San Bernardino Is The Third California City To Go Bankrupt In Two Weeks

[xchrom]

http://www.businessinsider.com/san-bernadino-goes-bankrupt-2012-7

SAN BERNARDINO, Calif. (AP) — As recently as last month, no city in California had opted for bankruptcy since 2008, and no U.S. city of more than 200,000 people had ever chosen bankruptcy.
The past two weeks have changed all that, in a big way, as the fiscal struggles faced by so many American cities became too much for some to bear.
San Bernardino became the third California city in that small span to choose Chapter 9 bankruptcy protection with a City Council vote on Tuesday night.
The Southern California city of about 210,000 people will also become the second largest in the nation ever to file for bankruptcy. Stockton, the Northern California city of nearly 300,000, became the biggest when it filed for Chapter 9 on June 28. The much smaller city of Mammoth Lakes voted for bankruptcy July 3.


Read more: http://www.businessinsider.com/san-bernadino-goes-bankrupt-2012-7#ixzz20JhgyjoT

[cherokeeprogressive]

1. More proof the state needs high-speed rail NOW!

[reformist2]

2. Are we starting to see the effects of the end of the 2009 stimulus money???

Scary if we are... but yet another issue for the campaign that should work in Dems favor.

[MadHound]

3. Prop 13, the gift that keeps on giving and giving.

When are Californians going to wake up and repeal it?