Brother_Tempus
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Stockton, CA, poised to be largest US city to go bankrupt
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Hopefully the creditors will demand Stockton pay in full what it has borrowed
http://abcnews.go.com/US/wireStory/stockton-aims-avoid-biggest-bankrupt-city-15809652
The city of Stockton in California's crop-abundant Central Valley has the second-highest foreclosure rate in the nation and one of the highest crime and unemployment rates. It was named America's most miserable city in a national magazine — twice.
And now, officials say this river port city of 290,000 is on the brink of insolvency and could become the nation's largest city to fall into Chapter 9 bankruptcy protection.
The city council was expected to vote Tuesday on a proposal to continue the city's fiscal emergency for a third year and use a new California law to enter mediation with its creditors.
Stockton would be the first city to test the law, Assembly Bill 506, which is less than two months old. It requires local government agencies to undergo mediation or hold a public hearing and declare a fiscal emergency before filing for bankruptcy.
In 2008, Vallejo became the biggest California city to file for bankruptcy, and it emerged from bankruptcy last year.
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reesescups
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Stockton - a Republican strong hold in California.
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Tych2
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It's sickening that you wish the pain of so many. A bankrupt city will hurt the poorest and neediest of us. I don't normally say this to anyone, but the world would be a much better place without you and your kind.
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__Bonk__
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Why do you get happy at bad news.
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Mastara
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I believe it, I work there. I see what it has done.
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Mastara
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Stockton, CA, poised to be largest US city to go bankrupt
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drive down almost any street and see many houses vacant and/or for sale. New and old houses alike
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JarkeldRuneblade
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Stockton, CA, poised to be largest US city to go bankrupt
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I don't think he understands how municipal bankruptcies work.
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Brother_Tempus
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Stockton, CA, poised to be largest US city to go bankrupt
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JarkeldRuneblade posted:
I don't think he understands how municipal bankruptcies work.
I dont think you understand how fubarred this economy is.....
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reesescups
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Stockton, CA, poised to be largest US city to go bankrupt
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JarkeldRuneblade posted:
I don't think he understands how municipal bankruptcies work.
BroTard posted:
Hopefully the creditors will demand Stockton pay in full what it has borrowed
Obviously...
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Fist_de_Yuma
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Subject:
Stockton, CA, poised to be largest US city to go bankrupt
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Someone got a nice bit of cash for this one I bet.
Multi-year labor contracts with escalating costs added to the burden, forcing officials to make deep emergency cuts to the city payroll, including its police department.
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JarkeldRuneblade
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Subject:
Stockton, CA, poised to be largest US city to go bankrupt
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This economy as in the American economy or Stockton's?
Stockton is among a few cities that saw rapid population increases that were not sustainable, and spent too much based on the assumption that the growth was sustainable.
Other municipalities, such as Harrisburg and Detroit, are having issues because they've seen their tax base leave. With infrastructure in place for a much larger community it's not easy for a municipality to scale down spending at the same rate that people are able to leave.
Then you have Jefferson County, AL which was the victim of straight corruption and bribery. A rare yet significant case.
But in any case, going Chapter 9 is not easy, and in many states municipalities can't legally file Chapter 9. It's a patchwork of laws which in my opinion is making it more and more political.
For someone who is so against the  FEDERAL government, I'm surprised you'd advocate for a FEDERAL bankruptcy judge to decide this small communities fate.
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Abaddon_Ambrosius
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Subject:
Stockton, CA, poised to be largest US city to go bankrupt
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JarkeldRuneblade posted:
Other municipalities, such as ...Detroit, are having issues because they've seen their tax base leave.
Uhm... you might want to rethink that statement.
There are several REASONS their tax base has left. Keep digging for something closer to root cause and people might start taking the rest of your comments more seriously.
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reesescups
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Subject:
Stockton, CA, poised to be largest US city to go bankrupt
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Abaddon_Ambrosius posted:
JarkeldRuneblade posted:
Other municipalities, such as ...Detroit, are having issues because they've seen their tax base leave.
