wonder why they dont have tax money coming in.
Anybody that believes the government unemployment statistics is living in Fantasy Land. We are past being in a recession by the standards used in the last depression.

Please, no MBA's. They would just give themselves a huge bonus before saving the state money by declaring bankruptcy. I agree with your point though. :)