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California Bankruptcies are ONLY THE BEGINNING...

 
Anonymous Coward
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07/12/2012 03:49 PM
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California Bankruptcies are ONLY THE BEGINNING...
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]
Renegade (Me too)

User ID: 18864337
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07/12/2012 03:57 PM

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Re: California Bankruptcies are ONLY THE BEGINNING...
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]
 Quoting: Anonymous Coward 1409813


Who gets the shaft in these municipal bankrupcies?
Who is John Galt?
Anonymous Coward
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07/12/2012 03:59 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
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]
 Quoting: Anonymous Coward 1409813


Who gets the shaft in these municipal bankrupcies?
 Quoting: Renegade (Me too)


We, the people. Just ask the citizens of Scranton,PA.
Tuff~Kooky

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07/12/2012 03:59 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
Suspicious timing.....spock
508527

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07/12/2012 04:01 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
so is the fed bailing all these cities out?
Anonymous Coward
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07/12/2012 04:02 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
Hahahahahaha..
Anonymous Coward
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07/12/2012 04:02 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
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]
 Quoting: Anonymous Coward 1409813


Is it possible that the tax streams are being stolen.

Is there any way to know?
Anonymous Coward (OP)
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07/12/2012 04:06 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
Wow! A pin! Thanks you!
Anonymous Coward
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07/12/2012 04:11 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
yeh its a gold bubble for sure all right.


pennywisetard
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07/12/2012 04:12 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
will it be like regular bankruptcy?

are the cities going to be forced to "live within their means"?

could be a good thing
FierySky

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07/12/2012 04:14 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
yeh its a gold bubble for sure all right.


pennywisetard
 Quoting: Anonymous Coward 16520024


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.
FierySky

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07/12/2012 04:15 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
[link to 100thmonkeyfilms.com]

Anonymous Coward
User ID: 19605051
Croatia
07/12/2012 04:15 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
Federal Reserve predicts new economic crisis

[link to rt.com]

violin
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07/12/2012 04:25 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
The problem with American cities budgets is how FUCKING ineficient they are

For example doing studies to see where to place garbage cans in parks.


I know of a city lot that has over 50 vehicles rotting away, Garbage trucks, Utilitie trucks, Pick ups and they just buy new city vechicles every 2 years due to poor maintaince and let those vehicles rot.

Overpaying for work that never gets done

Putting up bullshit road signs that tell you how the money was spend.


Than they wonder why they can't balance their budget. I've had stages in my life where finances were tough and guess what

I stopped eating out, used coupons, bought in bulk to save and penny pinched


These asshole complain about the budgets yet they make no changes to reduce consumption
Anonymous Coward
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07/12/2012 04:28 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
yeh its a gold bubble for sure all right.


pennywisetard
 Quoting: Anonymous Coward 16520024


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.
 Quoting: FierySky


it was sarcasm.
Anonymous Coward
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07/12/2012 04:29 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
San Bern Even Has a Cal State Collage it trips me out
FierySky

User ID: 7612693
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07/12/2012 04:30 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
yeh its a gold bubble for sure all right.


pennywisetard
 Quoting: Anonymous Coward 16520024


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.
 Quoting: FierySky


it was sarcasm.
 Quoting: Anonymous Coward 16520024


Sorry, I missed the sarcasm as I was in full fledged panic mode. Mine Schlecht.
FatalW1shes

User ID: 18009481
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07/12/2012 04:45 PM

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Re: California Bankruptcies are ONLY THE BEGINNING...
Oh they have to be kidding....seriously.

They came up with 65 billion dollars for their new toy train.


Bankrupt...phhhhhht.
Anonymous Coward
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07/12/2012 05:03 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
Federal Reserve predicts new economic crisis

[link to rt.com]

violin
 Quoting: Anonymous Coward 19605051


Great info. If Bernanke believes this, we are in for some hard times!
Anonymous Coward
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07/12/2012 05:06 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
The problem with American cities budgets is how FUCKING ineficient they are

For example doing studies to see where to place garbage cans in parks.


I know of a city lot that has over 50 vehicles rotting away, Garbage trucks, Utilitie trucks, Pick ups and they just buy new city vechicles every 2 years due to poor maintaince and let those vehicles rot.

Overpaying for work that never gets done

Putting up bullshit road signs that tell you how the money was spend.


