"A republic, if you can keep it." Defeat MAGA
"A republic, if you can keep it." Defeat MAGA
In a closely-watched ruling with potentially far-reaching effects, a federal bankruptcy judge has ruled Stockton, CA may proceed with cutting health care benefits for retirees while it is in bankruptcy. This seemingly tiny crack in the dike protecting public pension…
On Tuesday, Stockton California said talks with creditors had failed and prepared to file Chapter 9 bankruptcy. They will be the largest American city ever to do so and the results will be closely watched by other struggling municipalities, public…
Stockton CA borrowed to build their new city hall, couldn’t make the payments, and the bank has seized it. The city decides today whether whether to make bankruptcy contingency plans if negotiations with creditors fail (which they almost certainly will.)…
Stockton is preparing to default. Santa Ana is outsourcing its fire department. They are not alone. Other California cities, like Bakersfield, are similarly in peril. Much of the problem is due to debt taken on during the real estate bubble…