Another City Files Bankruptcy - San Berandino, CA this time

[spacejamz]

http://usnews.msnbc.msn.com/_news/2...-weeks-to-file-for-bankruptcy-protection?lite

3rd CA city to do so in the last two weeks....this will probably just be a repeat of the Scranton PA thread...

 

[hal2kilo]

http://usnews.msnbc.msn.com/_news/2...-weeks-to-file-for-bankruptcy-protection?lite

3rd CA city to do so in the last two weeks....this will probably just be a repeat of the Scranton PA thread...

Who cares. It's a shxxhole anyway. Their citizens murder their policeman for gang initiation rights.

 

[spacejamz]

Who cares. It's a shxxhole anyway. Their citizens murder their policeman for gang initiation rights.

we all should...this is just a preview of what is happening to this country where the government is spending much more than it is collecting...Just wait until the money printer runs out of ink....

 

[PokerGuy]

We can't have silly ideas like "spending within your means" (austerity!!) doing the rounds. The feds need to fire up the printing presses and give money to the states so they can help the cities.

 

[Jaskalas]

Where's the bailout, are they not too big to fail?

 

[unokitty]

"The problem with socialism is that eventually you run out of other people's money to spend"

-- Maggie Thatcher, 1976

 

[PokerGuy]

"The problem with socialism is that eventually you run out of other people's money to spend"

-- Maggie Thatcher, 1976

......unless you just print more!

 

[Jaskalas]

......unless you just print more!

Or inflate a housing bubble. I heard the economy was getting good returns on that until it burst.

Socialist policy worked while financed by delusions.

 

[First]

Yeah, San Bernardino is a sad situation. I know the area pretty well and unfortunately it has been hit horrible the last 5 years; the real estate crash hit it worse than any other region in the entire country (they're #1 in foreclosures) AND the fact that they were horribly diversified and thereby almost entirely dependent on housing for local revenue. I find it odd they filed for bankruptcy (though I'm no bankruptcy expert), apparently Ch.9, because they had 210,000 residents and $46M in debt. Pretty sure that's a very average amount of local debt, but according to articles they apparently mismanaged their money so bad that their cash flow ended up being the culprit and not their total debt, which forced them to file today.

 

[IronWing]

Maybe pols aught to think about cutting spending when they consider cutting taxes. Cutting taxes to the point of bankruptcy is iresponsible and stupid.

 

[manimal]

Tax cuts without offsets is magical thinking.

 

[techs]

Wow. If the economy had been allowed to crash in 2008-9 imagine how few cities would NOT have declared bankruptcy.

Soup kitchens of America would have been the only company to show a profit.

 

[EagleKeeper]

Wow. If the economy had been allowed to crash in 2008-9 imagine how few cities would NOT have declared bankruptcy.

Soup kitchens of America would have been the only company to show a profit.

All those government that once the bailout money hose was turned on forget that it might be turned off.

telling a child to not touch a hot stove only works if you are there all the time. Eventually, they have to get burned to learn.

 

[monovillage]

Who cares. It's a shxxhole anyway. Their citizens murder their policeman for gang initiation rights.

It's in California, the fucking liberal Democrats have turned this whole state into a shithole.

 

[hal2kilo]

It's in California, the fucking liberal Democrats have turned this whole state into a shithole.

Have you ever lived in California?

It got it's good points and bad points.

The state legislature is a joke due to extremism by both sides!

 

[Bacstar]

I asked my sister who lives in the area and works @ Kaiser Fontona how it affected them. Due to the county's shortfall, county dropped Kaiser as an option for medical coverage. Kaiser lost 4000 members and in response Kaiser was laying off people and doing some major budget cutting. County also has a 10% unemployment rate.

 

[CrackRabbit]

It's in California, the fucking liberal Democrats have turned this whole state into a shithole.

Funny, two of the three places that just filed for BK were in the reddest of the red areas of California. (Not sure about Mammoth Lakes.)
So much for Tea Party boot-strappy austerity.
They also have huge issues with meth, gangs, and unemployment and are otherwise generally not nice places to live.

 

[monovillage]

Have you ever lived in California?

It got it's good points and bad points.

The state legislature is a joke due to extremism by both sides!

I was born in California, I voted with my feet and moved to Colorado. I had to move back to California to care for family out of medical necessity.

 

[monovillage]

Funny, two of the three places that just filed for BK were in the reddest of the red areas of California. (Not sure about Mammoth Lakes.)
So much for Tea Party boot-strappy austerity.
They also have huge issues with meth, gangs, and unemployment and are otherwise generally not nice places to live.

yeah, state mandates have nothing to do with their financial situation.

 

[DucatiMonster696]

Have you ever lived in California?

It got it's good points and bad points.

The state legislature is a joke due to extremism by both sides!

The only extreme is how democrats have basically dominated and monopolized the state legislature for 30+ years, much to the determent of the state and its residents.

 

[JS80]

we all should...this is just a preview of what is happening to this country where the government is spending much more than it is collecting...Just wait until the money printer runs out of ink....

Lol why is an loliberal saying this

 

[Nemesis 1]

telling a child to not touch a hot stove only works if you are there all the time. Eventually, they have to get burned to learn

BS. I have 1 that hasn't been burnt and he is now 5 . The other is almost 2 and he will not get burnt either. Being in the same house or room with a child isn't enough if your watching soaps . Wathing and caring for a child means exactly that . Watching them . Any other way is a cop out. less work but a cop out never the less

 

[sportage]

Something is going on under the surface.
Local governments take in plenty of tax revenue from citizens.
Expenses are not rising that much.
I'd expect massive city greed and corruption more so the cause.
Our city is on shaky ground too.
In the last several years quite a few State and local government corruption scandals have surfaced.
One, city officials hiring family and mistresses, barely graduated high school, and paid hundreds of thousands in salary EACH !!!
Then there was the film industry scandal.
Thousands paid by state taxes to get movie makers to bring and produce films within the state. Didn't work. Tax money wasted.
Or tax breaks to get out of state employers to relocate in state.
They did, took the taxpayer loot, then left again.
All while long termed stable concrete local and state sourced businesses were taxed into bankruptcy.
Now, the best scam of them all...? The federal matching road fund.
The state and local corruption placing massive federal and state tax money into officials pockets.
Every year the city tears up the same roads, closed all year long for repair.
Then suddenly opened back up mid December.
Only to again close and torn up the next April thru mid December the following year.
Over and over again. Year after year. Very same roads. To cook the books.
Why?
To assure ongoing continuation of that generous federal matching money.
Money pocketed by city officials in huge sums.
Looks legit on the books!!! Easy to cook.
Now.... The city wants to raise taxes for road repair.
Why?
To show more yearly road repair spending, in order to raise that federal matching loot.
And thus, a raise for those pocketing the cashola.
Isn't greed lovely?

If there is one state and local government scam that needs to end, it is federal matching road funds.
The federal government would save trillions in that area alone.
That alone would stop much of local and state corruption still going on today.
The very corruption causing these cities to go bankrupt.

They take in plenty of tax revenue from property taxes and other taxes.
Corruption and pure greed is causing cities to fail. Not some lack of revenue.