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California Is Not Spain, Uganda, Or Greece; But Stockton Sure Is: Largest US City Bankruptcy Is Now Official
The longest foreplay, well except what they have going on over in Europe these days, is now over:
- STOCKTON, CALIFORNIA, FILES FOR BANKRUPTCY COURT PROTECTION
Let's see: this week we have had official insolvency filings from Spain's banks, Cyprus, now Stockton, and rumors that Slovenia is next. It also appears that Spain and Italy do not want to be "fake" bailed out unless they are "for real" bailed out. Things are certainly picking up speed.
What next: Stoxit? And what is the Bloomberg text symbol for the Confederate dollar?
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BANKRUPTCY - All the cool kids are doing it!
I'm told the third bankruptcy is free ...
Kalifornians are early adopters.
Finally some good news out of the great state of Kalifornia...
Who's next?
MORE NEEDED
FLUSH THE SYSTEM
BUT WILL THE IDIOT VOTERS EVER LEARN?
Vote Obama in 2012!!! You fucking idiot's..................
No, but starve is twice as effective.
Like your vote really matters. Keep on drinking your hopium and head back to huffpo!
Double post Sorry
The good news is that we are finally starting to deal with the problem. The bad news is that this is probably 0.1% of the municipal problem.
Stockton. Where pension rubber hit the road and exploded.
I think it's time for Zorro to make a comeback.
Great! Many more cities, counties, states and especially after Roberts' traitorous act today eventually the USA to come. This evil system will end.
I can't wait!
http://currency.ha.com/c/item.zx?saleNo=141227&lotNo=31032#Photo
yep. better grab a seat before the bus is full.
"Just walk away"....over 1 million house owners have.
but the illegal aliens still driving Escalades from HELO cashouts.....
looks like mexicans have accepted american culture of spending.
Better to be one of the first while there is still some solvency out there.
Amazing! Pray tell anyone someone how the fuck the SP is NOT UNDER 800??????????
Green shoots, hopium, and Brian Sack.
Sack's in tall clover now. There is a new sheriff in town....
Trust me Stockton's not the only city or county, there are hundreds more lining up to figure out what to do.
rally
That place smells like a giant rotting " Brussel Sprout" anyways. Let the failing Levees reclaim it.
LOL
Nobody from the Great California Republic is gonna know to what you allude.
Funny....
And last told, they in Stockton are actively discussing curtailing current monthly pension and health care checks to retirees in order to have fiunds for necessary services.
LOL
Poor CA gubamint retirees.
My ass....
Moonbeam part duex' knows knukles
And the most interesting twisted sort of the whole miasma is here's Moonbeam, a solid friend of organized labor, etc., the one who's actually initiated the discussions about pensions...
Wouldn't of thought he'd have been the guy to touch the third rail, so to speak, but he has.
Good on him for that.
Topic need serious breaching in the Great People's Republic of California.
My yber-liberal CA gov't employee golf buds are angry as all hell at me because several years ago I was telling them that the pension, health benefits deals were coming unglued and were gonna ultimately get cut.
They treat me as though my forecast was the event initiating the prohibited discussions.
Some folks love to live, revel in a disassociative disorder
Dude you need to find some new friends.
mmmmm Ricky Bobby
Knuckles knows his talk on this topic. I'll leave it at that.
I'm in..
http://www.zerohedge.com/news/bankruptcy-only-choice-left-stockton-set-b...
Been telling my mother, a retiree of the education system this same thing. She look at me like I am building a fucking ark or some crazy shit like that.
The Ark may not be a bad idea (especially if you are on the West Coast).
The .gov and teacher retirees should sit down and have a beer with a couple of retired airline pilots I know. Talk about pension haircuts!
Nein. Neither Moonbeam Sr. or Jr. were ever in favor of ( unrestricted labor). They allowed our borders to be over-run in the 80's and figured the costs would be less than the actual costs of restricted labor.
OXYMORNIC politics at it's best!
Unfortunatly, this is the easiest answer to the boomer problem, we still have about 5 more years to go. Give them what they want so they will retire, then crawfish. Coming soon worldwide near you... That solves the easy question. The harder question is solving eroi.
"Do unto others."
Quick question: If everyone's broke, municipalities, counties, states, nations, banks, etc..., THEN WHO HAS ALL THE FUCKING MONEY? Where'd all the bailouts go? SOMEBODY must have it!
It starts with BA and ends with NKS.
But they all claim to be broke, no collateral, stinky balance sheets, need more bail-outs, must be broke. Again, WHO HAS THE MONEY?
BA-NK-ERS
As in people who are held harmless for their actions as employees of corporations, banks, etc.
And where it's all ultimately siphoned off to are the fabulous banking families and their political enablers.