Uhm... you might want to rethink that statement.
There are several REASONS their tax base has left. Keep digging for something closer to root cause and people might start taking the rest of your comments more seriously.
Detroit has been through many bust and boom cycles.
What's your point? That bust and boom cycles are easy to plan for and build flexible infrastructure for?
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JarkeldRuneblade
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Stockton, CA, poised to be largest US city to go bankrupt
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Abaddon_Ambrosius posted:
JarkeldRuneblade posted:
Other municipalities, such as ...Detroit, are having issues because they've seen their tax base leave.
Uhm... you might want to rethink that statement.
There are several REASONS their tax base has left. Keep digging for something closer to root cause and people might start taking the rest of your comments more seriously.
I could write a book about why Detroit's tax base left. The exodus of people isn't the only issue, but by far the largest. I didn't think it was worth addressing WHY there was an exodus for this particular thread focused on municipal bankruptcies more generally, since Detroit's issues aren't the same as say Stockton, CA or Central Falls, RI.
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Ashmaele
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Stockton, CA, poised to be largest US city to go bankrupt
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reesescups posted:
JarkeldRuneblade posted:
I don't think he understands how municipal bankruptcies work.
BroTard posted:
Hopefully the creditors will demand Stockton pay in full what it has borrowed
Obviously...
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MayorShade
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Kordirn
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Mastara posted:
I believe it, I work there. I see what it has done.
Ew im sorry.
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Orwyn_Blackheart
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Stockton, CA, poised to be largest US city to go bankrupt
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Tych2 posted:
It's sickening that you wish the pain of so many. A bankrupt city will hurt the poorest and neediest of us. I don't normally say this to anyone, but the world would be a much better place without you and your kind.
Wheres' your empathy for innocent Arabs ?
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smellymotor
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i know only know of Stockton from playing railroad tycoon.
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smellymotor
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paulg_68
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I loved that game. If they'd make a new version I'd buy it in a heartbeat.
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If you wish to make an apple pie from scratch... http://www.youtube.com/watch?v=zSgiXGELjbc "Everyone has a chance to become rich." - Groucho48 "Most of the human wealth on earth exists between the ears of live human beings." - theredkay1
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Kordirn
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Stockton, CA, poised to be largest US city to go bankrupt
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smellymotor posted:
i know only know of Stockton from playing railroad tycoon.
It's for the best. That town is a craphole. If you ever come to California, stay out of the central valley.
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paulg_68
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The best thing about Stockton is that it's so far away.
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If you wish to make an apple pie from scratch... http://www.youtube.com/watch?v=zSgiXGELjbc "Everyone has a chance to become rich." - Groucho48 "Most of the human wealth on earth exists between the ears of live human beings." - theredkay1
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smellymotor
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One of the few games I could play for hours
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Thugoneous
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Stockton, CA, poised to be largest US city to go bankrupt
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reesescups posted:
Stockton - a Republican strong hold in California.
The Mayor is a Democrat, the state Senator is a Democrat, I'm sure if I went through the council members the majority would be democrats as well.
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Tych2
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Stockton, CA, poised to be largest US city to go bankrupt
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Orwyn_Blackheart posted:
Tych2 posted:
It's sickening that you wish the pain of so many. A bankrupt city will hurt the poorest and neediest of us. I don't normally say this to anyone, but the world would be a much better place without you and your kind.
Wheres' your empathy for innocent Arabs ?
Where are you from?
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Koneg
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Stockton, CA, poised to be largest US city to go bankrupt
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reesescups posted:
Stockton - a Republican strong hold in California.
Uh - if it's such a Republican stronghold why is it run by Democrats? For 20+ years?
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Brother_Tempus
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Stockton, CA, poised to be largest US city to go bankrupt
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JarkeldRuneblade posted:
This economy as in the American economy or Stockton's?
The US economy, this is not going to be confined to a couple cities or counties ... there is going to be states that will need to be bailed out and the federal government is not going ot have the cash to do it.