Than they wonder why they can't balance their budget. I've had stages in my life where finances were tough and guess what

I stopped eating out, used coupons, bought in bulk to save and penny pinched


These asshole complain about the budgets yet they make no changes to reduce consumption
 Quoting: Ready2bugout



Trust me. I know. I make those signs. $600-$900 each. They decide what they want. Allot X amount of cash, and then request bids. They "have to spend it". So they end up overpaying. The people have absolutely ZERO financial and budgeting education.
Anonymous Coward
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07/12/2012 05:10 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
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]
 Quoting: Anonymous Coward 1409813


Who gets the shaft in these municipal bankrupcies?
 Quoting: Renegade (Me too)


We, the people. Just ask the citizens of Scranton,PA.
 Quoting: Anonymous Coward 14702788


The other group that gets screwed are the companies that have a GSA contract and do business with these cities. They respond to the quote requests and win the bids, they deliver the goods and then the city can't pay them for it. The businesses then take a major $ hit and have to lay workers off or close up shop themselves. Yet the government says get a GSA number and do business with the Government. Yeah right - the Govt. can't even pass a budget so how the hell can they go on buying sprees and then say oh well, too bad. I don't see the Fed backing these cities - they just say the suppliers are screwed.

This will have a domino effect - wait and see.
Anonymous Coward
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07/12/2012 05:15 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
The problem with American cities budgets is how FUCKING ineficient they are

For example doing studies to see where to place garbage cans in parks.


I know of a city lot that has over 50 vehicles rotting away, Garbage trucks, Utilitie trucks, Pick ups and they just buy new city vechicles every 2 years due to poor maintaince and let those vehicles rot.

Overpaying for work that never gets done

Putting up bullshit road signs that tell you how the money was spend.


Than they wonder why they can't balance their budget. I've had stages in my life where finances were tough and guess what

I stopped eating out, used coupons, bought in bulk to save and penny pinched


These asshole complain about the budgets yet they make no changes to reduce consumption
 Quoting: Ready2bugout



Trust me. I know. I make those signs. $600-$900 each. They decide what they want. Allot X amount of cash, and then request bids. They "have to spend it". So they end up overpaying. The people have absolutely ZERO financial and budgeting education.
 Quoting: Anonymous Coward 8680692


Thank you for baking me up. Everything has to be new nothing gets recycled and everything is a stupid lawsuit. Elementary schoools plant educational vegetable gardens but they can't eat their vegetables because of liability issues so instead they jsut poison thier students with mass product food.

Whenever I see road work and see 2 people working and 4 just dicking around with stupid flags it gives the chills.

Drive by any school and you have 20 crossing guards in each fucking corner.

Ribbon cutting ceremonies and pictures of fat mayors with giant sciccors for their local newspaper for programs that tons of money is spend on and talked about than forgetten a week later.

Just so much fucking waste. The state should have internal auditors from regular volunteer citizens auditing all these programs and every city budget including how much all these fat city mayors and councils get paid
nzreva

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07/12/2012 05:16 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
 Quoting: FierySky


Yep
Anonymous Coward
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07/12/2012 05:17 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
I am waiting for that one small CA city that was in the news where the executives (mayor, treasurer, police chief, etc.) were all making $800,000/yr+

When they file bankruptcy, these pensions will get rolled over to the PBGC and these folks will only get $500k/yr for life's work of bankrupting the town.
Anonymous Coward
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07/12/2012 05:18 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
First let me say that I'm in my 30's but take a look at how things were done during WWII

Everyone penny pinch, recycled,contributed, now they need to have these expensive contracts just to wipe a toilet seat
Anonymous Coward
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07/12/2012 05:25 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
First let me say that I'm in my 30's but take a look at how things were done during WWII

Everyone penny pinch, recycled,contributed, now they need to have these expensive contracts just to wipe a toilet seat
 Quoting: Ready2bugout


We can talk shit about Eurotards specially the Germans and scandinavia countries call them Socialists/communists.
Make fun of all the libtards in Portland and San Francisco but go look at how they recycle and are concious about resources.


I used to live in South Florida in an apartment complex and the city did not have recycling/composting laws. If you drive in South FLorida on the Florida Turnpike they are HUGE garbage dumps almost ever 15 miles. Because everything gets dumped together and nothing goes of to recycle and compostin

I used to hate throwing away all the garbage together with no way to recycle anything.

Some of these efficient cities garbage services are paid by the profits that come form recycling and composting while reducing garbage dumps and helping the enviorenment
Anonymous Coward
User ID: 1548115
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07/12/2012 05:32 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
The problem with American cities budgets is how FUCKING ineficient they are

For example doing studies to see where to place garbage cans in parks.


I know of a city lot that has over 50 vehicles rotting away, Garbage trucks, Utilitie trucks, Pick ups and they just buy new city vechicles every 2 years due to poor maintaince and let those vehicles rot.

Overpaying for work that never gets done

Putting up bullshit road signs that tell you how the money was spend.


