San Bernardino Third California City to Opt for Bankruptcy

http://www.sfgate.com/business/bloomber ... 698752.php

Isolated cases or tip of the ice berg and growing trend? I predict they all go the same route as GM, stiff all the creditors, keep the unions happy, and reset.

"San Bernardino’s City Council voted to become the third California city this year to file for bankruptcy, as it struggles with declining tax revenue, growing employee costs and accounting discrepancies in its ledgers."

Put everyone on minimum wage.

And state bankruptcy may still be on the horizon.

Meanwhile, in Spain...

http://www.reuters.com/article/2012/07/11/us-spain-economy-cuts-idUSBRE86A0CP20120711

"These measures are not pleasant, but they are necessary. Our public spending exceeds our income by tens of billions of euros,"

...And there's actually people in this country that think our government does not spend enough. Spain, Italy, Greece, the list continues to grow. Now major cities in the U.S., and yet, fools like Paul Krugman still don't get it.

I realize some on this board don't believe in "trickle down economics". I'm not sure I do either...but what's going on in California is a reflection of another economic tactic where government "spends" its way back to prosperity. Governor Brown and many of the other Dems there believe in that strategy.

Somehow spending like a drunken sailor on liberty doesn't seem like a good idea either. In the end those that are most needy WILL suffer the most due to this failed economic model. Let's make some popcorn and watch how this form of economics plays out on the West Coast.

The way of all goverment these days is kick the can down the road. Promise huge pensions & salaries to get their vote and hope you are out of office by the time the bill comes due. And also be like New Jersey and neglect to fund the pension plans on years where you don't have enough money, which is most years.

It is like goverment has a looming balloon payment.

lionshead2010 wrote: I realize some on this board don't believe in "trickle down economics". I'm not sure I do either...but what's going on in California is a reflection of another economic tactic where government "spends" its way back to prosperity. Governor Brown and many of the other Dems there believe in that strategy.

Somehow spending like a drunken sailor on liberty doesn't seem like a good idea either. In the end those that are most needy WILL suffer the most due to this failed economic model. Let's make some popcorn and watch how this form of economics plays out on the West Coast.

NO ONE lends $ to a drunken sailor on liberty.

Certain members of this board have spoken often about "clown cars".

If you want to see a REAL clown car, you need to look at California. It's owned and operated by Democrats at virtually all levels of government and has been for decades. It is the epitomy of a clown car that is speeding towards a cliff on Highway 101 with Jerrry Brown driving and his cabinet and state assembly riding in the car with him.

If you want to see a clown car that is out of control....just go see how the Dems are running California. If you can't see the problem with their approach then maybe you need a seat in the clown car too. I'm pretty sure there is still room if you bathe frequently. rofllol

lionshead2010 wrote: Certain members of this board have spoken often about "clown cars".

If you want to see a REAL clown car, you need to look at California. It's owned and operated by Democrats at virtually all levels of government and has been for decades. It is the epitomy of a clown car that is speeding towards a cliff on Highway 101 with Jerrry Brown driving and his cabinet and state assembly riding in the car with him.

If you want to see a clown car that is out of control....just go see how the Dems are running California. If you can't see the problem with their approach then maybe you need a seat in the clown car too. I'm pretty sure there is still room if you bathe frequently. rofllol

Actually California is especially F*****. you can vote down new taxes without a majority in the legislature, so the Republicans like to vote down new taxes. Show they have some power.

So them Dems keep approving payouts like in-state tuition for illegals but can't increase funding.