Bankruptcy in Calif. cities

Discussion in 'Survival & Sustenance Living Forum' started by widowmaker, Jul 11, 2012.

  1. widowmaker

    widowmaker New Member

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    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.
     
  2. Mosin

    Mosin Well-Known Member

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

  3. orangello

    orangello New Member

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

    Gone_South New Member

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    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.
     
  5. mountainman13

    mountainman13 New Member

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    Does that make this the great recession?
     
  6. Gone_South

    Gone_South New Member

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    I think this is more than a recession mm13. If it keeps going the great depression will look like a cakewalk.
     
  7. mountainman13

    mountainman13 New Member

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    I would imagine the truth of the matter is that it is already worse. People just don't realize.
     
  8. trip286

    trip286 New Member

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    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.
     
  9. JTJ

    JTJ Well-Known Member Supporter

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    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.
     
    Last edited: Jul 11, 2012
  10. TLuker

    TLuker New Member

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    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. :)
     
  11. jyo

    jyo New Member

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    I think things are a LOT worse than we've been led to believe---after all, the Prez says the recession ended 2 1/2 years ago...yeah, right!
     
  12. partdeux

    partdeux Well-Known Member

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    Friend of mine is out there... he's a business owner and does have an MBA ;)

    80% of the city's expenses are going to pay salary's and pensions for police and fire. It's an ugly mess, but one that is taking place all over the United States.
     
  13. Dillinger

    Dillinger New Member

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    Quoted for The M'Effing Truth!!

    There is absolutely ZERO excuse to for a city with taxpaying citizens to mismanage so much offing money that they have to declare bankruptcy. :mad:

    All this filing does is screw over even more people that are owed money by the bastard politicians who couldn't manage the money that was clearly laid out for them.

    The people that are owed money should be paid directly from the yearly salary, or state income tax, from the politicians that are responsible!

    Another reason I will be voting out ALL incumbents come the polls. NO ONE deserves a second chance in office after the last 4 years! :mad:

    JD
     
  14. mrm14

    mrm14 Active Member

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    The unions have got us by the balls here when it comes to city, county, and state workers and their pensions. Also terrible mis-manggement by governing bodies of revenue they recieve from taxes. Vote all the incumbents out no matter who they are.

    I haver some investment in municipal bonds which are kicking off just over 4-1/2% interest but with this bankruptcy thing going on and several cities near in the same boat as San Bernadino, its making me nervous.
     
    Last edited: Jul 11, 2012
  15. hiwall

    hiwall Well-Known Member

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    All those on the pensions will not be happy when they find out their pensions are not protected in California. A friend of mine there was not happy when he found out that was true. He was a firefighter and retired at 52 with a large pension.
     
  16. Durangokid

    Durangokid New Member

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    The public employee unions are breaking the system. These should have never been allowed. The unions elect the people who are over their jobs. These elected managers in turn are in debt and dependent on the unions for their jobs. This a massive dairy barn where the taxpayers are milked.:eek:
     
  17. rjd3282

    rjd3282 New Member

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    Wait for it, I'm sure some lib will come on here and suggest these cities just raise taxes. While completely ignoring the fact that the local government has already squandered all the money. I'm sure the libs in Kalifornia are already discussing that if they just got a little more tax money they could straighten out this mess. :rolleyes:
     
  18. Gone_South

    Gone_South New Member

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    That is their answer for all woes. Want a new program? Raise some more taxes.

    Meanwhile every other person alive has to either cut back on one or more things or raise more money by doing more not sitting on their butts making everyone else pay.

    I want a new gun but don't have the extra money. What do I do? I cut back on things until I save enough to buy it.
     
  19. Durangokid

    Durangokid New Member

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    The failure of California's socalist anticapitalist government has been great for Texas. The number of California jobs moving to Utah and Texas Etc. are helping the economies of these states.:)
     
  20. willshoum

    willshoum New Member

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    tesla.......

    The one man that could have resolved the whole problem with kalifornacation. One of his inventions would have gotten rid of the whole damn state........And you would have new beach front property.......Its still plausible.........:)