4 As the dominoes of debt continue to fall, the next casualty of reckless borrowing and fiscal incompetence is the city of Stockton, California (pop 300,000) which has racked up a total debt of $700,000,000 even as the property values have fallen along with the tax income which might have supported this level of indebtedness. Even after massive cuts to the police force (25%), fire department (30%), and 40% of all other employees, they are nowhere close to balancing their budget.
A textbook case of inept leadership combined with unfortunate timing…
4 Responses to “Biggest Urban Bankruptcy in US History Coming This Week?”
razorsedge
one of many. theres a crack in the worlds armor, now… for the new wold government. as u posted greed meets stupidity
razorsedge
http://youtu.be/009F36yrD-M
Verona Gentleman
History repeating….
heaterman
I heard Wells Fargo just took over the city hall building and at least two city parking garages for non payment.
This is just the start lads……Many more to come.
The state of Illinois for example……..