1st major US city to go bankrupt: Stockton, CA (unemployment, Congress, wage)

[OzzyRules]

What do you think of this?

Stockton bankruptcy can move forward, judge rules - latimes.com

[txgolfer130]

Except for accounting smoke & mirrors...NYC, Philly, Miami, Pittsburgh have all essentially gone bankrupt. Orange County IS the largest municipality bankruptcy in the 90's.

Since the 80's there have been more than 30 cities that have declared bankruptcy.


It's not new...It'll happen again regardless of who's in office, or who's in control of Congress. When an economic stagnation occurs, those that have over extended themselves will fail.

[le roi]

Stockton is not a major city.

And even if you think it is, it isn't the "first" to go bankrupt.

[OzzyRules]

It sounds like some are just trying to downplay this.

[malamute]

And there is Detroit. But so what --- Americans don't mind laying around collecting unemployment while Obama brings in low wage foreigners to do the work that Americans are too lazy to do. The Senate is coming up with yet another visa program to bring in many hundreds of thousands of low skilled foreigners.