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California Is Not Spain, Uganda, Or Greece; But Stockton Sure Is: Largest US City Bankruptcy Is Now Official

Tyler Durden's picture




 

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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Thu, 06/28/2012 - 20:44 | 2571745 Sabibaby
Sabibaby's picture

BANKRUPTCY - All the cool kids are doing it!

Thu, 06/28/2012 - 20:48 | 2571756 veyron
veyron's picture

I'm told the third bankruptcy is free ...

Thu, 06/28/2012 - 21:05 | 2571813 FEDbuster
FEDbuster's picture

Kalifornians are early adopters. 

Thu, 06/28/2012 - 22:21 | 2571829 Bay of Pigs
Bay of Pigs's picture

Finally some good news out of the great state of Kalifornia...

Who's next?

Thu, 06/28/2012 - 23:05 | 2572134 AldousHuxley
AldousHuxley's picture

MORE NEEDED

 

FLUSH THE SYSTEM

 

BUT WILL THE IDIOT VOTERS EVER LEARN?

Fri, 06/29/2012 - 01:02 | 2572342 Teamtc321
Teamtc321's picture

Vote Obama in 2012!!! You fucking idiot's..................

Fri, 06/29/2012 - 03:02 | 2572463 zhandax
zhandax's picture

BUT WILL THE IDIOT VOTERS EVER LEARN?

No, but starve is twice as effective.

Fri, 06/29/2012 - 06:12 | 2572551 GCT
GCT's picture

Like your vote really matters.  Keep on drinking your hopium and head back to huffpo! 

Fri, 06/29/2012 - 06:17 | 2572552 GCT
GCT's picture

Double post Sorry

Thu, 06/28/2012 - 23:38 | 2572234 Thomas
Thomas's picture

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.

Fri, 06/29/2012 - 02:11 | 2572328 The Big Ching-aso
The Big Ching-aso's picture

 

 

Stockton.   Where pension rubber hit the road and exploded.

Fri, 06/29/2012 - 06:59 | 2572572 Peter Pan
Peter Pan's picture

I think it's time for Zorro to make a comeback.

 

Thu, 06/28/2012 - 21:12 | 2571838 fightthepower
fightthepower's picture

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!

Thu, 06/28/2012 - 20:51 | 2571767 bigdumbnugly
bigdumbnugly's picture

yep.  better grab a seat before the bus is full.

Thu, 06/28/2012 - 22:41 | 2572084 Never One Roach
Never One Roach's picture

"Just walk away"....over 1 million house owners have.

Thu, 06/28/2012 - 23:09 | 2572149 AldousHuxley
AldousHuxley's picture

but the illegal aliens still driving Escalades from HELO cashouts.....

 

looks like mexicans have accepted american culture of spending.

Fri, 06/29/2012 - 00:06 | 2572277 natty light
natty light's picture

Better to be one of the first while there is still some solvency out there.

Thu, 06/28/2012 - 21:03 | 2571810 vast-dom
vast-dom's picture

Amazing! Pray tell anyone someone how the fuck the SP is NOT UNDER 800??????????

Thu, 06/28/2012 - 22:01 | 2571984 fuu
fuu's picture

Green shoots, hopium, and Brian Sack.

Fri, 06/29/2012 - 03:07 | 2572466 zhandax
zhandax's picture

Sack's in tall clover now.  There is a new sheriff in town....

Thu, 06/28/2012 - 22:29 | 2572058 Buck Johnson
Buck Johnson's picture

Trust me Stockton's not the only city or county, there are hundreds more lining up to figure out what to do.

Thu, 06/28/2012 - 20:45 | 2571746 Xibalba
Xibalba's picture

rally 

Thu, 06/28/2012 - 20:46 | 2571748 Yen Cross
Yen Cross's picture

 That place smells like a giant rotting " Brussel Sprout" anyways. Let the failing Levees reclaim it.

Thu, 06/28/2012 - 21:11 | 2571832 knukles
knukles's picture

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....