As but one example, can you say City of London?
I thought you could.
Go figure
Jooze, more often than not.
It was all used to deodorize a cesspool of non-performing derivative securities.
bankers/politicians spent it all on jet fuel, coke, and hookers.....
Banksters are middlemen to funnel the new trillions created by the FED to the politicians. They in turn, give it back to banks, friends and politicians whom can't print money. Plus, they pay off the unemployed and underemployed in a blatant attempt to buy votes and keep the herd calm. Corporations that have been lucky enough to get a little seem to be fattening up their "rainy day" funds, so they have a chance of surviving the next shit storm.
The top fifteen executives of each bank.
It's called fractional reserve banking. The down side loss of capital is just as leveraged as the upside.
Sorry ... money's gone in 60 seconds
It (real property), goes into receivership. Then china builds a( green /oxcart) road thru it. Walaa land improvement has, tree hugger approval.
Then we start a "Hut Owners" association. Any Questions?
Will there be basket weaving lessons?
fuu go pick on someone else.
I'm waiting for the outcome of the European "Non Summit"<>
Just saying that if we are going to be in huts then knowing how to weave might be important.
Don't ask too many questions, goy. Just keep on going to church and join the military.
The same people who have always had it?
Quick answer:
Have you ever heard of the Red Shields and the Rockefellers...?
They know where da moneeze is.
It was never there in the first place! You buy a house for $80k, and twenty years later, it's worth $350k, and you take out a loan against it for $200k. That $200k worth of value never existed. The money loaned was created out of thin air, too.
Unfortunately, Stockton (and Greece, et. al.) have been living off this thin air and imagination for years now, and are just waking up from a haze to realize they are in need of real actual sustenance.
But they haven't been tending the garden, so they're starving, and there is no food handy.
This is like a hand job over the jeans.
but i suppose its still satisfying for the desperate.
Did somebody say free hand jobs?
Another Jerry Sandusky moment.
BUllish and transitory.
If Obama was a mayor, he'd look like Stockton
He'd look like Detroit.
Fixed it for ya.
Detroit got what it deserved when they elected Kwami Kilpatrick? Fucking Criminal bastard.
Please lets move this shitshow along...cue Italy!
valley chick really? Mario Monti is an unelected, self appointed technocrat puppet.
You need to lay off those Bunga Bunga parties.
The Federal government should take notes for future reference.
Tomorrows Bloomberg take away ....... you guessed it ...... "equities rally on stimulus rumours " .
No-one seems to have noticed...
http://finance.yahoo.com/echarts?s=JNK+Interactive#symbol=jnk;range=1m;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;
Which Ugandan town is next? Fresno? Bakersfield?
How dare you compare Uganda with shitholes like Fresno and Bakersfield.
Throw a dart on a map. I'll give you 1 in 5 odds. (Claiming the entire state isn't fair.)
edit: incorporated cities
It's really hard to believe Fresno or Bakersfield could get any more destitute than they already are.
Queue the High Speed (which is looking more low speed every day) cluster fuck
Until 2008, I lived in a small Orange County city ... 40,000 ... they had a 660,000,000 debt or $165,000 per person ... too ashamed to tell you the name
Close enough for hand grenades & horseshoes...
http://www.youtube.com/watch?v=UjbPZAMked0
Vallejo went bankrupt, now Stockton is bankrupt.
Good job CA
Both were racist areas anyway.
That's not true.
Chocked full of poor white trash, Mexicans, Oakies, illegals, motorcycle gangs, meth labs....
Equal opportunity abusers.
Sounds pleasant enough
and affordable too!!!
Course, money can't buy happiness...in whatever fresh new hell being described here...lol.
It may be affordable, but you have to also account for the replacement value of your belongings when they are stolen, and the medical costs of being mugged.
So kind of a wash.
Not all of cali is bad Bob. I have to admit one thing. It's was great jumping point to Australia.
There are some great pockets of people in Cali. It is libtarded though.
Stockton's problem was forcing developers to set aside a percentage of new development as low income.
Who would spend money on a McMansion, when your neighbors are a meth lab in a doublewide?
Ah, Europeans.
Long Foreplay. Hey, with some beauties it worth every Gilder.
recovery, green shoots and kool aide.
.
http://maxkeiser.com/2012/06/28/kr307-keiser-report-zombie-bank-apocalypse/
[KR307] Keiser Report: Zombie Bank Apocalypse
Posted on June 28, 2012 by stacyherbert| 23 Comments
.
We demand the big banks prove they are not dead by removing the life support systems, especially cufflinky Jamie Dimon’s Too-Big-To-Fail bank. In the second half of the show Max talks to Professor Steve Keen about the wages being negatively related to the level of interest rates and debt.
