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View Full Version : Stockton, CA On The Verge Of Bankruptcy



duane1969
02-29-2012, 10:40 AM
City of 290,000 on the verge of bankruptcy. California in general has a poor financial track record, but I still find this disturbing. Once cities and towns start going bankrupt state governments will follow.

http://bottomline.msnbc.msn.com/_news/2012/02/29/10537952-stockton-calif-takes-first-step-towards-bankruptcy

pghin08
02-29-2012, 11:45 AM
Dude, it's California. This shouldn't surprise you. I thought Michael Lewis described California in one section of his latest book (Boomerang: Travels in the New Third World) better than I could in 1000 pages. If you don't feel like buying the whole book (you should anyways, it's excellent), Vanity Fair put out most of the section on California. If you have a free period today, it's a wonderful read.

http://www.vanityfair.com/business/features/2011/11/michael-lewis-201111#

duane1969
02-29-2012, 12:42 PM
Yeah I know it's Cali but I still find it disturbing that a city of over a quarter million people finds itself facing bankruptcy.