San Bernardino insolvent

Discussion in 'Economy' started by Nova78, Jul 19, 2012.

  1. Nova78
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    Nova78 Silver Member

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    Ca. city's fiscal emergency vote speeds bankruptcy | US National Headlines | Comcast

    "The horse is out of the barn — the whole world knows we're insolvent," Shorett said, according to the San Bernardino Sun. "I will be supporting going forward with Chapter 9 and fiscal emergency."

    The vote could make the city of 210,000 people the third in California to seek bankruptcy protection since last month, following Stockton and Mammoth Lakes.

    The city is facing a $45.8 million budget shortfall this year.

    Last week's announcement of the bankruptcy plan has further stressed San Bernardino's finances by prompting a dozen employees to put in for retirement with hopes of cashing out accrued vacation and sick time, and it has spurred vendors to demand cash instead of credit, said Gwendolyn Waters, a spokeswoman for the city manager's office.

    The debate over bankruptcy in San Bernardino has also raised questions about the city's financial management. Last week, City Attorney James Penman told the public that 13 of the last 16 budgets presented to the city council had been falsified, masking the city's deficit. The finance director, who is new to the job, said officials had borrowed cash from restricted funds to cover payments, and eventually ran out of money to pay the funds back.

    Cities are falling like dominoes, expect to see more of this as we fall into the abyss under Obama rule...

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  2. B. Kidd
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    B. Kidd Gold Member

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    It leaves me to wonder how many other cities out there have falsified their budgets in order to hide the extent of their deficits.
     
  3. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Nothing will happen to those who falsified the budgets.

    What do you think would happen to us if we falsified our Tax Returns?

    Inb4 someone blames Bush.
     
  4. waltky
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    waltky Wise ol' monkey Supporting Member

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    Granny says is `cause dey smokin' all dat dope out there, dey don't know what dey's doin'...
    :eusa_eh:
    Moody's: More California cities at risk of bankruptcy
    Deliberate strategy to take on budget deficits, avoid obligations to bondholders
    See also:

    Jay Leno takes pay cut to save staff
    19 August 2012 - Leno returned to the late night show in 2010 following an unsuccessful move to primetime.
     
    Last edited: Aug 19, 2012
  5. Rozman
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    Rozman Gold Member Supporting Member

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    It's OK the Libs have a plan....

    They need to spend more... :D
     
  6. Katzndogz
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    Katzndogz Diamond Member

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    Give the unions more money.
     
  7. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    It's happening all over, cities, counties, and states have reached the end of the road, time to pay the piper.
     
  8. freedombecki
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    freedombecki Let's go swimmin'! Supporting Member

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    It's too bad those cities didn't have open city hall meetings where conservative speakers could warn them of the catastrophe they would have on their hands for raising taxes beyond people's ability to pay for their own family's welfare and sky's-the-limit city ambitions.

    I really love the beautiful city of San Bernardino. I'm so sorry to see her take such a hard bump.
     
  9. freedombecki
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    freedombecki Let's go swimmin'! Supporting Member

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    Blaming Bush is all stupid people have, because the Democrat Party used the JHHatfield book of lies about GWB as their party platform for 3 elections, and now, going on the fourth.

    As far as falsifying budgets, I hadn't realized that was the problem. Maybe the people will get together and work on a way to restart their city on a more honest basis fiscally.

    Again, I'm so sorry to see this.
     
  10. Nova78
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    Nova78 Silver Member

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    $100,000 a year meter maids and $200,000 a year firemen does not bode well for cailf,not to mention every other person is illegal sucking the tit dry and closing hosiptals ......womb to the tomb entitlements " The Obama Way" :clap2::clap2:

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