.
incalcuable billions stolen.
Taibbi: Muni Bond-Rigging Billions (on Imus)
Posted on June 28, 2012 by max
http://maxkeiser.com/2012/06/28/taibbi-muni-bond-rigging-billions-on-imus/
whistle Dixie
With Stockton,CA they keep mentioning the unfunded liabilities,pension and healthcare costs.The last big one (Chap.9) was Jefferson county,Alabama,where Goldman Sachs did them over with some swaps so they could get the sewers upgraded.Also people should never let the bastards forget their criminal conspiracy to fix the muni. bond auctions,driving up the cost of borrowing for mainstreet America.With the July Fourth weekend coming up it gives a new feeling to patriotism.... Put a banker on the Barbee.....
"Put a banker on the Barbee"
Reminiscent of Phillip IV of France's barbeque of Jacque DeMoley, Grand Master of the Knights Templar and Europe's banker extraordinaire 698 years ago on Friday the 13th.
Those poor bastard born again Christian Alabama boys shouldn't play with the New York Jooze. They're liable to get fucked like they've never been fucked before. And they did.
Backgrounder: JEFFERSON COUNTY, ALABAMA FILES BIGGEST MUNICIPAL BANKRUPTCY (9-JUN-2011)
The situation appears to dovetail with the pattern attributed to Agenda 21, wherein corrupt, Smart Growth-brainwashed municipalities saddle taxpayers with unmanageable debt. NOW MORE THAN EVER, BEWARE OF THIS PATTERN IN YOUR TOWN / CITY / MUNICIPALITY.
More information: WHAT IS AGENDA 21?
There is a town in Rhode Island that its public employees get their pensions double every 12 years. There will be many more bankruptcies. The crazy thing is that 99% of them think its sustainable.
Nah, the REALLY crazy thing is that they think the pensions are sustainable because they anticipate a return of 7-8% on their investments.
Unicorns, skittles -- it's all good!
Sounds about right. That means they have built in about 5.8% inflation compounded.
pods
History will mark this as the beginning of the end for Unions. They after all, killed Stockton.
The infrastucture of Stockton, and all of the "Central Valley" has been in decline for decades. Your UNION diatriabe is laughable!
I'm perplexed at how you can draw a similarity between agriculture and unions? The business is seasonal, and transitory!
The public employees demanded, and got, promises of lifetime health care for them and their families after just one month of employment.
Stockton is black. Every black city is bankrupt or being kept alive by the state.
Is this racist, or mathematically factual?
I'm so confused.
I knew, unions did it again ... so bankers don't get caught in a Porsche, made by heavily unionized workers, the root cause of all financial evil.
When this thing finally goes super nova it is going to be a thing beauty.
Ain't nothin' like a Western civilization bonfire of the vanities. Fo' sure...
Muni-bond ETF's virtually unfazed by this news.
California and New York Muni-Bonds on the cusp of making record highs.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72197115
Market Vectors High Yield ETF made a fresh, world record high today.
Meanwhile, back to King World News which continues reporting on the "End of the World"
LOL....
And if I give a 1000 monkeys a 1000 Iphones, one of them will manipulate a market. Everyone else hates you Robo, but I love ya, I know your momma raised you on negative feedback, and your here for a quick 50 shades of grey. If you want some real abuse, start posting some links to Business Insider and CNBC, and claim they check their facts.
MDB_ made me see RT in a new light.
Notes on Wall Street's Bid-Rigging Scandal | Matt Taibbi | Rolling Stone
This news could fuck the muni-Bond market permanently.
Public Unions & Self Serving Public Union Cock Sucking Politicians (SSPUCSP) amazingly can't be trusted. Go figure.
EVERYBODY'S GONE BANKRUPT... BANKRUPTCY U.S.A.
Good one... LOL
Maybe Hendrix was an Austrian at heart?
"No more surf music", Are You experienced? J. Hendrix
I like the Confederate dollar reference, thanks to the Southern (?) Tyler.
"The longest foreplay"
I was always told that was a good thing. Maybe Europe's got it goin' on.
Schwarzenegger issued IOUs when he was Governor but the banks began not to honor them and forced him to stop issuing California currency.
But it worked so I recommend getting rid of the banks completely and arresting their CEO's. Oh well nobody ever listens to me.
Chris Whalen has said, repeatedly, that two guys and a server (PC) could start a bank from a garage; there is nothing special abount banking, it's a commodity service.
When bankers start whining about how special they are and how the rest of us simply must pay for their gambling habits a.k.a. proprietary positions, I want to smack them in the teeth with a bar of gold.
Sounds good ... start a bank and back the deposits with gold
Its Californication !!!..... and its coming to a state near you soon
Will my California lifeguard still get $200,000 a year? She's a real knockout in that tight vibrant pink Spliced Racerback Speedo.
