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Wed Jun 27, 2012, 05:10 AM

A Chapter 9 bankruptcy by the city of nearly 300,000 (Stockton, CA)

http://in.reuters.com/article/2012/06/27/economy-stockton-idINL2E8HQ3XU20120627
* Stockton has $700 mln outstanding debt

By Jim Christie

STOCKTON, Calif., June 27 (Reuters) - Stockton, California will become the largest U.S. city to seek protection from its creditors after its leaders approved a budget on Tuesday night based on the city filing for bankruptcy.

A Chapter 9 bankruptcy by the city of nearly 300,000 in California's Central Valley, about 85 miles (135 km) east of San Francisco, could come as early as Wednesday.

Stockton's city council voted six to one in favor of the 2012-2013 budget after a contentious five-hour meeting where angry retired city workers pressed council members to reject the $155 million spending plan. It proposes eliminating retirees' medical benefits to help fill a $26 million budget deficit.

Retired police department employee Geri Ridge said she fears not being able to afford health-care insurance. "I don't have that kind of income," said Ridge, 56, noting she is concerned a large share of her $1,895 monthly pension payment could be consumed by large insurance costs due to her history of heart attacks.

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ONE city with 700 million in debts..WTF..
Multiply this by all the other US cities that have been starved by Bush and then crushed again by the depression/recession, and we have a HUGE problem.

There is NO way these debts can be repaid, no matter how many retirees they kill off (by cutting off health care they EARNED)

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Reply A Chapter 9 bankruptcy by the city of nearly 300,000 (Stockton, CA) (Original post)
SoCalDem Jun 2012 OP
HiPointDem Jun 2012 #1
Zalatix Jun 2012 #4
HiPointDem Jun 2012 #5
Zalatix Jun 2012 #8
HiPointDem Jun 2012 #9
Zalatix Jun 2012 #10
HiPointDem Jun 2012 #11
Zalatix Jun 2012 #12
HiPointDem Jun 2012 #13
Zalatix Jun 2012 #16
HiPointDem Jun 2012 #17
Zalatix Jun 2012 #20
msongs Jun 2012 #2
HiPointDem Jun 2012 #6
xchrom Jun 2012 #3
SoCalDem Jun 2012 #7
FarCenter Jun 2012 #18
nxylas Jun 2012 #14
HiPointDem Jun 2012 #15
hack89 Jun 2012 #19
taught_me_patience Jun 2012 #21
Heywood J Jun 2012 #23
Starry Messenger Jun 2012 #22
BlueIris Jun 2012 #24

Response to SoCalDem (Original post)

Wed Jun 27, 2012, 05:14 AM

1. sorry, everyone is too busy debating sunscreen policy at one school in tacoma to

 

care.

priorities, you know.

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Response to HiPointDem (Reply #1)

Wed Jun 27, 2012, 06:28 AM

4. If it was your kid you'd be busy debating it, too.

 

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Response to Zalatix (Reply #4)

Wed Jun 27, 2012, 06:30 AM

5. it's not any of those people's kids. not only debating it, debating it for hundreds

 

of posts in 2 or more threads.

and still debating it a week after the school changed the policy, which was all the mother wanted. she likes the school and the personnel.

but some duers hate public schools and post at least one article every week so they can make hundreds of posts about how stupid teachers are.

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Response to HiPointDem (Reply #5)

Wed Jun 27, 2012, 06:35 AM

8. Because some kid's life was endangered by gross negligence.

 

In the old days we didn't talk about this; we got out the pitch forks and torches and scared the government into paying restitution for what happened to that girl.

The real issue is that when you talk about a city going bankrupt, the first thing that most people DEMAND is that we yank all benefits from city workers. This is an active, malicious drive by large swaths of the populace. It's what drove the vote in Wisconsin and two cities in California.

People WANT to sacrifice their own best interest for the ruling elite. It's a case of mass hypnosis. Even if there was no Snookie, no Justin Bieber, no sunburnt albino kids and no rainbow oreo cookies, even if you got rid of every distraction in the universe, you would still have seething masses of people who think they can get ahead by screwing over other workers. In fact, you would have more of them, as they wouldn't be as distracted from the propaganda coming from the corporate elite.

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Response to Zalatix (Reply #8)

Wed Jun 27, 2012, 06:40 AM

9. the kids life wasn't endangered and it wasn't gross negligence and if you want to

 

debate sunscreen policy, go to the twenty threads about it.

and no, if there weren't 40 million idiotic things to keep people from thinking about reality, they'd have to think about it.

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Response to HiPointDem (Reply #9)

Wed Jun 27, 2012, 06:44 AM

10. Wait...

 

So you're saying that sunburn doesn't hurt very badly? Or that sunburn doesn't increase your risk of skin cancer? Or that the school didn't deny the kid access to sunscreen? If you aren't willing to say "yes" then you must admit the kid's life was endangered.

