Stockton, California declares bankruptcy

[hfojvt]

http://www.nytimes.com/2012/07/19/us/years-of-unraveling-then-bankruptcy-for-a-city.html?_r=1&ref=todayspaper

"This inland port on the San Joaquin River recently became the largest city in the country to declare bankruptcy, but evidence of its unraveling has been mounting for years."

I only read one page, so far, but I think it is interesting that they don't want to raise taxes to pay for police, but instead people are paying more for alarm systems and private security. So they end up paying more anyway.

At least those who can afford it do, poorer people just suffer with the higher crime rate.

[HiPointDem]

1. kr. three years after the recession officially ended, a string of cities are going bankrupt.

because the crisis was transferred from private banksters to the public.