What it takes to bring a municipality to financial ruin is just what it takes to bring a household to the same outcome: unbridled hope and optimism; reckless spending; unanticipated interruption of revenues and borrowing. In a just released 25 minute video, what happened in Stockton, California shows the story of one municipality. Closer to home, the city of Harrisburg showed some of the same propensities.
“Since 2010, 33 municipalities across the country have filed for bankruptcy.
“Not since the Great Depression have so many cities been so broke.
“No other place in the U.S. has borne the brunt more than the Central Valley city of Stockton, Calif. – the largest city in American history to file for bankruptcy. Now, the city has defaulted on its bond payments and stripped health care from retired police officers and firefighters. All the while, an unprecedented legal battle is raging between creditors and the city in federal bankruptcy court.”
“Who took down Stockton” is a video that looks at the root causes of the financial ruin of Stockton.
“In the first documentary in a series of films produced by the Center for Investigative Reporting for The Young Turks, we look at the bad deals that brought this city to its knees.”
Click on the picture above to watch the video.
(SOURCE: Center for Investigative Reporting)
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wow all those “wrong things” that took down Stockton are certainly happenning at the federal level, now let’s ponder this can, Obama and company continue to blame Bush and have the niave public continue to believe there “lies.” Don’t complain if you voted for this scourndal!!!!