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(CBS News)   CBS News report says Stockton, California will be the largest city ever to file for bankrupcy. In other news, CBS believes that Stockton is larger than Cleveland, Ohio   (cbsnews.com) divider line 124
    More: Fail, U.S., Central Falls, economists, bankruptcy  
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3521 clicks; posted to Main » on 27 Jun 2012 at 11:33 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-27 09:36:37 AM  
Did Cleveland really file for Bankruptcy or is Subby just being snarky?
 
2012-06-27 09:57:06 AM  

Angry Drunk Bureaucrat: Did Cleveland really file for Bankruptcy or is Subby just being snarky?


defaulted 30 years ago ... talked about filing in 2009?

but
doesnt this solve all the cities and states problems??
file for bankruptcy, screw the tards who gave you the loans in the first place, screw the voters who thought you were doing a good job when you borrowed the money in the first place, no one gets hurt.

well, no one who doesnt deserve it.
 
2012-06-27 10:10:40 AM  
"Retired police department employee Geri Ridge said she fears not being able to afford health-care insurance.

I don't have that kind of income," said Ridge, 56, noting she is concerned a large share of her $1,895 monthly pension payment could be consumed by large insurance costs due to her history of heart attacks."


Well, she's too young for Medicare, so she could take advantage of the subsidized plans that will be made available via HCR....oh wait, I forgot, that would be communist or something.

Never mind - just let her put off care until she's in dire need, then the taxpayers can foot the bill that she won't be able to pay. That's much more American.
 
2012-06-27 10:52:24 AM  
$26 million deficit?

How big is Stockton's budget? That may not be that big of a deal.
 
2012-06-27 10:59:54 AM  
I went to Stockton's website because I wanted to see their budget.

The PDF is 71mb.

Apparently their pensions aren't the only bloated thing in Stockton.
 
2012-06-27 11:03:14 AM  
Oh, please... Stockton was bankrupt long before they ran out of money

/visit it sometime
 
2012-06-27 11:35:17 AM  

namatad: Angry Drunk Bureaucrat: Did Cleveland really file for Bankruptcy or is Subby just being snarky?

defaulted 30 years ago ... talked about filing in 2009?

but
doesnt this solve all the cities and states problems??
file for bankruptcy, screw the tards who gave you the loans in the first place, screw the voters who thought you were doing a good job when you borrowed the money in the first place, no one gets hurt.

well, no one who doesnt deserve it.


So people who bought muni bonds deserve to lose their money?
 
2012-06-27 11:36:44 AM  
How bad is it when you even get overlooked in the bankruptscy department?
Some day, Cleveland; some day something big and great will happen in your city, and I will be cheering for you.

/Unless it's at Boston's expense,
//in which case everyone in the world will be cheering for you except for me and my friends
 
2012-06-27 11:37:13 AM  
Shush, Subby! I live in Cleveland.
I like it here.
I can buy a house for the price of a cheap car.

Roads need some work though.
 
2012-06-27 11:37:20 AM  

Rev.K: I went to Stockton's website because I wanted to see their budget.

The PDF is 71mb.

Apparently their pensions aren't the only bloated thing in Stockton.


I'm afraid.
 
2012-06-27 11:38:43 AM  

MaudlinMutantMollusk: Oh, please... Stockton was bankrupt long before they ran out of money

/visit it sometime



I had the chance to check it out back in the 90s, and talk about a shiatty ass ghetto town.

CSB:

One of the mechanics at my uncle's trucking company used to drive up there often and bang hookers in the back of his pickup truck (had a canopy). He claimed that many of them were hot, and could be in Playboy.

Riiiiiiight.
 
2012-06-27 11:39:29 AM  
Don't forget the capital of Pennsylvania- Harrisburg attempted to file for bankruptcy.
 
2012-06-27 11:47:45 AM  
Ah, Stockton. The Central Valley's answer to Oakland.
 
2012-06-27 11:48:10 AM  

Fish in a Barrel: namatad: Angry Drunk Bureaucrat: Did Cleveland really file for Bankruptcy or is Subby just being snarky?

defaulted 30 years ago ... talked about filing in 2009?

but
doesnt this solve all the cities and states problems??
file for bankruptcy, screw the tards who gave you the loans in the first place, screw the voters who thought you were doing a good job when you borrowed the money in the first place, no one gets hurt.

well, no one who doesnt deserve it.