At what point does everyone look at each other, shrug their shoulders and then pretend nothing happened?
The South was right!
Wait, this is California people! I thought weed can get you through times of no money (but money can't get you through times of no weed). certianly Stockton has weed?
I am amazed at how few "get it". Many are spending again, going about their life, now that "it is all getting better". Of course some still have good paying jobs and have had them through this debacle. They are the worst. What Me Worry. I cannot believe they think this debt will not matter. The deficits will work themselves out and after the election Congress and the White House will kiss and make up. And somehow we will pay for all the services, pensions, health benefits even though 40 states are in the red.
I just cannot believe they can be so Fucking stupid. Makes me go ballistic.
As the old saying, As goes California, so goes the rest of the nation. ha, ha
Who approved all the union contracts--Santa Claus? No, the people sitting on city commissions, mayors and city managers. The average business man, white male developer, contractor type, conservative, small business owner and Republican, the type that says that they have experience creating jobs and wealth unlike the professional politician-lawyer type.
Because if anyone loves unions, it's those Republican types...LOL.
MORE COWBEL...!!!!!!
Oh....and popcorn
I mad as hell and I'm not going to take this anymore! Where's my bailout!
Actually it's good to see bankruptcy being declared. I'd say it's about time. That means that folks, cities, counties... or countries, will not get any credit issued to the for quite some time, and will have to learn what it means to live within your means. Creditors will stop loaning out to people or entities just because they have a pulse.
That is a good thing in my opinion. Still waiting for the big reset though.
California is one giant toilet that Mother Nature needs to flush. From the wetbacks the libtards protect in cities like Frisco, to the old hippies, to the libtards, sodomites, evil hook nose beanie wearers, etc... California needs to be be purged and start over.
Who disliked this 3 times? I guarantee you the junking came from the "beanie wearers." No other attack or slur on anybody else gets nary a peep but bring up Jews and you get your goy ass Junked all the way to Sheol. This city is non-White and it failed. What a shocker. Here are the demographic breakdown of Vallejo, CA (Declared bankrupt in 2008) and Stockton, CA. You make up your mind.
The 2010 United States Census[5] reported that Vallejo had a population of 115,942. The population density was 2,340.3 people per square mile (903.6/km²). The racial makeup of Vallejo was 38,064 (32.8%) White, 25,572 (22.1%) African American, 757 (0.7%) Native American, 28,895 (24.9%) Asian (21.1% Filipino, 1.0% Indian, 0.9% Chinese, 0.5% Vietnamese, 0.2% Japanese, 0.2% Korean, 0.1% Laotian), 1,239 (1.1%) Pacific Islander, 12,759 (11.0%) from other races, and 8,656 (7.5%) from two or more races. Hispanic or Latino of any race were 26,165 persons (22.6%); 16.1% of Vallejo is Mexican, 1.8% Salvadoran, 0.8% Puerto Rican, 0.7% Guatemalan, 0.5% Nicaraguan, and 0.2% Peruvian.
The 2010 United States Census[12] reported that Stockton had a population of 291,707. The population density was 4,505.0 people per square mile (1,739.4/km²). The racial makeup of Stockton was 108,044 (37.0%) White, 35,548 (12.2%) African American, 3,086 (1.1%) Native American, 62,716 (21.5%) Asian, 1,822 (0.6%) Pacific Islander, 60,332 (20.7%) from other races, and 20,159 (6.9%) from two or more races. Hispanic or Latino of any race were 117,590 persons (40.3%).
Sounds marvellous, if you like multiculturalism. I'm surprised it's not inundated with left wing liberals looking for an 'authentic cultural experience'
So to formalize your thesis, and see if it has predictive power:
Vallejo 22% black, 22% Hispanic.
Stockton 12% black, 40% Hispanic.
22b+22h = 12b+40h
22b=12b+18h
10b=18h
1b=1.8h
So for bankruptcy purposes, one percent black has the bankrupting power of 1.8% Hispanics?
Time will tell, as we wait for the next municipal bankruptcy. Bookmarked.
Why not? It is predictive with crime. A black is 6 times more likely than a white to commit murder. A latino is about 3 times as likely. The same with rape, assault and battery and other violent crimes. Makes sense to me.
San Bernadino: 9.6% black, 49.9% Hispanic.
Mammoth lakes is a major outlier, though. 33% Hispanic, 0.4% black.
Re-structure City of Stockton into Bank of Stockton so Ben can fly in fo rescue.
And what is the Bloomberg text symbol for the Confederate dollar?
I Think that would be AU and GC.
The South Shall Rise Again.
Muni bond are Riskier Than You Think.