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Vallejo On Brink Of Bankruptcy

Original post made by qq, Barron Park, on Feb 19, 2008

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The city of Vallejo is on the brink of becoming the first California city ever to declare bankruptcy, City Council members said Tuesday.

Vallejo may run out of cash as early as March, council member Stephanie Gomes said.

"Not only that, but now we have 20 police and fire employees retiring because they are afraid of not getting their payouts," Gomes said. "That means we have another few million dollars in payouts that we had not expected. So the situation is quite dire."

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Scary!

qq

Comments (2)

Like this comment
Posted by Fred Ludden
a resident of Leland Manor/Garland Drive
on Feb 19, 2008 at 11:49 pm

The Nanny state can not save us all.

Professor Roubini gives eight reasons why the US is doomed to fail; next stop GLOBAL depression.

These are:
1) US monetary easing is constrained by risks to the dollar and inflation;
2) aggressive easing deals only with illiquidity, not insolvency;
3) monoline insurers will lose their credit ratings, with dire consequences;
4) losses will be too large for sovereign wealth funds to deal with;
5) public intervention is too small to stabilise housing losses;
6) Fed cannot address the problems of the shadow financial system;
7) regulators cannot find a good middle way between transparency over losses and regulatory forbearance -
8) the transactions-oriented financial system is itself in deep crisis. (got debt?)

So you want something else?

With all this ahead you think Berry O'bama is going to clean-up this generation in the making problem up with a smile. Or perhaps you maybe thinking Hillary, that would be hilarious. She is to busy causing all these problems. Or maybe John McCain, not a chance, he'll get mad but in the moring won't have any answers.

So what to do, you may be asking?

Pay cash, tell the truth and learn to garden. May not hurt to learn Chinese your leaders have been in their pocket for years.



Like this comment
Posted by Joanna
a resident of Adobe-Meadow
on Feb 21, 2008 at 3:11 pm

I wonder how many over-paid employees they have. I know we have a bunch.


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