So people who bought muni bonds deserve to lose their money?


Investment is a form of risk.
 
2012-06-27 11:48:29 AM  

Rev.K: $26 million deficit?

How big is Stockton's budget? That may not be that big of a deal.


It's not that big. It's a Central Valley former cowtown that tried to capitalize on the real estate boom and didn't plan for the inevitable crash that comes after a boom. The only reason it has made anything of itself is because it is an inland port.
 
2012-06-27 11:50:44 AM  
Seeing as how people have been fleeing Cleveland for the suburbs for years, Stockton might currently be bigger.

/Stay the hell out of Geauga County
 
2012-06-27 11:50:52 AM  
Califonia deserves everything that happens to it..
 
2012-06-27 11:52:00 AM  

maudibjr: Fish in a Barrel: namatad: Angry Drunk Bureaucrat: Did Cleveland really file for Bankruptcy or is Subby just being snarky?

defaulted 30 years ago ... talked about filing in 2009?

but
doesnt this solve all the cities and states problems??
file for bankruptcy, screw the tards who gave you the loans in the first place, screw the voters who thought you were doing a good job when you borrowed the money in the first place, no one gets hurt.

well, no one who doesnt deserve it.

So people who bought muni bonds deserve to lose their money?

Investment is a form of risk.


Of course, but that's a very, very long way from meaning they deserve to lose their money?
 
2012-06-27 11:53:20 AM  
Stockton, Calif. could become the largest American city ever to file for bankruptcy on Wednesday.

Subby, Cleveland filed on a Thursday.

/reading comprehension - what is it?
 
2012-06-27 11:54:38 AM  

Fish in a Barrel: Of course, but that's a very, very long way from meaning they deserve to lose their money?


Well, depends on how you interpret the word. If you make a bad investment and you lose your money fair and square, you don't deserve to be repaid. It's not because you're a bad person, but because there is risk and your dice roll was bad. It's not deserves as in karma.
 
2012-06-27 11:54:40 AM  

Gentoolive: Califonia deserves everything that happens to it..


sadly, i can't disagree with you. between the corrupt democratic legislature, the incompetent voters (high speed rail? are you kidding me?), and the gerrymandered districts, we have to be the worst run state in the nation.
 
2012-06-27 11:55:52 AM  
While Cleveland was in default on some loans in the late '70s and early '80s, they were able to adjust their debts out of court and thus never made a formal Chapter 9 bankruptcy filing. Also while Stockton is the largest municipality to make a Chapter 9 filing, the largest two Chapter 9 filings were 1994 (Orange County, Calif.) and 2010-11 (Jefferson County, Ala). These last two examples had less to do with "hard times" and more to do with massive fraud, graft, bribery and embezzlement.
 
2012-06-27 11:55:56 AM  
Cleveland defaulted because of a power struggle between then-Mayor Kucinich & the city's major banks, Cleveland Trust in particular. Amazingly, the banks were far more cooperative after Dennis got booted out of office.

I think Atlantic City also defaulted in the 70's & NYC surely would have during that time without aid from the Feds? Not completely sure,as that was a hazy decade.
 
2012-06-27 11:55:56 AM  
Didn't some finance chick not long ago write about how municipal debt (ie, cities being deeply in debt, partly because of pensions/healthcare costs) was going to be a big problem, and everybody (esp. people who run/work for municipalities) tell her she was crazy and irresponsible to even suggest such a thing?
 
2012-06-27 11:56:13 AM  
Check out CA's projected pension shortfalls.

Liberals, they know economics!
 
2012-06-27 11:57:21 AM  

socalnewwaver: Gentoolive: Califonia deserves everything that happens to it..

sadly, i can't disagree with you. between the corrupt democratic legislature, the incompetent voters (high speed rail? are you kidding me?), and the gerrymandered districts, we have to be the worst run state in the nation.


Y'all obviously have never spent anytime in Illinois. California is bad, but it's a statewide sport in Illinois.
 
