Quote:It's a little pointless to respond at this point. You just keep saying basically the same thing with no backup. I addressed and even gave a citation about the unfunded liabilities. This is just fruitless at this point. 

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<div>San Bernardino was one of four <b>California</b> cities to file for <b>bankruptcy</b> between 2008 and 2012. The others, Vallejo, Stockton and Mammoth Lakes, all ended their Chapter 9 cases without making drastic changes to their governing structure.Oct 19, 2016
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Bankrupt California City Seeks to Fix Politics and Finances - Bloomberg
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<div style="color:rgb(128,128,128);">https://www.bloomberg.com/.../<b>bankrupt</b>-<b>california</b>-city-seeks-to-fix-politics-and-balanc...
 
Big thanks to Slate for answering a question that's certainly on the mind of a lot of folks: can California actually go bankrupt?
<p style="font-family:Georgia, Times, sans-serif;font-size:19px;">Long story short: Yes.

<p style="font-family:Georgia, Times, sans-serif;font-size:19px;">Here's the nut of how it works.

<p style="font-family:Georgia, Times, sans-serif;font-size:19px;">Say the state can't make its debt payments, and no one will lend it any more money. In that case, the federal government can step in and put the state into receivership. This would involve the assignment of an accountant to manage the state's debt, overseen by a judge. It would be a lot like bankruptcy, except instead of following a structured set of steps—informing creditors, appointing creditors' committees, a 120-day window to file a plan, etc.—a receiver has the authority to force creditors to renegotiate loans in a speedy fashion. However, the accountant in charge would not have the power to make decisions about the state's budget, such as which programs needed to be cut and which taxes had to be raised. (No state has ever gone into receivership.)

<p style="font-family:Georgia, Times, sans-serif;font-size:19px;">Don't miss: The 10 debt-laden states quickly becoming the next California >

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9 Most Bankrupt States In America: Is Yours On The List?
<p style="font-size:18px;color:rgb(0,0,0);font-family:Lato, sans-serif;">7. California:

• $118.7 billion in total debt.
  
• $785.72 billion in unfunded liabilities and other retirement benefits.
  
• $250 in surplus per capita
  

http://www.dailywire.com/news/7619/9-mos...on-bandler

 


The Top 10 States With Worst Budget Problems - ABC News

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<span style="color:rgb(128,128,128);">Jul 7, 2009 - Budget Nightmare: 10 Most Broke States. By SCOTT ... Perhaps no state has a more daunting problem to overcome than California. Its massive ...</span>

 

 

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