If I were the parent of that kid I would not only NOT back down against anyone who told me otherwise... I would sue and force my views upon that school. I would sue that school right into the ground and take the proceeds to get on television and send a warning to other schools NOT TO ENDANGER someone else's kid.

I'm thinking you probably understand how unyielding I am on this issue. And how correct I am, too.

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Response to Zalatix (Reply #10)

Wed Jun 27, 2012, 06:53 AM

11. go to the sunscreen thread do not pass go make that 'a' sunscreen thread, there are

 

several to chose from.

you like colored oreos, go eat some

how did humanity ever survive without fucking sunscreen

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Response to HiPointDem (Reply #11)

Wed Jun 27, 2012, 07:01 AM

12. Hey, you brought up the issue on here. You made incorrect claims. I challenged them.

 

And as I said in one of those threads, humanity survived without sunscreen. We just died from cancer more often. Long term unprotected exposure to the sun can do that to you, ESPECIALLY if you have albinism.

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Response to Zalatix (Reply #12)

Wed Jun 27, 2012, 07:11 AM

13. oreos oreos i love oreos filled with colored sunscreen

 

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Response to HiPointDem (Reply #13)

Wed Jun 27, 2012, 08:12 AM

16. Wow, when you can't win with logic, you have to fight back with.. that?

 

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Response to Zalatix (Reply #16)

Wed Jun 27, 2012, 02:45 PM

17. you're using logic? who knew?

 

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Response to HiPointDem (Reply #17)

Wed Jun 27, 2012, 11:22 PM

20. That's funny coming from a guy who said sunburn doesn't endanger a kid with albinism.

 

Have a nice day!

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Response to SoCalDem (Original post)

Wed Jun 27, 2012, 05:32 AM

2. we spend trillions on our welfare military so people at home can live on the streets nt

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Response to msongs (Reply #2)

Wed Jun 27, 2012, 06:31 AM

6. +1. we spend billions to bailout banksters' bad real estate bets so houses can sit

 

vacant.

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Response to SoCalDem (Original post)

Wed Jun 27, 2012, 05:58 AM

3. Frightening. Nt

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Response to SoCalDem (Original post)

Wed Jun 27, 2012, 06:34 AM

7. That's a $2333.33 cost per person @ 300k residents...more data in link

http://www.city-data.com/city/Stockton-California.html

Estimated median household income in 2009: $45,730
Estimated per capita income in 2009: $19,369
Median gross rent in 2009: $939
For population 25 years and over in Stockton:

High school or higher: 68.2%
Bachelor's degree or higher: 15.4%
Graduate or professional degree: 4.9%
Unemployed: 12.4%
Mean travel time to work (commute): 27.2 minutes


Read more: http://www.city-data.com/city/Stockton-California.html#ixzz1yzLT535q



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Response to SoCalDem (Reply #7)

Wed Jun 27, 2012, 03:18 PM

18. $217 M Water Project begun in 2008 seems like a poor choice.

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Response to SoCalDem (Original post)

Wed Jun 27, 2012, 07:40 AM

14. Evidently, the city of Stockton made poor lifestyle choices

Stockton just needs to get off its ass, learn the value of a hard day's work and quit spending all its money on drink. I'll bet you it has cable TV and a mobile phone, too.

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Response to nxylas (Reply #14)

Wed Jun 27, 2012, 08:00 AM

15. rampant tax cheats too. so i heard.

 

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Response to SoCalDem (Original post)

Wed Jun 27, 2012, 03:37 PM

19. This what happens when you think that property values will always go up

and you are dependent on property taxes to fund city services.

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Response to SoCalDem (Original post)

Wed Jun 27, 2012, 11:45 PM

21. This retiree is 56 with a $2k/mo pension and free health care?

COMPLETELY RIDICULOUS! Seriously... this pension is fucking nuts. I can't possibly see how anybody could argue that this can continue.

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Response to taught_me_patience (Reply #21)

Thu Jun 28, 2012, 07:42 AM

23. I can't decide if that's sarcasm or not.

$2,000/month x 12 months/year = $24,000/year. When you're surviving on that for an entire year, paying more for healthcare would be pretty hard.

My father retired at 57, with 37 years into the company he was with. Are you saying that no one should be able to retire until they're 65 or older and have potentially have to put 45 or more years into a company, which then decided to close its plant and lay everyone off before that was even possible?

Completely ridiculous? I can't decide if you're being serious - it's too early in the morning and I haven't had coffee. My apologies if you're not.

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Response to SoCalDem (Original post)

Thu Jun 28, 2012, 12:08 AM

22. Banks got bailed out, we got sold out. nt.

 

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Response to SoCalDem (Original post)

Thu Jun 28, 2012, 08:05 AM

24. We have a county in Oregon that is "near" having to do this.

I write near because if there were a legal mechanism under Oregon law for the county to declare bankruptcy, it would have done it already. It's scary to me that we are at this point.

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