2012-06-27 11:57:31 AM  
Sorry, that's "TOLD her she was crazy and irresponsible"
 
2012-06-27 11:57:36 AM  
Without looking, I'm betting Stockton is run by Democrats. Just like Detroit, Harrisburg, Cleveland, Camden, etc.
 
2012-06-27 11:57:48 AM  

ZekeMacNeil: While Cleveland was in default on some loans in the late '70s and early '80s, they were able to adjust their debts out of court and thus never made a formal Chapter 9 bankruptcy filing. Also while Stockton is the largest municipality to make a Chapter 9 filing, the largest two Chapter 9 filings were 1994 (Orange County, Calif.) and 2010-11 (Jefferson County, Ala). These last two examples had less to do with "hard times" and more to do with massive fraud, graft, bribery and embezzlement.


Well, technically you could consider a county a municipality.
 
2012-06-27 11:59:23 AM  

ThreeEdgedSword: California is bad, but it's a statewide sport in Illinois.


well, we beat you to the finish line in the "largest city to file for bankruptcy" race, so we got that going for us.
 
2012-06-27 11:59:29 AM  
age 56

monthly pension


I think I can see why Stockton (and California) is having financial troubles here.

All these public union people think they deserve everything without paying for it.

People think Scott Walker was the devil. In a nutshell, he basically said "If you want big benefits and pensions, pay a little more out of your own pocket for them." The liberal Democrat response was "OMFG YOU HATE WORKING PEOPLE!"

This is what happens when liberal "let the government pay for everything instead of me" politicians keep getting elected. The budget can't keep up with their unsustainable promises.
 
2012-06-27 12:00:29 PM  

Ranger Joe: Seeing as how people have been fleeing Cleveland for the suburbs for years, Stockton might currently be bigger.

/Stay the hell out of Geauga County


And Portage (Aurora here).
 
2012-06-27 12:00:46 PM  
RIP johnstockton.jpg
 
2012-06-27 12:01:22 PM  

Thunderpipes: Check out CA's projected pension shortfalls.

Liberals, they know economics!


They will just raise taxes on the rich people. Problem solved, cause they would never move away.
 
2012-06-27 12:03:15 PM  

Cat Food Sandwiches: Thunderpipes: Check out CA's projected pension shortfalls.

Liberals, they know economics!

They will just raise taxes on the rich people. Problem solved, cause they would never move away.


Cool, only need 15.7 BILLION to plug the hole, for now.
 
2012-06-27 12:03:34 PM  

Gentoolive: Califonia deserves everything that happens to it..


i99.photobucket.com
 
2012-06-27 12:04:35 PM  

dosboot: Without looking, I'm betting Stockton is run by Democrats. Just like Detroit, Harrisburg, Cleveland, Camden, etc.


I'm betting the dosboot fark handle is run by a troll.
 
2012-06-27 12:05:00 PM  
Why are US Americans so geographically challenged? You know maps and such.

//California local news reported a pier in Philly fell into the Atlantic ocean
 
2012-06-27 12:05:04 PM  

brobdiggy: age 56

monthly pension

I think I can see why Stockton (and California) is having financial troubles here.

All these public union people think they deserve everything without paying for it.

People think Scott Walker was the devil. In a nutshell, he basically said "If you want big benefits and pensions, pay a little more out of your own pocket for them." The liberal Democrat response was "OMFG YOU HATE WORKING PEOPLE!"

This is what happens when liberal "let the government pay for everything instead of me" politicians keep getting elected. The budget can't keep up with their unsustainable promises.


1/10...weak sauce.
 
2012-06-27 12:06:13 PM  
Just for reference, what Stockton did is the same thing the state of California did under Gray Davis when the state had a massive tax receipt boom from the dotcom boom(which greatly benefited California, home of Silicon Valley and the Tech Coast). Dotcom pops, receipts pop, and those billions in new spending/debt are now locked in. Oops. That bit of fun helped cost Davis his job.
 
2012-06-27 12:06:56 PM  
From CNN of all places:
Link

California should look to Wisconsin. Gov. Scott Walker closed a large budget hole without raising taxes or cutting education but by going straight to one of the roots of the problem -- public employee unions. Last summer, Walker required union members to contribute 5.8% of their pay toward pensions and 12.6% of their health insurance premiums, while also reforming collective bargaining agreements for government workers.

