This is significant because Vallejo is the first local government to totally collapse under the weight of their union contracts. Every City, County, and School Board is watching to see how this develops.
1 posted on
05/23/2008 1:11:02 PM PDT by
SmithL
Click on Keyword
Vallejo for more history.
2 posted on
05/23/2008 1:12:51 PM PDT by
SmithL
(Reject Obama's Half-Vast Wright-Wing Conspiracy)
To: SmithL
It’s amazing....truly....that a government can be so ineptly run as to end up in bankruptcy, and no one gets tarred and feathered.
To: SmithL
Why should the creditors be on the hook, when the State is a cosigner for every loan the city takes out?
How can the creditors not go after the cosigner.
9 posted on
05/23/2008 1:34:31 PM PDT by
Mark was here
(The earth is bipolar.)
To: SmithL
Why should the creditors be on the hook, when the State is a cosigner for every loan the city takes out?
How can the creditors not go after the cosigner.
10 posted on
05/23/2008 1:34:34 PM PDT by
Mark was here
(The earth is bipolar.)
To: SmithL
This is significant because Vallejo is the first local government to totally collapse under the weight of their union contracts. Every City, County, and School Board is watching to see how this develops.Every City and County in California that I have ever been very familiar with is in exactly the same position.
It's simply a matter of when.
Elected officials have the attitude that they simply will not be around when the **** hits the fan. Do the easy thing today and deal with it later.
Pity.
11 posted on
05/23/2008 1:36:51 PM PDT by
Publius6961
(You're Government, it's not your money, and you never have to show a profit.)
To: SmithL
“provide overly generous pay and benefits to the city’s police officers and firefighters.”
There will be more cities to follow Vallejo’s lead. Interesting note is that the Zodiac killer’s first victims started in Vallejo.
12 posted on
05/23/2008 1:39:08 PM PDT by
lilylangtree
(Veni, Vidi, Vici)
To: SmithL; All
Everybody keeps saying “more cities to follow.” What cities?
13 posted on
05/23/2008 1:44:48 PM PDT by
lainie
("You don't have a soul. You are a soul. You have a body." - C.S. Lewis)
To: SmithL
Just guessing this community has been dominated by democrat politicians over the past 30 years...
14 posted on
05/23/2008 1:46:15 PM PDT by
Oldeconomybuyer
(The democRATS are near the tipping point.)
To: SmithL
15 posted on
05/23/2008 1:46:45 PM PDT by
Zuben Elgenubi
(In Memorium: FReeper "OldAtlanta", 1945 - 2000, RIP)
To: SmithL
after months of failed negotiations with its public safety unions.Big surprise... the same kind of mentality that is destroying Detroit's big 3...
18 posted on
05/23/2008 3:22:45 PM PDT by
John123
(Obama said that he has been in 57 states. I will now light myself on fire...)
To: SmithL
It’s not just cities in CA. You can expect Glen Cove, NY, to file for bankruptcy in the near future. It’s a small city of 26,000 on Long Island, with a budget deficit of $14 million. Their debt has been described as $2,000 per resident, so that makes it over $50 million. How one little city can get into so much trouble is beyond me.
I don’t think its union contracts that caused it. It was borrowing and more borrowing, with one administration leaving the mess for the next administration and no one bothering to clean it up.
To: dennisw
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