The LA Times's Diana Marcum tells the story of the bankruptcy of Stockton, California, a city of about 300,000 people, which has just filed for bankruptcy. The city -- and its developers -- borrowed heavily in the past decade to build a series of follies: a luxury hotel, a marina, a promenade, in a bid to lure people down from the Bay Area. Stockton is a boom-and-bust poster-child, and has just gone through the new AB 506 arbitration procedures set out for municipal defaults in California law, a drawn-out "death of a thousand meetings," and is still headed into bankruptcy.
Although a city of almost 300,000, Stockton is a place where many families have known one another for generations. The most impassioned speakers argued on behalf of others, with the main rallying cry a plea to keep health insurance for retirees with illnesses. A high school student spoke of his aunt, a retired city worker with cancer, and a retired fire chief spoke of his former secretary who cares for her ill husband.
"People look at me and say, 'Well he can afford his own insurance,' and I can," said Gary Gillis, the retired chief. "But how about the ones who mowed the lawns, went in the sewers, typed my letters? We have to protect the most vulnerable among us."
Experts say there are no clear answers to what comes next for Stockton or how its fall will affect the rest of the state. Other cities hit hard by the housing bust and state budget crisis are negotiating with employee unions for concessions and are watching to see if municipal bankruptcy proves medicine or poison.
Stockton bankruptcy will make history; residents reeling
(via Naked Capitalism)
(Image: Stockton, California, a Creative Commons Attribution (2.0) image from inman_news's photostream)
The Justice Department will scale back a very broad request for data connected to an anti-Trump website, after accusations the demand violated the free speech rights of politically engaged citizens.
Buried in the New York Times’ extraordinary piece on how Mitch McConnell, Senate GOP leader, privately doubts whether President Donald Trump can salvage his administration? This amazing detail that sure doesn’t make Trump look innocent on Russia and corruption.
Hold on to your butts, America. Steve Bannon is, as an ally told one reporter, “unchained” after being relieved of his White House duties as Trump’s strategic advisorIn an interview this evening, Bannon tells the Weekly Standard he’s returning to run Breitbart.com, as he was before becoming Trump’s campaign manager exactly one year and one […]
Top-performing content doesn’t come from pure inspiration. So how do you get the maximum number of eyeballs to see your marketing copy? By analyzing the impact of the keywords within. Serpstat does this all for you. It can monitor up to 200 keywords in your projects, across 10 total domains. They keep track of the […]
Toaster ovens are the perfect appliance for small things like toasted sandwiches and roasted garlic (try it!), but anything more involved usually requires a full-sized conventional oven.However, despite its small size, the Wolfgang Puck Pressure Oven can handle anything from baked pastries to broiled meats. This kitchen appliance has a minimal countertop footprint, and cooks […]