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California Bankruptcies are ONLY THE BEGINNING...
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:FierySky:MV8xOTIzMjU4XzMyMTk2ODEyX0IzNkM5OTNG] [quote:Anonymous Coward 16520024:MV8xOTIzMjU4XzMyMTk2NzYwXzE5N0YyOUU5] yeh its a gold bubble for sure all right. :pennywise::tard: [/quote] Sweetheart, it's a Ponzi Scheme of Massive Proportions, plus another one in Europe modeled after the American Version. How exactly do Ponzi Schemes have to end? Guess how this will have to end sooner or later. [/quote]
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NEW YORK (CNNMoney) -- San Bernardino became the third California city to file for bankruptcy in the past few weeks ... but it won't be the last.
Many municipalities in the Golden State and around the nation are struggling to cover their costs as the economic malaise continues to hurt tax revenue streams, experts said. This will lead to more municipal bankruptcies, which have been rare until now.
"This is not the end. This is the beginning," said Peter Navarro, business professor at University of California, Irvine. "As cities see it can be done and is being done, it will give them the idea to do it."
[
link to money.cnn.com
]
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