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Thread: Judge: Stockton, Calif., Can File for Bankruptcy

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by polgara View Post
    CJ, Sorry, I haven't been following this...been too busy today! Are you saying someone in DC authorized this loan?
    No, I don't believe so - I believe it was the issuance of bonds, approved by bond insurers. I don't know what goes on in the US, but here, bond insurers would not be able to approve such a bond issue because of the nature of the expenditure and the questionable ability to pay.

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    This has absolutely nothing to do with big government. Rather it is a sharp decrease in tax revenues brought on by the economic devastation of the 2008 recession and the housing market collapse.
    Be kind to everyone

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by drippinhun View Post
    This has absolutely nothing to do with big government. Rather it is a sharp decrease in tax revenues brought on by the economic devastation of the 2008 recession and the housing market collapse.
    The fact that the city, in 2007, was $165 million behind in its payments to its employees pension plan has nothing to do with the economic devastation of 2008 and everything to do with mismanagement of the city's finances by incompetent city employees and the politicians who employed them.

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    Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by drippinhun View Post
    This has absolutely nothing to do with big government. Rather it is a sharp decrease in tax revenues brought on by the economic devastation of the 2008 recession and the housing market collapse.
    The inability to pay the employees' pensions was brought on by the housing market collapse? I don't think so, but even if it was it just shows that guaranteed defined public employee pensions are a bad idea, especially if it has the ability to bankrupt a city when the housing market crashes.

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by drippinhun View Post
    This has absolutely nothing to do with big government. Rather it is a sharp decrease in tax revenues brought on by the economic devastation of the 2008 recession and the housing market collapse.
    Ouch:
    STOC706URN_Max_630_378.jpg

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by CanadaJohn View Post
    No, I don't believe so - I believe it was the issuance of bonds, approved by bond insurers. I don't know what goes on in the US, but here, bond insurers would not be able to approve such a bond issue because of the nature of the expenditure and the questionable ability to pay.
    I doubt that those insurers will have any qualms confiscating whatever it takes if the loan payments are not made.

    And the troubles just keep mounting up in this country.... :

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by Deuce View Post
    "Restructure" the city, take millions in "consulting fees," sell off pieces and then run away only to have the city go under anyway? Yes, that sounds like the right idea.
    Staples and the Utah Olympics might have disagreement with your assertion.

    I understand that for some it's easier to just regurgitate campaign rhetoric. Perhaps I expect too much from these folks.

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by Deuce View Post
    One city goes bankrupt, therefore liberalism bad.
    The whole state is bankrupt...to the tune of -$127 billion.

    Capitol Alert: State auditor: California's net worth at negative $127.2 billion

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by Northern Light View Post
    The city went bankrupt trying to cover its contributions to public pensions. At least it wasn't because of pet projects, but because of its desire to fulfill a fiduciary obligation to the public.

    The first city of many across the U.S., to be sure. I'm curious what austerity measures will now be forced upon the public as part of a bankruptcy deal.
    Then that's what happens when you have the same side on both sides of the negotiating table. At least in the private sector, management and labor want different things which makes for a more sensible negotiation. The people elected and reelected these folks to political office. Now they pay the price for their votes. That's the way democracy works, right?

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by drippinhun View Post
    This has absolutely nothing to do with big government. Rather it is a sharp decrease in tax revenues brought on by the economic devastation of the 2008 recession and the housing market collapse.
    It has everything to do with big government. Governments manage their finances to the bone. Governments who want to spend a lot need to have a savings account to handle bumps in the road just like we do. It is plain, ordinary incompetent management. Period.

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