hope too many weren't counting on their muni bonds......

Here's the kicker:

"San Bernardino -- like many other cities in California and California itself -- did not enact public sector reforms when those reforms could have helped the city avoid bankruptcy, and are now paying the price for years of proverbially kicking the fiscal can down the road in order to appease bureaucrats and public sector unions."

So now the greedheads that slopped at the public trough will have to modify their diet.

My heart bleeds for them.

HM

"San Bernardino -- like many other cities in California and California itself -- did not enact public sector reforms when those reforms could have helped the city avoid bankruptcy, and are now paying the price for years of proverbially kicking the fiscal can down the road in order to appease bureaucrats and public sector unions."

Coming soon to America.

True enough. When all of America is like California, or Detroit...who bails out America?

Shouldn't that question read 'who owns America'?

Kinda makes you want to rethink that whole Bain Capital thing, dudnit bunky? :)

That's not all that California is in for. They completely cut off any electric production from coal fired utilities, even if the electricity is bought from other states.

Brown outs, black outs and extremely high energy prices are very much in their future.