Don't you worry.
That high-$peed rail will fix everything all up. < |:/~
Posted on 08/01/2012 8:47:11 PM PDT by tcrlaf
San Bernardino filed for bankruptcy protection on Wednesday citing more than $1 billion of debts and making it the third California city to seek protection from creditors.
The city of about 210,000 residents 65 miles east of Los Angeles declared a fiscal crisis last month after a report said local government had tapped out its reserves and projected spending would top revenue by $45 million in the fiscal year that began on July 1.
The filing, made in the United States Bankruptcy Court, Central California District, states that the city has "more than $1 billion" in liabilities, and estimated that it has between 10,001 and 25,000 creditors.
(Excerpt) Read more at reuters.com ...
HOPEY-CHANGEY!!
75% of the City’s costs are for salaries and benefits.
Don't you worry.
That high-$peed rail will fix everything all up. < |:/~
Look at the number of stops between San Diego and LA... ain’t no way that leg is gonna be high speed.
How about the fraud perpetrated by those in city government.
Where are the criminal charges?
California once again leading the way! What is it the libs in the “media” like to say, “As California goes, so goes....”
Yay!
I agree. Let all those union loving idiot municipalities go belly up.
Maybe they can get a GM style bailout.
Build thousands of electric battery-operated fire trucks and owe us taxpayers $50 billion.
The big question is, will those running the city resign and forfeit their government pensions ..
..to pay for health benefits for illegals.
It’s only a billion bucks.....they couldn’t call “CareOne” credit counselors?
Exactly, see #5.
To put things in glaring prospective, the U.S. is now in the hole for about 15 trillion.
It takes 1,000 billion to make just 1 billion.
They now need nuclear powered printing presses to keep up, as the old presses have burned through the floors.
Government should never be allowed to go into debt, especially local ones.
Californians like their cars, their traffic jams, and their freeway shoot-outs...
"HELL RAIL", high-speed service to hell and beyond.
1 billion, WOW! I remember in the 50’s when that burger joint on E St put up the sign “we have served over one million” and thought that was a lot.
Will anyone say Merredith Whitney was correct?
How about the fraud perpetrated by those in city government.
Where are the criminal charges?
to pay for health benefits for illegals.
Well, given the fact this is a government sponsored invasion at all levels of government, it would seem appropriate. Let them eat what they wrought.
I wish I had the contract for laying down the asphalt.
San Bernardino is a craphole with many areas you dare not drive through, even in the daytime. I think it is the Calif murder capital.
I will. She has been accurate in her predictions all along, and taking flak for it all along. She took a lot of flak for predicting a slew of municipal bankruptcies. Some of the idiots criticizing her even mistook municipalities (cities, counties, parishes) for states. They mistook here to mean state bankruptcies. Other idiots understood what she meant, but called her nuts anyway. She’s a female Peter Schiff.
Another reason those running the city should resign and forfeit their government pensions due to reckless mismanagement.
Well, I admit I do enjoy the pursuits...They make NASCAR seem extremely boring.
......and college tuition at in-state resident rates.
Hey, hey...Governor Perry happens to agree with that!
They should invest in a few Chick-Fil-A franchises and pay that debt off.
WHOOPSEY
Things are only going to get worse (everywhere):
Just watch what happens in the bankruptcy. The union thugs will get to keep their pensions. The unsecured creditors..contractors and small business..will get zero. The bond holders will get a major hair cut. Just look at what happened with GM as a guide. The only question is whether or not the court can raise taxes.
Poor, poor San Berdoonians. If only they had more infrastructure and sustainable whatever thingies.
.
Is that true in all 57 states, or just California?
Cheers!
I like my car, live in the country, and commute to the country
for work. I also like my guns. I use them for hunting, trap
shooting, and home protection. I don’t shoot at people on freeways.
I am just one of many boring Californians.......and quite a few of
us read and post right here. Why don’t you stereotype another
state? It it is tired and not at all humorous.
Declaring the type of bankrupcy they filed for allows the city to void on union contracts, reduce medical payments even to retirees, reduce salaries. The city will enter into a structured bankrupcy, not a full blown bankrupcy where everything would be sold off to pay creditors. The unions will lose and the current workers.
“This old engine makes it on time/leaves central station bout quarter to nine/ hits river junction at seventeen to/at a quarter to ten you knows it’s travelin’ again’’. Couldn’t resist it. :-)
I wonder if they will move the county seat?
No, this is you, and all states
__________________________________________________________
The U.S. is now in the hole for about 15 trillion.
It takes 1,000 billion to make just 1 billion.
They now need nuclear powered printing presses to keep up, as the old presses have burned through the floors.
Speaking up...I like it!
Good job!
and what happens when nobody wants their bonds any more?
Good post!
Here in San Diego, we also have a island of conservatives trapped. We are fighting a rear guard action. We are hanging on by our finger nails. But today..we had some victory. Our local CFA was jumping. A line at least 200 people and a drive thru that was hard to estimate since they extended into the Sports Arena parking lot. No sign of Fags. There were even Navy uniforms in the line..like most days there. News channel with camera’s and new helo overhead. No extra police when I was there,because of the huge parking lot next door..traffic wasn’t effected, but a lot of conservatives turned out.
That is what should finally convince voters everywhere that we need massive, drastic change. Basically, the government cannot provide the services we pay taxes for because the money is going to payroll and pensions for people who are supposed to provide them. When they complain there is no money to provide the services they are right... they took it all home in salary and benefits.
Atlas will shrug. The private sector producers but especially the private sector employees who do substantially the same or even more difficult and demanding work than public sector employees but can't earn anywhere near the same salary and benefits will revolt. They are being asked to pay employees who can't provide the services their taxes are meant to pay for! It's a raw deal, a bad bargain, and it can't last much longer.
Thank you!
If one big Tsunami hit here this state would go red. Where would the libtards go? Who would feed them? Who cares.
“We are fighting a rear guard action.”
It’s no picnic that’s for sure.
Much of that is hard to do because so much of the policies that enlarge the personnel roles are driven by court decisions.
Read that sentence again, please...
Cheers!
Yep, are bonds still considered a safe investment, or is it just another derivative to bundle for investors? (Rhetorical)
Where are the criminal charges????
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