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?