Boom and Bust in Stockton, California

[FrankRep]

http://thenewamerican.com/images/stories2012/09aApril/annjohnsonstockton-t.001.jpg
Mayor Ann Johnston, Democrat


Boom and Bust in Stockton, California (http://thenewamerican.com/economy/commentary-mainmenu-43/11393-boom-and-bust-in-stockton-california)


Bob Adelmann | The New American (http://thenewamerican.com/)
03 April 2012


When Ann Johnston, Mayor of Stockton, California, informed the city council in March that Stockton was about to go bankrupt, making it the largest municipal bankruptcy in history, it took her six hours to explain why. The primary reason was overborrowing, overspending, and thinking that the good times would go on forever.

They didn't.


...

Full Story:
http://thenewamerican.com/economy/commentary-mainmenu-43/11393-boom-and-bust-in-stockton-california

[Brian4Liberty]

The primary reason was overborrowing, overspending, and thinking that the good times would go on forever.


Based only on that, Goldman Sachs is probably involved somewhere.

[Brian4Liberty]

It's also worth noting that the crime rate went way up in Stockton. Nothing destroys property values like crime.

[Keith and stuff]

Stockton was destroyed by the CA government, also. Taxes are insane in CA. The cost of living is high also, partly because of state and local regulations. Businesses are leaving CA. Pro-liberty folks and even conservatives have been leaving CA for decades. Either CA and other cities in CA will continue to get worse or the very bad statists in control with have to become less statist.

BTW, out of the 100 largest MSAs in the US, Stockton, CA is ranked 98th (near the bottom) for percentage of adults with 4 year degrees or better. My guess is most of the smart, hard working and intelligent people left years ago.
http://www.prnewswire.com/news-relea...144258795.html

[luisOlsen]

The city of Stockton, California's pending bankruptcy case may become the single largest such case in history. But that is not its only Guinness-worthy record recently. The circumstances behind a recent court ruling add up to the largest parking ticket ever served. And it reiterates a simple financial lesson for us all. See it here: Stockton parking garage fiasco a lesson for all (http://personalmoneynetwork.com/moneyblog/2012/04/17/stockton-parking-garage/)

[oyarde]

Stockton , chuckle .