Thu, 06/28/2012 - 21:17 | 2571858 Yen Cross
Yen Cross's picture

  Moonbeam part duex' knows knukles

Thu, 06/28/2012 - 21:27 | 2571887 knukles
knukles's picture

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

Thu, 06/28/2012 - 21:31 | 2571898 Ricky Bobby
Ricky Bobby's picture

Dude you need to find some new friends.

Thu, 06/28/2012 - 21:50 | 2571956 Yen Cross
Yen Cross's picture

 mmmmm Ricky Bobby

                                              Knuckles knows his talk on this topic.  I'll leave it at that.                            

Thu, 06/28/2012 - 21:46 | 2571944 A Nanny Moose
A Nanny Moose's picture

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.

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.

Thu, 06/28/2012 - 23:38 | 2572233 FEDbuster
FEDbuster's picture

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!

Thu, 06/28/2012 - 21:58 | 2571973 Yen Cross
Yen Cross's picture

 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!

Fri, 06/29/2012 - 08:32 | 2572742 GoldenTool
GoldenTool's picture

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."

Thu, 06/28/2012 - 20:47 | 2571753 mvsjcl
mvsjcl's picture

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!

Thu, 06/28/2012 - 20:55 | 2571783 pods
pods's picture

It starts with BA and ends with NKS.

Thu, 06/28/2012 - 20:59 | 2571792 mvsjcl
mvsjcl's picture

But they all claim to be broke, no collateral, stinky balance sheets, need more bail-outs, must be broke. Again, WHO HAS THE MONEY?

Thu, 06/28/2012 - 21:15 | 2571845 knukles
knukles's picture

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

Thu, 06/28/2012 - 21:48 | 2571948 FeralSerf
FeralSerf's picture

Jooze, more often than not.

Fri, 06/29/2012 - 03:16 | 2572470 zhandax
zhandax's picture

THEN WHO HAS ALL THE FUCKING MONEY? Where'd all the bailouts go?

It was all used to deodorize a cesspool of non-performing derivative securities.

Fri, 06/29/2012 - 07:45 | 2572648 jerry_theking_lawler
jerry_theking_lawler's picture

bankers/politicians spent it all on jet fuel, coke, and hookers.....

Fri, 06/29/2012 - 08:33 | 2572738 FEDbuster
FEDbuster's picture

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.

Thu, 06/28/2012 - 21:16 | 2571851 CaptainObvious
CaptainObvious's picture

The top fifteen executives of each bank.

Thu, 06/28/2012 - 21:49 | 2571951 Landrew
Landrew's picture

It's called fractional reserve banking. The down side loss of capital is just as leveraged as the upside.

Fri, 06/29/2012 - 01:26 | 2572359 GlassSteagall
GlassSteagall's picture

Sorry ... money's gone in 60 seconds

Thu, 06/28/2012 - 21:07 | 2571818 Yen Cross
Yen Cross's picture

 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?

Thu, 06/28/2012 - 22:05 | 2571993 fuu
fuu's picture

Will there be basket weaving lessons?

Thu, 06/28/2012 - 22:11 | 2572009 Yen Cross
Yen Cross's picture

fuu go pick on someone else. 

                                                            I'm waiting for the outcome of the European "Non Summit"<>

Thu, 06/28/2012 - 23:04 | 2572130 fuu
fuu's picture

Just saying that if we are going to be in huts then knowing how to weave might be important.

Thu, 06/28/2012 - 21:29 | 2571890 dolph9
dolph9's picture

Don't ask too many questions, goy.  Just keep on going to church and join the military.

Thu, 06/28/2012 - 21:49 | 2571952 A Nanny Moose
A Nanny Moose's picture

The same people who have always had it?

Fri, 06/29/2012 - 00:23 | 2572304 Bansters-in-my-...
Bansters-in-my- feces's picture

Quick answer:

Have you ever heard of the Red Shields and the Rockefellers...?

They know where da moneeze is.