At first glance, Walker's reforms appeared to be political suicide. But as the returns come in, and schools aren't closing, draconian cuts aren't being made and taxes aren't getting higher. Walker's success leaves his opponents with little ammunition.

Milwaukee Mayor Tom Barrett, Walker's Democratic opponent in the June recall election, hardly mentions Walker's union reforms anymore. With Walker opening a lead in recent polls, top Wisconsin Democrats are angry that the Democratic National Committee is unwilling to invest heavily to recall him.

Wisconsin recently reported that property tax bills for the median homes fell by 0.4% in 2011, the first drop in more 13 years.

In January, Baldwin-Woodville School District reported a $100,000 budget surplus thanks to Walker's reforms. And in Kaukauna School District, school officials say the pension and health care reforms will transform their $400,000 budget deficit into a $1.5 million surplus
.
 
2012-06-27 12:11:38 PM  
Stephen Malkmus quoted as saying "meh" to the news.
 
2012-06-27 12:13:57 PM  

Musikslayer: Ranger Joe: Seeing as how people have been fleeing Cleveland for the suburbs for years, Stockton might currently be bigger.

/Stay the hell out of Geauga County

And Portage (Aurora here).


Good, you guys stay out of the 1.7 billion dollars currently being invested in Cleveland redevelopment, 'k?

& keep your exploding meth labs & school shootings in Geauga Co. while your at it. But not your delicious maple syrup, that would mean war.
 
2012-06-27 12:14:43 PM  
well - to be fair, Stockton, CA does have a much better chance at landing a real NFL team than does Cleveland.
 
2012-06-27 12:14:54 PM  

bhcompy: ZekeMacNeil: While Cleveland was in default on some loans in the late '70s and early '80s, they were able to adjust their debts out of court and thus never made a formal Chapter 9 bankruptcy filing. Also while Stockton is the largest municipality to make a Chapter 9 filing, the largest two Chapter 9 filings were 1994 (Orange County, Calif.) and 2010-11 (Jefferson County, Ala). These last two examples had less to do with "hard times" and more to do with massive fraud, graft, bribery and embezzlement.

Well, technically you could consider a county a municipality.


Not really. Under most state's laws municipalities (cities/towns/villages) have a corporate charter and a high degree of self government and counties--by and large--are simply administrative divisions of a state. Some states, Tennessee for example, allow counties over a certain population to have "home rule" and thereby a greater degree of self-government but they still don't enjoy the benefits of full incorporation and are still usually subject to a degree of oversight by the state government.
 
2012-06-27 12:15:26 PM  

socalnewwaver: Gentoolive: Califonia deserves everything that happens to it..

sadly, i can't disagree with you. between the corrupt democratic legislature, the incompetent voters (high speed rail? are you kidding me?), and the gerrymandered districts, we have to be the worst run state in the nation.


If you like Robert Heinlein (even a little bit), read Friday just for his description of California of the future. I love it here, but the politics drive me mad.
 
2012-06-27 12:15:34 PM  
Born & raised in Stockton, CA. It's only June and we already have 32 homicides this year, and now this news. fark Stockton. The dominoes are starting to topple in America, Stockton is just the beginning.
 
2012-06-27 12:17:19 PM  
I believe Stockton is bigger than Cleveland. I took a census in Cleveland yesterday and found that the current population is 7. All 7 are looking to get out soon
 
2012-06-27 12:18:11 PM  

cleveoh: Musikslayer: Ranger Joe: Seeing as how people have been fleeing Cleveland for the suburbs for years, Stockton might currently be bigger.

/Stay the hell out of Geauga County

And Portage (Aurora here).

Good, you guys stay out of the 1.7 billion dollars currently being invested in Cleveland redevelopment, 'k?

& keep your exploding meth labs & school shootings in Geauga Co. while your at it. But not your delicious maple syrup, that would mean war.

you're

. oof. too focused on trying to make an obnoxious reply to check spelling. except for the maple syrup thing - deadly serious about that.
 
2012-06-27 12:20:00 PM  
Lived in Stockton for nine years. Weird pocket communities where you had to drive thru ganglands to get to the nicer places in the back.
Too bad what happened to the place. It used to be really nice. Gangs and drugs brought the whole area down.
 
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