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Wed Jun 27, 2012, 12:19 PM

Stockton, California to file 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.
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Stockton has also suffered a sharp drop in revenue since the collapse of its once red-hot housing market. The housing boom transformed the farming city into a distant bedroom community of the San Francisco Bay area and its bust put Stockton at or near the top of national foreclosure rankings in recent years.
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The $3.7 trillion U.S. municipal bond market has so far taken in stride Stockton's march toward bankruptcy despite the city's more than $700 million in bond debt. Bondholders and bond insurers are among Stockton's 18 creditors.
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Stockton has already defaulted on about $2 million in debt since February, allowing the trustee for one of its bond insurers to seize a building once slated to be its future city hall and three parking garages.


http://www.reuters.com/article/2012/06/27/economy-stockton-idUSL2E8HQ3XU20120627

Commuting from Stockton to the Bay Area? That must be fun! It's 60 miles to Hayward.

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Response to FarCenter (Original post)

Wed Jun 27, 2012, 12:42 PM

1. My favorite band is from Stockton...

Here's a little Pavement for you...

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Response to FarCenter (Original post)

Wed Jun 27, 2012, 12:51 PM

2. It's hard to find affordable housing for people who work here in the Bay Area.

That is an insane commute, but not uncommon here. There was a recent story about people who were living in ahouse in Santa Clara that had been subdivided into drywall cubicles so they could have a place closer to work that wasn't insanely expensive.

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Response to Starry Messenger (Reply #2)

Wed Jun 27, 2012, 01:49 PM

4. Worked with a guy who used to commute from the south side of Chicago to Kentucky 30 years ago

Went home on the weekends.

During the week he lived in the factory we worked at. He ate in the cafeteria and slept on the locker room benches.

Then he began working 12 hours a day 7 days a week and he stopped going home at all.

Finally he received an emergency call at the plant and he ran to the pay phone and called home to see what was up.

It was his wife. She told them there was going to be a fugging party at their house in Kentucky that weekend regardless of whether he was there or not.

He put in for some vacation time and went home.

True story.

Don

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Response to NNN0LHI (Reply #4)

Wed Jun 27, 2012, 02:08 PM

5. Whaling ships went to sea for 2.5 to 3.5 year voyages on average

There are lots of jobs where you don't go home every night.

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Response to FarCenter (Reply #5)

Wed Jun 27, 2012, 02:10 PM

6. Ah, the good old days, eh?

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Response to FarCenter (Reply #5)

Wed Jun 27, 2012, 02:18 PM

7. They also got scurvy. Sometimes died.

Glad life has improved for people since then. Don't know why we would want to go back.

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Response to Starry Messenger (Reply #7)

Wed Jun 27, 2012, 02:49 PM

8. Soldiers and sailors are still away for several months at a time

Construction worker, oil field hands, various contractors and consultants also work away from home for long periods.

Over the road truck drivers spend days to weeks away.

So even now, sleeping at home every night is not something that everyone does.

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Response to FarCenter (Reply #8)

Wed Jun 27, 2012, 03:11 PM

9. Well the people Im talking about are IT workers and civil servants

Not a lot of sailors in Silicon Valley.

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Response to Starry Messenger (Reply #9)

Wed Jun 27, 2012, 03:49 PM

10. The problem is that housing is not well developed in Silicon Valley

San Jose == 5,400 /sq mi

Brooklyn == 36,356 /sq mi

Due to limits on fossil fuel production and use, low density development is doomed.

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Response to FarCenter (Original post)

Wed Jun 27, 2012, 01:46 PM

3. this must be an example of the "fiscal cliff" the experts keep referring to

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