Fri, 06/29/2012 - 12:01 | 2573479 BooMushroom
BooMushroom's picture

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.

Thu, 06/28/2012 - 20:47 | 2571754 TMT
TMT's picture

This is like a hand job over the jeans.

Thu, 06/28/2012 - 20:53 | 2571771 bigdumbnugly
bigdumbnugly's picture

but i suppose its still satisfying for the desperate.

Thu, 06/28/2012 - 21:16 | 2571854 knukles
knukles's picture

Did somebody say free hand jobs?
Another Jerry Sandusky moment.

Thu, 06/28/2012 - 20:47 | 2571755 Rastadamus
Rastadamus's picture

BUllish and transitory.

Thu, 06/28/2012 - 20:50 | 2571766 azzhatter
azzhatter's picture

If Obama was a mayor, he'd look like Stockton

Thu, 06/28/2012 - 21:18 | 2571857 CaptainObvious
CaptainObvious's picture

He'd look like Detroit.

Fixed it for ya.

 

Thu, 06/28/2012 - 21:55 | 2571968 TonyCoitus
TonyCoitus's picture

Detroit got what it deserved when they elected Kwami Kilpatrick? Fucking Criminal bastard.

Thu, 06/28/2012 - 20:51 | 2571768 valley chick
valley chick's picture

Please lets move this shitshow along...cue Italy!

Thu, 06/28/2012 - 21:32 | 2571892 Yen Cross
Yen Cross's picture

 valley chick   really?  Mario Monti is an unelected, self appointed technocrat puppet.

                                               You need to lay off those Bunga Bunga parties.

Thu, 06/28/2012 - 20:51 | 2571769 FreedomGuy
FreedomGuy's picture

The Federal government should take notes for future reference.

Thu, 06/28/2012 - 20:52 | 2571772 Bill D. Cat
Bill D. Cat's picture

Tomorrows Bloomberg take away ....... you guessed it ...... "equities rally on stimulus rumours " .

Thu, 06/28/2012 - 20:56 | 2571784 Bunga Bunga
Bunga Bunga's picture

Which Ugandan town is next? Fresno? Bakersfield?

 

Thu, 06/28/2012 - 21:16 | 2571856 czarangelus
czarangelus's picture

How dare you compare Uganda with shitholes like Fresno and Bakersfield.

Thu, 06/28/2012 - 21:22 | 2571875 Jena
Jena's picture

Throw a dart on a map.  I'll give you 1 in 5 odds.  (Claiming the entire state isn't fair.)

edit: incorporated cities

Thu, 06/28/2012 - 22:14 | 2572013 A Nanny Moose
A Nanny Moose's picture

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

Fri, 06/29/2012 - 01:23 | 2572358 GlassSteagall
GlassSteagall's picture

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

Thu, 06/28/2012 - 20:57 | 2571789 nmewn
nmewn's picture

Close enough for hand grenades & horseshoes...

http://www.youtube.com/watch?v=UjbPZAMked0

Thu, 06/28/2012 - 20:59 | 2571791 bob_dabolina
bob_dabolina's picture

Vallejo went bankrupt, now Stockton is bankrupt.

Good job CA

Both were racist areas anyway.

Thu, 06/28/2012 - 21:18 | 2571861 knukles
knukles's picture

That's not true.
Chocked full of poor white trash, Mexicans, Oakies, illegals, motorcycle gangs, meth labs.... 

Equal opportunity abusers.

Thu, 06/28/2012 - 21:33 | 2571905 azzhatter
azzhatter's picture

Sounds pleasant enough

Thu, 06/28/2012 - 21:57 | 2571970 nmewn
nmewn's picture

and affordable too!!!

Course, money can't buy happiness...in whatever fresh new hell being described here...lol.

Fri, 06/29/2012 - 12:15 | 2573550 BooMushroom
BooMushroom's picture

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.

Thu, 06/28/2012 - 22:05 | 2571994 Yen Cross
Yen Cross's picture

 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.

Thu, 06/28/2012 - 22:16 | 2572020 A Nanny Moose
A Nanny Moose's picture

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?

Thu, 06/28/2012 - 20:59 | 2571795 Yes_Questions
Yes_Questions's picture

 

 

Ah, Europeans.

 

Long Foreplay.  Hey, with some beauties it worth every Gilder.

Thu, 06/28/2012 - 21:00 | 2571800 blindman
blindman's picture

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/

Thu, 06/28/2012 - 21:08 | 2571823 world_debt_slave
world_debt_slave's picture

whistle Dixie

Thu, 06/28/2012 - 21:11 | 2571837 Paracelsus
Paracelsus's picture

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.....

Thu, 06/28/2012 - 22:00 | 2571982 FeralSerf
FeralSerf's picture

"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.

Thu, 06/28/2012 - 22:02 | 2571987 Lore
Lore's picture

 

 

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?

Thu, 06/28/2012 - 21:15 | 2571846 ifishivote
ifishivote's picture

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.

Thu, 06/28/2012 - 21:19 | 2571865 CaptainObvious
CaptainObvious's picture

Nah, the REALLY crazy thing is that they think the pensions are sustainable because they anticipate a return of 7-8% on their investments.

Fri, 06/29/2012 - 09:09 | 2572885 StychoKiller
StychoKiller's picture

Unicorns, skittles -- it's all good!

Thu, 06/28/2012 - 21:38 | 2571927 pods
pods's picture

Sounds about right.  That means they have built in about 5.8% inflation compounded.

pods

Thu, 06/28/2012 - 21:21 | 2571873 asteroids
asteroids's picture

History will mark this as the beginning of the end for Unions. They after all, killed Stockton.

Thu, 06/28/2012 - 21:36 | 2571919 Yen Cross
Yen Cross's picture

  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!

 

Fri, 06/29/2012 - 02:11 | 2572405 Missiondweller
Missiondweller's picture

The public employees demanded, and got, promises of lifetime health care for them and their families after just one month of employment.

 

 

Thu, 06/28/2012 - 21:52 | 2571961 mjk0259
mjk0259's picture

Stockton is black. Every black city is bankrupt or being kept alive by the state.

Fri, 06/29/2012 - 12:21 | 2573578 BooMushroom
BooMushroom's picture

Is this racist, or mathematically factual?
I'm so confused.

Thu, 06/28/2012 - 22:51 | 2572105 Bunga Bunga
Bunga Bunga's picture

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.

Thu, 06/28/2012 - 21:32 | 2571904 Ricky Bobby
Ricky Bobby's picture

When this thing finally goes super nova it is going to be a thing beauty.

Thu, 06/28/2012 - 22:53 | 2572109 Wakanda
Wakanda's picture

Ain't nothin' like a Western civilization bonfire of the vanities.  Fo' sure...

Thu, 06/28/2012 - 21:38 | 2571922 RobotTrader
RobotTrader's picture

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....

Thu, 06/28/2012 - 21:55 | 2571966 Tijuana Donkey Show
Tijuana Donkey Show's picture

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. 

Thu, 06/28/2012 - 22:11 | 2572010 fuu
fuu's picture

MDB_ made me see RT in a new light.

Sat, 06/30/2012 - 00:16 | 2575397 MeelionDollerBogus
MeelionDollerBogus's picture

Notes on Wall Street's Bid-Rigging Scandal | Matt Taibbi | Rolling Stone

This news could fuck the muni-Bond market permanently.

Thu, 06/28/2012 - 22:17 | 2572024 1971
1971's picture

Public Unions & Self Serving Public Union Cock Sucking Politicians (SSPUCSP) amazingly can't be trusted. Go figure.

Thu, 06/28/2012 - 22:25 | 2572050 grunk
grunk's picture

EVERYBODY'S GONE BANKRUPT... BANKRUPTCY U.S.A.

 

Thu, 06/28/2012 - 23:25 | 2572204 CitizenPete
CitizenPete's picture

Good one...  LOL

 

Maybe Hendrix was an Austrian at heart?  

