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Fruits of Overspending: Stockton, Calif. to File for Bankruptcy

Bankruptcy could be filed as soon as Wednesday

* Stockton has $700 mln outstanding debt

* Talks with 18 creditors ended Monday without concessions

By Jim Christie

STOCKTON, Calif., June 27 (Reuters) - Stockton, California will become the largest U.S. city to seek protection from its creditors after its leaders approved a budget on Tuesday night based on the city filing for bankruptcy.

A Chapter 9 bankruptcy by the city of nearly 300,000 in California's Central Valley, about 85 miles (135 km) east of San Francisco, could come as early as Wednesday.

http://in.reuters.com/article/2012/06/27/economy-stockton-id...

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Here is part of a comment

Here is part of a comment pulled from a review of Sim City 4 Deluxe ed.

"Something I would love to see in real life is instead of having candidates for public office debate each other, set them down in front of computers, and have them prove their ability to successfully build a working city in SimCity 4. The only governing skill SimCity 4 doesn't simulate well is the ability to work with others. I think we should be very worried about any big city mayor who isn't able to demonstrate their abilities by being successful in SimCity 4."

Obviously real life is a bit different, but the point still stands. The people running for office should have to prove they have been/are good with money before they are allowed to spend anything.

To climb the mountain, you must believe you can.

Its a GOOD DAY. These !@#$ers

Its a GOOD DAY. These !@#$ers Gamble and Lose and expect the taxes payers to pay. I live in Stockton for 50 year. We have lot a !@#$ing leeches in Stockton.....Like the Downtown Stockton Alliance http://www.downtownstockton.org/

If you want to do good to

If you want to do good to readers you should retitle.
These are Fruits of Borrowing.
If they couldn't borrow, they would have no money to overspend.

All debt

needs to be liquidated, I do not see any other way.

this will wake so many up, whole cities go bankrupt.

maybe then people will see before the panic and riots on a scale never before seen

On the flip side...

There's the privatized city of Sandy Springs, GA:
http://www.nytimes.com/2012/06/24/business/a-georgia-town-ta...

Doesn't Matter

It doesn't matter how this ends, the tax payer is still on the hook for this--one way or the other.

City Staff

So are the City staff past and present responsible for the 700 million? They should be. The residents of Stockton should foreclose on them since they were the trustees imo.

donvino

just like Maywood, CA

http://www.dailypaul.com/comment/2308809

two down, 480 more bankruptcies to go.

Predictions in due Time...
http://www.youtube.com/watch?v=zGDisyWkIBM

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul