Getting scary out there....
 

"We move from this column’s unexpected joust with global warmists to another metaphorical solar flare—this time, one that’s erupting in California. According to CNBC, the city of San Bernardino will file for bankruptcy protection: “Chapter 9 bankruptcy would give San Bernardino an opportunity to restructure its battered finances, city staff said during a webcast of the city council meeting.”

If San Bernardino goes through with this intended action, it would become the third California municipality to file for bankruptcy. Additional municipalities are in the on-deck circle."

Is California America's Greece? | Washington Times Communities

We also have at least two cities in PA that are going under and a large number of states that are going very shortly to be going through the Wisconsin thing.

Not a good time for the new health care act to add to their woes. It appears that it will not only affect he federal tax but the state tax as well.

Hey, this bad news is no way going to stop the construction of a 68 Billion Dollar high speed rail line that nobody needs.

Damn the bankruptcy, full speed ahead!!!

California's problems speak for themselves and is a prime example of leadership that has no understanding of economic principles nor their limitation and is irresponsible.

Didn't The House repeal the health care act today?

So, that's all taken care of now.

You are right but it is happening so often and all over the country !

I do not pretend to understand the ups and downs of public finance but what I do know is that Republican and Democrat governors are telling everyone how bad it is and thus it is either taxes or cuts.

I posted an article on Spain and Greece is legend by now...and if we get even close to that with our size and problems I just cannot imagine !

Hearing about Scranton PA and I do not know the specifics but they owed over a million dollars to fund pensions and meet payroll and had 5 grand in the bank. Just scary

It would be if we had a Senate of the people and not a Senate of Obama.

I'm proud of our Congress. After Nov. when we show Harry the door we may get it done for real.

Yes, for the 30 something's time. They are just a broken party being a broken record.

Correlations
 

There are three critical things each of these cities have in common as well as the others around the nation facing this fate, (San Jose, Chicago, Detroit and Philadelphia among others) (1) Each is in a State with forced unionization in order to have a job; (2) Each city has a long history of Democrat government; and (3) Each city has powerful Civil Service Unions that work to elect politician that in return for their support will give them outsized salaries, great benefits and a salary higher than they would be able to earn in the private sector.

Our concern needs to lie with the Federal Government where the Devil's deal between Civil Service unions and politicians seems to be taking us off the same cliff.

one has to keep in mind bankruptcy proceedings are a legal process/means to an end.

The need for hand outs is merely moving from the big banks and financial institutions to the cities big enough to have a legal staff to guide them through the bankruptcy, get in line for a hand out legal position.

The hypocritic stance of continuing funding high speed rail endeavors is a classic, two faced position of those both presenting the phony financial positions of the various cities and the dummies who have no clue about the process and believe the garbage level rhetoric they are being handed.

An absolute political mockery of what was once responsible, for the people public service.

We the people do earn and get what we deserve by standing by allowing these politicians/pirates/crooks/liars to continue.

btk