Either California Supreme Court, Or Bankruptcy, Will Solve $1 Trillion Pension Time Bomb (Los Angeles: movers, loans)

[Perma Bear]

Originally Posted by PickupthePieces

But back to Stockton - If you were to wiki it, so you had correct facts, as opposed to alternative facts, you'd see it has around 300k people.

A town of that size, located within the borders of California, which again can be wiki'd, seems like it would be a good example of a city in California.

But you know, come to think of it, I wonder if there may be others. Perhaps like San .... something... someone help me..

If your town relies on a seasonal industry that's in decline would that increase your chance of it going bankrupt? I'd think so. It going bankrupt has little to do with it being in California and more to do with the fact it's a commuter city that relies on a historically unreliable industry. Stockton is really just a shell of what it might have been. It's a podunk town with toxic air, no jobs, burning hot weather, and some unbelievably crappy schools. Not unlike Fresno.

[PickupthePieces]

Originally Posted by Perma Bear

If your town relies on a seasonal industry that's in decline would that increase your chance of it going bankrupt? I'd think so. It going bankrupt has little to do with it being in California and more to do with the fact it's a commuter city that relies on a historically unreliable industry.

Do they commute to San Francisco from LA?

They might be a commuter city too because they're on the econ disadvantaged list and are cutting services to service debt burdens.

Hollywood seems like it would be year round. It is year round to a lot of the places it moved. So is the MFG that left. They made stuff all year round.

Wonder why the politicians let all the stuff go?

[Perma Bear]

Originally Posted by PickupthePieces

Do they commute to San Francisco from LA?

They might be a commuter city too because they're on the econ disadvantaged list and are cutting services to service debt burdens.

Hollywood seems like it would be year round. It is year round to a lot of the places it moved. So is the MFG that left. They made stuff all year round.

Wonder why the politicians let all the stuff go?

lol what the hell? Did you just call la a commuter town? Are you on crack? La has a diverse economy, fantastic weather (although a little hot for my tastes), good food, decent schools in some cities, and far better air than Stockton. The only downside is the traffic.
LA is perfectly healthy despite your conspiracy theorist babbling.

[PickupthePieces]

Originally Posted by Perma Bear

If your town relies on a seasonal industry that's in decline would that increase your chance of it going bankrupt? I'd think so. It going bankrupt has little to do with it being in California and more to do with the fact it's a commuter city that relies on a historically unreliable industry. Stockton is really just a shell of what it might have been. It's a podunk town with toxic air, no jobs, burning hot weather, and some unbelievably crappy schools. Not unlike Fresno.

It's been amusing Perma - But I don't feel good about folks getting hurt. I realize many people in the world like to hurt others. This pension thing for CA, and a few others, ought to be national news as it will affect us all.

My guess is the courts will allow cutting of the debt because if they don't hundreds of CA cities will file BK, including some on your top 5. And that would hurt a lot of people including the ones not yet here.

We'll see what they do..

[Perma Bear]

Originally Posted by PickupthePieces

It's been amusing Perma - But I don't feel good about folks getting hurt. This pension thing for CA, and a few others, ought to be national news as it will affect us all.

My guess is the courts will allow cutting of the debt because if they don't hundreds of CA cities will file BK, including some on your top 5. And that would hurt a lot of people including the ones not yet here.

We'll see what they do..

People should know better than to live in places like Fresno/Modesto/Stockton just because they're cheap. There's a reason they're cheap. They're slightly more habitable than Mars.

[StanleysOwl]

Originally Posted by PickupthePieces

It's been amusing Perma - But I don't feel good about folks getting hurt. I realize many people in the world like to hurt others. This pension thing for CA, and a few others, ought to be national news as it will affect us all.

My guess is the courts will allow cutting of the debt because if they don't hundreds of CA cities will file BK, including some on your top 5. And that would hurt a lot of people including the ones not yet here.

We'll see what they do..

So obviously you didn't read the CalPERS summary page 5 as offered and do the little math exercise as suggested. Or you want to gloss right on over that because it blows up your diatribe.

[Finper]

Originally Posted by Perma Bear

Stockton is in the middle of nowhere with an ailing economy that's dependent on people commuting to the Bay Area.... hardly a poster child for success. It literally has no industry.

What about San Bernadino? They also filed bk? Why do you keep talking about Stockton and not the main topic? LA is already going to **** because they can't afford to fix the roads or fund the schools due to pension payouts. And before you tell me to move my exit plan is in place... destination AZ

[Perma Bear]

Originally Posted by Finper

What about San Bernadino? They also filed bk? Why do you keep talking about Stockton and not the main topic? LA is already going to **** because they can't afford to fix the roads or fund the schools due to pension payouts. And before you tell me to move my exit plan is in place... destination AZ

San bernandino is the same thing: a satellite city for Los Angeles with no industry. Notice the similar themes popping up here?

[Finper]

Yea lets let all the "satellite" cities declare bk who cares?!?! No sweat off my back. Just stay in your elitist bubble and keep thinking everything will be fine...

[StanleysOwl]

Originally Posted by snalax

And how did Stockton declaring bankruptcy affect you personally? How would it doing so a second time affect you?

Stockton has emerged from chptr. 9 and is still there. The city didn't sink into the ground and wasn't swallowed up into the pits of burning hell.

Really ^^^

Another question is do all the Eeyores think creditors will reposses cities and counties and states? How would that work? Creditors will show up with thousands of moving vans and construction equipment to remove all city, county, state desks, chairs, copy machines, motor pool vehicles, pencil sharpeners? Dig up the streets and resell the used asphalt? Move buildings to China? What?

Or will everyone involved just ride out the situations by finding more financing solutions like they've always done?

Do you Eeyores really think you are smarter and more prescient than the billionaires and professional financial analysts and managers who keep lending to the cities and states? They are so stupid they keep lending while you're so damn clever you are having garage sales and loading your U-haul trailers?