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Tag Archives: california
Stockton, CA Declares Bankruptcy
Stockton bankruptcy can move forward, judge rules: 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 … Continue reading
Good News, California!
Illinois’ credit rating downgraded; state drops to worst in the nation.
Stockton, CA Going Bankrupt
Reuters – Stockton, Calif. to take up bankruptcy budget plan: Stockton, California was poised on Tuesday to take a major step toward becoming the largest U.S. city ever to file for bankruptcy after talks with its creditors on Monday at … Continue reading
Posted in Economics
Tagged california, mortgage mess, municipal bankruptcy, public unions
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This is Your Train on Drugs: CA Train Versus Endangered Species, Asthmatic Children
LA Times – Environmental objections in path of bullet train: The California bullet train is promoted as an important environmental investment for the future, but over the next decade the heavy construction project would potentially harm air quality, aquatic life … Continue reading
Repo Man Visits Stockton, CA; Tows Away City Hall and Parking Garages
Mish – Wells Fargo Seizes Stockton California City Hall, Parking Garages; City Prepares Bankruptcy Contingency Plans; Bondholder Mediation Underway: The Stockton City Council announced Wednesday that they will look at bankruptcy contingency plans after Wells Fargo seized the new city … Continue reading
Posted in Economics
Tagged california, california dreamin' is meetin' with reality, municipal bankruptcy
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California Dreamin’ is Meetin’ with Reality
NY Times – Shortfall in California’s Budget Swells to $16 Billion: The state budget shortfall in California has increased dramatically in the last six months, forcing state officials to assemble a series of new spending cuts that are likely to … Continue reading
This is Your Train on Drugs: Garbage In, Garbage Out
Now we know how California’s high speed train got approval. They lied about everything in the study justifying its construction. City Journal – Solyndra Times Seven: The bullet train’s “reasonableness of financial estimates” is questionable, beginning with the project’s revenue … Continue reading
Stockton, California Shuffling Towards Bankruptcy
Mish – Stockton California, Population 292,000, Takes Steps Toward Bankruptcy, City Manager Says: Stockton, California, may take the first steps toward becoming the most populous U.S. city to file for bankruptcy next week because of burdensome employee costs, excessive debt … Continue reading
California Dreamin’ is Meetin’ with Reality
How Much Could California’s Government Pensions Cost Taxpayers?: This week both of California’s largest government employee pension funds, CalPERS and CalSTRS, released their portfolio earnings numbers for the most recent twelve months. In a statement released on January 24th, “CalSTRS … Continue reading
California Dreamin’ is Meetin’ with Reality
CalPERS Earned 1.1% on Investments in 2011, Plan Assumptions are 7.75%: The nation’s largest public pension fund, the California Public Employees’ Retirement System, posted a 1.1% return on its investment portfolio in 2011, Chief Investment Officer Joseph Dear told his … Continue reading
Good News for California
Moody’s now rates Illinois as having the worst credit rating in the country.
This is your train on drugs
Advisory group recommends withholding billions for high-speed rail: Over $2.6 billion in state bond money dedicated for the California’s high-speed rail plan should be withheld until the project establishes a more financially viable business model, an advisory council recommended on … Continue reading
California’s High Speed Rail Now Projected at $98 Billion
Washington Post – California’s high-speed rail system is going nowhere fast: THINGS JUST WENT from bad to worse for high-speed passenger rail in California. After the Golden State’s voters approved a $9 billion bullet-train bond issue in 2008, officials said … Continue reading
California dreamin’ is meetin’ with reality
Michael Lewis in Vanity Fair – California and Bust: At that point, if not before, [San Jose] would be nothing more than a vehicle to pay the retirement costs of its former workers. The only clear solution was if former … Continue reading
Remember California’s High Speed Rail Project?
It’s way over budget. Try to act surprised. The California High-Speed Rail Authority’s new cost estimates released Tuesday show the initial stretch of construction between Merced and Bakersfield will cost $10 billion to $13.9 billion depending on how it’s built. … Continue reading
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