Stockton Filing for Bankruptcy (Sacramento, Manteca: real estate, credit, to buy)

[EclecticEars]

Stockton may be the largest city to file for bankruptcy.

I kinda feel sorry for Stockton. Perpetual crime problems, gang problems, plenty of lower income neighborhoods, and just being the butt of jokes (or lumped in w/ all the Central Valley jokes) in California. It seems like the sort of place that just can't ever pull itself out of its rut, no matter how hard it tries.

I am not an advocate of bankruptcy. I mean, I listen to Dave Ramsey. However, I hope Stockton can use this to be come leaner, meaner (enforcement, not gangs) and more intelligently run.

Jefferson County, Alabama, of which Birmingham is the county seat, is the largest county to file for bankruptcy. Its population was nearly 660,000 as of this last census.

Lastly, bear in mind that no municipality's financial straits have ever been as deeply-rooted, economy-affecting or all encompassing as those of New York City's from about 1972 to 1977. Yep, in '77, the crap really hit the fan and the city was within minutes of filing bankruptcy papers. Thankfully, some temporarily small loan renegotiations and, ultimately, a bailout by the Ford administration saved the city from the ultimate fiscal abyss. Crime was spiraling upward, Bronx was burnt, neighborhoods like Times Square, LES, Hell's Kitchen, and parts of UWS and Morningside Heights were crime-ridden hellholes, the subways were covered in graffiti, and in the years to come even the MTA Chairman would admit that he wouldn't have his children ride the subways at night. Then, from 1996 to 1994, crack hit and NYC at its peak had 2,262 homicide-related deaths in the year 1990 alone.

My point: Stockton may be made fun of by Californians, but while it's much smaller than NYC, it is paradise compared to NYC from around 1969-71 through 1994-96. Or, for that matter, Chicago, L.A., Oakland, Houston, Philadelphia, D.C., Detroit, and New Orleans during that time period. And I'd pick it by virtue of quality of life over places even like Cincinnati, St. Louis, Memphis, Birmingham, Philly, and De-toilet today.

[Malloric]

Originally Posted by EclecticEars

Stockton may be the largest city to file for bankruptcy.

I kinda feel sorry for Stockton. Perpetual crime problems, gang problems, plenty of lower income neighborhoods, and just being the butt of jokes (or lumped in w/ all the Central Valley jokes) in California. It seems like the sort of place that just can't ever pull itself out of its rut, no matter how hard it tries.

I am not an advocate of bankruptcy. I mean, I listen to Dave Ramsey. However, I hope Stockton can use this to be come leaner, meaner (enforcement, not gangs) and more intelligently run.

Jefferson County, Alabama, of which Birmingham is the county seat, is the largest county to file for bankruptcy. Its population was nearly 660,000 as of this last census.

Why? You're aware Dave Ramsey has filed for bankruptcy, right? Should he have been locked in debtors prison? Hard to say what his life would have been like if he'd worked garnisheered wages for the rest of his life. Maybe he would have still done what he did and maybe he would have been to busy working to pay back the banks.

[EclecticEars]

Originally Posted by Malloric

Why? You're aware Dave Ramsey has filed for bankruptcy, right? Should he have been locked in debtors prison? Hard to say what his life would have been like if he'd worked garnisheered wages for the rest of his life. Maybe he would have still done what he did and maybe he would have been to busy working to pay back the banks.

Yes, I am aware that he has.

The reason he filed for it (and admittedly multiple times) was because of emotional distress. He has had to work through that distress and those bankruptcies. As a result, he's able to counsel his callers about ways to pay off and renegotiate the terms of their debts without taking a step that would alter their credit ratings and ability to obtain home loans for up to ten years.

Honestly, Ramsey's work ethic and knack to make a buck has been so tenacious that I'm sure he would've worked his way into his good position today (if not slightly less wealthy).

[Bulldogdad]

Tuesday nights Council meeting is gonna be one to watch.

Stockton city manager seeks new authority in wake of bankruptcy | Recordnet.com

[geos]

Originally Posted by Bulldogdad

Perfect example of what just happened last year with Brown and the dingdong Demos running California.

How about Arnold and the Reps? Completely innocent? Simple minded finger wagging is so productive.

[geos]

Bankruptcy is not necessarily a bad thing. It allows you to restructure and move on. It's existed since the beginning of economies. Another word for it is bailout. That may be a dirty word these days but as a result of the auto industry bailout thousands of jobs are still here that would otherwise be there. Iceland is doing pretty well since it told the banksters to shove it. So it's not as simple as the self righteous right wing finger waggers would have you believe who of course would be first in line if they needed a bailout.

[Bulldogdad]

Originally Posted by geos

How about Arnold and the Reps? Completely innocent? Simple minded finger wagging is so productive.

You have absolutely no idea as to the context of my original statement do you? Talk about simple minded.

[Bulldogdad]

Last nights Council meeting was everything it was building up to be over the last two weeks. Confrontation, innuendos, facetious statements, political grandstanding, great political theater.

After all was said and done It did the right thing and voted to utilize the newly passed AB506 law and stepped into mediation.

Stockton has actually slashed 88 million from its budget in the last three years battling employee unions and obstructionists all the way. I have to give credit to the City Manager Bob Deis not bowing to Police Union Chicago Style intimidation and sticking to his guns.

Watch your back Bob.

[1AngryTaxPayer]

Originally Posted by Bulldogdad

Last nights Council meeting was everything it was building up to be over the last two weeks. Confrontation, innuendos, facetious statements, political grandstanding, great political theater.

After all was said and done It did the right thing and voted to utilize the newly passed AB506 law and stepped into mediation.

Stockton has actually slashed 88 million from its budget in the last three years battling employee unions and obstructionists all the way. I have to give credit to the City Manager Bob Deis not bowing to Police Union Chicago Style intimidation and sticking to his guns.

Watch your back Bob.

San Diego may be facing the same, glad there is a guinea pig.

[Bulldogdad]

Originally Posted by 1AngryTaxPayer

San Diego may be facing the same, glad there is a guinea pig.

snort, snort, or whatever sound a guinea pig makes.