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(Reuters)   San Bernardino opens a new chapter in California history. Difficulty: Chapter 9   (reuters.com) divider line 16
    More: Fail, San Bernardino, California, broker-dealers, legal judgments, insolvency  
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612 clicks; posted to Politics » on 11 Jul 2012 at 11:08 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-11 11:12:30 AM
I hope BillCo can make it in here before me. Nope, guess not.

//impotent rage in 3,2,1
 
2012-07-11 11:13:06 AM
real good deal-o
 
2012-07-11 11:13:18 AM
I thought the answer to all of our worries was Republican administrations.....this is what they want isn't it? Cut revenue at the top to force the costs on local governenments that either raise property taxes or file bankruptcy. But at least the federal/state budgets look good enough for re-election.
 
2012-07-11 11:16:57 AM
San Bernadino should legalize and tax crystal meth. They'd be rich.
 
2012-07-11 11:36:48 AM

vernonFL: San Bernadino should legalize and tax crystal meth. They'd be rich.


3.bp.blogspot.com

To the rescue
 
2012-07-11 11:55:50 AM
My SimCity 2000 model predicted this. Hint: drill for water and then place a hydroelectric dam on top of it... Build Arcologies as soon as possible.

media.giantbomb.com
 
2012-07-11 12:22:20 PM
According to media reports, the city attorney general James Penman said San Bernardino's city officials had been submitting false accounting documents for 13 of the last 16 years in an effort to hide the real financial situation of the city.

For the record, the mayor of the city for half that time-period was previously a judge appointed by Gov. Brown. Way to instill confidence in the current administration.
 
2012-07-11 01:04:02 PM
Unions win again! They're happy as long as they get their money, everyone else be damned.
 
2012-07-11 01:04:38 PM
FTA: Yet, the city is still facing the possibility of insolvency due to a variety of issues including accounting errors, deficit spending, lack of revenue growth, and increases in pension and debt costs.

It seems that every time there is a report about the fiscal insolvency of California and its cities, employee pensions are mentioned. I'm curious how much they are contributing to the situation.
 
2012-07-11 01:13:59 PM

Dinjiin: It seems that every time there is a report about the fiscal insolvency of California and its cities, employee pensions are mentioned. I'm curious how much they are contributing to the situation.


We recently voted here to eliminate government pensions for new city employees. Unless you're a cop. And the city's running a surplus for the first time in at least a few years, too.

/honestly, this is what happens when voters make it impossible to pay for spending that they themselves wanted.
 
2012-07-11 01:15:56 PM

Dinjiin: FTA: Yet, the city is still facing the possibility of insolvency due to a variety of issues including accounting errors, deficit spending, lack of revenue growth, and increases in pension and debt costs.

It seems that every time there is a report about the fiscal insolvency of California and its cities, employee pensions are mentioned. I'm curious how much they are contributing to the situation.


It really depends on the city, and if they have continually funded their pension plans. Many municipalities get into trouble when they start deferring payments into their pension plans, thinking that they will be able to easily catch up later. That rarely happens.

Pensions come up all the time because they are typically one of the larger "required" payments a city has to make. Just like a who holds a mortgage would probably mention that at the top of their debt lists.
 
2012-07-11 01:34:41 PM
Well at least California has the priorities covered: Allowing Kids to have more than two parents, high speed rail and trying to get marriage for people who have the ghey.

Minor issues like fiscal solvency can wait.
 
2012-07-11 05:43:03 PM
So does someone want to explain to me how big tourist-driven cities rich in revenue go bankrupt?

Bonus: kind of conservative tourist-driven cities
 
2012-07-11 06:45:21 PM

SixPaperJoint: real good deal-o


Well done sir.

/ain't talkin bout Fontana
 
2012-07-11 08:34:06 PM
Ah, I knew this was coming. I applied for a job in San Berdoo (county, not city) this spring, and I was shocked when I got downtown at the number of empty buildings, empty malls, empty streets, even in the city core. When the center of a major city looks like ghost town, it's making that final spin around the drain.

I'm not sure what socked San Bernardino so hard--I don't know what their primary industry was beyond agriculture--but it's a horribly depressed town and locale. It may be that it's just too far from everything that makes money in So Cal--it's a long way from the LA area, too far from Vegas, and has nothing really to recommend it except low property values. There's no reason to go there, so it may be the first major US city to go belly up and never recover.
 
2012-07-11 11:35:40 PM
My dad used to call San Bernadino the armpit of California. I won't say what he called Fresno...
 
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