Bankrupt

[Zam-Zam]

Stockton, California. Will there be others?


STOCKTON -- A federal judge ruled Monday that Stockton is eligible for bankruptcy protection, over the objection of creditors who argued the city could come up with more money. .....

......At issue will be whether U.S. bankruptcy law trumps California law, which says the pension plan must be funded.

The $900 million Stockton owes to the California Public Employees Retirement System to cover pensions is its biggest debt -– as is the case with many cities in California.

Stockton slashed its police and fire departments, halted bond payments, cut employee benefits and adopted an emergency spending plan that cut many city services. But the city continues to pay into the state pension.

Stockton's bankruptcy is expected to be closely watched for precedent, and could be appealed as high as the U.S. Supreme Court.


http://www.latimes.com/local/lanow/la-me-ln-stockton-bankrupt-20130401,0,7979388.story



I imagine there are a few folks a little nervous about there pensions. None of them are high-ranking politicians, rest assured.

 

[NightSwimmer]

They aren't the first. Jefferson County, Alabama filed for bankruptcy in November of 2011.

 

[Queen Titania]

Cancel all debt !

 

[Zam-Zam]

Cancel all debt !

If you do that, what is the incentive for anyone to lend? Credit is the life-blood of business, big and small.

 

[Queen Titania]

If you do that, what is the incentive for anyone to lend? Credit is the life-blood of business, big and small.

Usury has gone too far, it is destroying everything ...........cancel all debts ! We will have to in the end, do it now with forethought or just let it all collapse around our ears in a minute or two ..........

 

[Zam-Zam]

Usury has gone too far, it is destroying everything ...........cancel all debts ! We will have to in the end, do it now with forethought or just let it all collapse around our ears in a minute or two ..........

Well, if you cancel the debt of Stockton, California, none of those people expecting their pensions are going to get them.

I'll let you break it to them.

 

[Days]

Nope, she lives in England... she'll let you break it to them!

 

[MaryAnne]

So now, a city can do the same thing companies can. Drain the pension fund so the CEO can get his enourmas salary, then file bankruptcy court shuts down the pensions of the workers.

They all live happily ever after,all but the worker! We are seeing the same thing in our own Government. Those who live like Kings now want to strike one more blow at the worker, and middle class.

 

[Days]

And the beauty of that is...

state and city workers' pension plans were given in lieu of Social Security... they never paid into Social Security and they can't draw on it.

It's the ultimate double cross.

Going forward, what kind of a total idiot would it take to decide on a career in state or city government? That's the kind of idiot state and city government this is going to result in. They are trashing the nation at every level of government. America is getting shit-canned.

 

[LeRoy_Was_Here]

Cancel all debt !

Ah, you would like our Pat Robertson, then. He wanted to repudiate America's national debt back when he was running for President in 1988.

Would throw world financial markets into a tizzy for the ages, but so what? It would be such FUN to watch the mayhem, the carnage, the collapse of civilizations all over the world. We could all build Brobdingagian bonfires of burning books in the streets, and dance around them like wild Injuns, whooping and hollering!