Than they wonder why they can't balance their budget. I've had stages in my life where finances were tough and guess what

I stopped eating out, used coupons, bought in bulk to save and penny pinched


These asshole complain about the budgets yet they make no changes to reduce consumption
 Quoting: Ready2bugout


I agree with you entireley also this election procees has never helped. All of our (last 50 years or so) politicians are so worried about next elecetion they will save us now but doom us later. They are so worried looking at their political future that they ruin our long term future. You cannot please everyone but it is their job to do what the people tell them to not the other way around like it is today. Also i blame MSM for it's disiniformation to the public allowing this shitacaine to build up. But ultimately I blame our selves for allowing us to be played like this.
Anonymous Coward
User ID: 2637724
United States
07/12/2012 05:37 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
The problem with American cities budgets is how FUCKING ineficient they are

For example doing studies to see where to place garbage cans in parks.


I know of a city lot that has over 50 vehicles rotting away, Garbage trucks, Utilitie trucks, Pick ups and they just buy new city vechicles every 2 years due to poor maintaince and let those vehicles rot.

Overpaying for work that never gets done

Putting up bullshit road signs that tell you how the money was spend.


Than they wonder why they can't balance their budget. I've had stages in my life where finances were tough and guess what

I stopped eating out, used coupons, bought in bulk to save and penny pinched


These asshole complain about the budgets yet they make no changes to reduce consumption
 Quoting: Ready2bugout


I agree with you entireley also this election procees has never helped. All of our (last 50 years or so) politicians are so worried about next elecetion they will save us now but doom us later. They are so worried looking at their political future that they ruin our long term future. You cannot please everyone but it is their job to do what the people tell them to not the other way around like it is today. Also i blame MSM for it's disiniformation to the public allowing this shitacaine to build up. But ultimately I blame our selves for allowing us to be played like this.
 Quoting: Anonymous Coward 1548115


Let me tell you that this is not only embedded in American Government but overall in our society. I've worked for fortune 500 corporations and the waste and infeciency is out of control. Useless employees, massive waste of printing and paper, Estremely inneficient buildings.
Money is just thrown around without no accountability and auditing.

I wont say specific names but let's just say I worked for a major retailer and lots of stuff just gets thrown out. Fixtures that cost $1000's per store are just thrown out instead of being retrofited and re used.

I'm going to give you the smallest most simple funny example.
Have you ever taken a dump at a public restroom with those paper seat covers. They are useless TOO thin and just fall right off or if you try to grab one the whole pack comes out and gets wasted.

Why not come up with a stiffer toilet seat protector and a dispenser for them instead of having to use one box of 100sheets for each 4th person that takes a dump.

This my sound petty but these are the things that companies and governemnt need to have detail audits on.

Live by our means and become efficient.

The U.S. Military is the biggest waste of resources they throw away everything, don't fix anything, don't retrofit anything, don't sale anything.
Anonymous Coward
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07/12/2012 05:51 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
Do you know what supemarkets do with Expire food

They dump in in the garbage and pour bleach over it to avoid homeless getting at it.

Expired food!!!! expiration dates are the biggest myth both food and medicine DO NOT FUCKING EXPIRE these are best by or suggested by dates.


Eating expire food or using expire medicines is not going to poison you.

People are so fucking dumb that they think if they use advil or vitamins that were expired a month ago they will die and be poisoned

I don't advocate feeding the homeless with that food that gets thrown out instead compost it and have community gardens where homeless can use that compost to grow their own food by putting them to work

Sounds a lot better than pouring bleach over it and send it the to the dump to create more garbage and spread more chemicals
my 2 cents

User ID: 19638249
United States
07/12/2012 05:51 PM

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Re: California Bankruptcies are ONLY THE BEGINNING...
The problem with American cities budgets is how FUCKING ineficient they are

For example doing studies to see where to place garbage cans in parks.


I know of a city lot that has over 50 vehicles rotting away, Garbage trucks, Utilitie trucks, Pick ups and they just buy new city vechicles every 2 years due to poor maintaince and let those vehicles rot.

Overpaying for work that never gets done

Putting up bullshit road signs that tell you how the money was spend.


Than they wonder why they can't balance their budget. I've had stages in my life where finances were tough and guess what

I stopped eating out, used coupons, bought in bulk to save and penny pinched


These asshole complain about the budgets yet they make no changes to reduce consumption
 Quoting: Ready2bugout


clappa
Patriotism is supporting your country always -- and your government when they deserve it. Mark Twain


Those who beat their swords into plowshares usually end up plowing for those who kept their swords. -Benjamin Franklin
Anonymous Coward
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Netherlands
07/12/2012 05:55 PM
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Re: California Bankruptcies are ONLY THE BEGINNING...
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]
 Quoting: Anonymous Coward 1409813


Who gets the shaft in these municipal bankrupcies?
 Quoting: Renegade (Me too)


Anyone owed money by the municipality. Not sure how the bankruptcy judge rules these sort of thing, but I would HOPE and EXPECT that private individuals get their returns and what is owed to them first. (Generally though, it is the government who get's what is owed to them first)

Think of trash collection, car/truck dealers, landscaping, construction and any other services outsourced by a city. They will get hit with loses.

Naturally also all of the banks who they own money to. It will be a mess.

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