"No more surf music", Are You experienced? J. Hendrix

Thu, 06/28/2012 - 22:30 | 2572057 buzzardsluck
buzzardsluck's picture

I like the Confederate dollar reference, thanks to the Southern (?) Tyler.

Thu, 06/28/2012 - 22:33 | 2572059 Wakanda
Wakanda's picture

"The longest foreplay"

I was always told that was a good thing.  Maybe Europe's got it goin' on.

Thu, 06/28/2012 - 22:37 | 2572076 q99x2
q99x2's picture

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.

Thu, 06/28/2012 - 22:50 | 2572104 sumo
sumo's picture

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.

Fri, 06/29/2012 - 01:15 | 2572352 GlassSteagall
GlassSteagall's picture

Sounds good ... start a bank and back the deposits with gold

Thu, 06/28/2012 - 23:04 | 2572131 Seasmoke
Seasmoke's picture

Its Californication !!!..... and its coming to a state near you soon

Thu, 06/28/2012 - 23:10 | 2572151 JohnKozac
JohnKozac's picture

Will my California lifeguard still get $200,000 a year? She's a real knockout in that tight vibrant pink Spliced Racerback Speedo.

Thu, 06/28/2012 - 23:10 | 2572152 JackT
JackT's picture

At what point does everyone look at each other, shrug their shoulders and then pretend nothing happened?

Thu, 06/28/2012 - 23:13 | 2572168 toomanyfakecons...
toomanyfakeconservatives's picture

The South was right!

Thu, 06/28/2012 - 23:28 | 2572217 CitizenPete
CitizenPete's picture

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? 

Thu, 06/28/2012 - 23:33 | 2572227 monopoly
monopoly's picture

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.

Thu, 06/28/2012 - 23:46 | 2572243 world_debt_slave
world_debt_slave's picture

As the old saying, As goes California, so goes the rest of the nation. ha, ha

Thu, 06/28/2012 - 23:49 | 2572248 goforgin
goforgin's picture

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.

 

Fri, 06/29/2012 - 07:27 | 2572613 shovelhead
shovelhead's picture

Because if anyone loves unions, it's those Republican types...LOL.

Fri, 06/29/2012 - 00:10 | 2572287 Bansters-in-my-...
Bansters-in-my- feces's picture

MORE COWBEL...!!!!!!

Oh....and popcorn

Fri, 06/29/2012 - 00:21 | 2572290 OneTinSoldier66
OneTinSoldier66's picture

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.

Fri, 06/29/2012 - 01:02 | 2572340 squexx
squexx's picture

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.

Fri, 06/29/2012 - 02:09 | 2572386 Morrotzo
Morrotzo's picture

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%).

 

Fri, 06/29/2012 - 02:39 | 2572437 BBullionaire
BBullionaire's picture

Sounds marvellous, if you like multiculturalism. I'm surprised it's not inundated with left wing liberals looking for an 'authentic  cultural experience'

Fri, 06/29/2012 - 12:37 | 2573656 BooMushroom
BooMushroom's picture

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.

Fri, 06/29/2012 - 14:11 | 2573980 Morrotzo
Morrotzo's picture

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.

Wed, 07/11/2012 - 22:52 | 2608755 BooMushroom
BooMushroom's picture

San Bernadino: 9.6% black, 49.9% Hispanic.

Mammoth lakes is a major outlier, though. 33% Hispanic, 0.4% black.

Fri, 06/29/2012 - 02:52 | 2572456 boeing747
boeing747's picture

Re-structure City of Stockton into Bank of Stockton so Ben can fly in fo rescue.

Fri, 06/29/2012 - 06:15 | 2572554 PartysOver
PartysOver's picture

And what is the Bloomberg text symbol for the Confederate dollar?

I Think that would be AU and GC.

The South Shall Rise Again.

Fri, 06/29/2012 - 07:12 | 2572583 Floodmaster
Floodmaster's picture

Muni bond are Riskier Than You Think.

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