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Grymlo
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Stockton, CA, poised to be largest US city to go bankrupt
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Koneg posted:
reesescups posted:
Stockton - a Republican strong hold in California.
Uh - if it's such a Republican stronghold why is it run by Democrats? For 20+ years?
Probably because he thought no one would do a quick googles?
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SoBaKi
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Brother_Tampon posted:
I long for the destruction of society and especially America. Of course, after the fall I won't last very long as I'm a pencil neck, crunt and will likely end up as some neanderthal's bitch, but such is life.
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Brother_Tempus
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SoBaKi posted:
I bask in my ignorance and my deliberate head-in-the-sand mentality ...
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reesescups
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Stockton, CA, poised to be largest US city to go bankrupt
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Grymlo posted:
Koneg posted:
reesescups posted:
Stockton - a Republican strong hold in California.
Uh - if it's such a Republican stronghold why is it run by Democrats? For 20+ years?
Probably because he thought no one would do a quick googles?
Seriously!
I just threw that out there. So much to pick on in this thread, surprised anyone gave it a second thought...
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Abaddon_Ambrosius
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Stockton, CA, poised to be largest US city to go bankrupt
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People also talk about how the "state overall" is a Republican majority construct.
Yet, Dems have held the legislative majority, and have held a majority (and in some cases, all) of the state elected offices for a couple decades now.
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SoBaKi
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Brother_Tempus posted:
SoBaKi posted:
I bask in my ignorance and my deliberate head-in-the-sand mentality ...
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Bobvillas
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So....
Can I have their stuff?
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Taliesihne
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Stockton, CA, poised to be largest US city to go bankrupt
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JarkeldRuneblade posted:
I don't think he understands how municipal bankruptcies work.
This.
http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter9.aspx
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Brother_Tempus
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Bobvillas posted:
So....
Can I have their stuff?
Stockton's creditors get first dibs on it
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paulg_68
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Thugoneous posted:
The Mayor is a Democrat, the state Senator is a Democrat, I'm sure if I went through the council members the majority would be democrats as well.
There are more registered Democrats there than Republicans.
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If you wish to make an apple pie from scratch... http://www.youtube.com/watch?v=zSgiXGELjbc "Everyone has a chance to become rich." - Groucho48 "Most of the human wealth on earth exists between the ears of live human beings." - theredkay1
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reesescups
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Stockton, CA, poised to be largest US city to go bankrupt
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Abaddon_Ambrosius posted:
People also talk about how the "state overall" is a Republican majority construct.
I've never seen anyone claim such a thing.
What I have seen is people informing others that the State is not 100% Dem - there are very strong Republican districts and regions. To say other wise is pure ignorance. There is more to California than Berkeley and San Francisco...
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theredkay1
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People pointed out that you need a 2/3 majority in the CA legislature to push legislation through. Dems dont have a 2/3 majority and therefore dont control the legislative process like AA claimed.
AA got all confuzzled and it looks like he remains so.
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Koneg
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Subject:
Stockton, CA, poised to be largest US city to go bankrupt
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theredkay1 posted:
People pointed out that you need a 2/3 majority in the CA legislature to push legislation through.
That's specifically for raising taxes. If you want to raise taxes in California you need a 2/3rds majority, otherwise, you don't.
theredkay1 posted:
Dems dont have a 2/3 majority and therefore dont control the legislative process like AA claimed.
Yes actually, they do control the legislative process.
AA is not the one who is confuzzled. As a reminder, spending is not determined by your inability to raise taxes.
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imaloon1
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Subject:
Stockton, CA, poised to be largest US city to go bankrupt
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Not for nothing but if their biggest creditor is the Federal Govt or one of the big five banks what do they do?
And why can't the state of Cali step in and prevent that from happening?
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Yukishiro1
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Subject:
Stockton, CA, poised to be largest US city to go bankrupt
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What's stockton going bankrupt have to do with the finances of the state of california?
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