Bankruptcy for Stockton and Vallejo California…AGAIN!

A local newspaper headline announces bankruptcy in Stockton, California

Stockton and Vallejo California, two middling cities already famous for their respective municipal bankruptcy via mismanagement and out-of-control public pension costs, have predictably reached the pinnacle of failure yet again. And we didn’t have to wait long to see it happen. As Yogi Berra once said, “It’s Deja vu all over again!”

Moody’s downgrades Contra Costa pension debt

The Business Recorder posted today that Moody’s Investors Service downgraded its rating on $359 million of Contra Costa County, California 2001 and 2003 pension obligation bonds to A1 from Aa3, noting concerns about the county’s inability to raise taxes for debt service.

Joe Rubay for GOP County Chair

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Joe Rubay has worked with all factions of the Republican Party including but not limited to Bill Baker, Pete Wilson, Lynne Leach, Bill Simon, George W. Bush, John McCain, etc. He bleeds GOP red.

California: Record Foreclosures

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California’s New Notices of Trustee Sale minus those sales that have cancelled or sold – rose to a record level in July.

DeSaulnier CD-10 TV ad

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The Mark DeSaulnier for Congress campaign released its first TV ad of the congressional race today. The ad touts DeSaulnier’s focus on passing universal health care when he is in Congress, making health care more affordable and accessible for all Americans.

Pensions ruined GM, California next

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The Pension Benefit Guaranty Corp., the federal agency that may have to bail out GM workers, is now $33.5 billion in the red. Many more private pension failures loom.

California budget crisis deepens

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Any bloke on the street knows what’s wrong—the Legislature is building castles in the air instead of taking care of the people’s business.