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Dec 18

California Dreaming, On Such A Winters Day

Comments (1) 12:45 PM posted by admin |

According to the Wall Street Journal, two more California towns may file for Chapter 9 bankruptcy.

In Rio Vista, these guys can’t handle a $7M budget? And they own more than 100 acres?

In Isleton they are talking about disolving the town? C’mon, already.

Check out the article HERE.

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1 Comment »

  1. Comment by Joe
    December 20, 2008 @ 9:34 pm

    In reading the article,

    “The thought of bankruptcy doesn’t sit well with some residents. “When I first heard the council was considering bankruptcy, I was all for it,” says Howard Lamothe, owner of Foster’s Bighorn restaurant, whose family has lived here for seven generations. “But after I learned about what it means and how it affects business and service, I changed my mind,” he says. “I can’t support that.”

    This for a town that had a budget of $7M and only revenue of $5.2M, a 25% drop. Contrast to the automakers and their 40% drop in revenue due to the tightening of the credit markets and everyone says they are mismanaged. Are there any businesses or governmental units that could survive a 40% drop in revenue? And the article talks about the elaborate pensions and benefits of the government employees – where is the indignant outrage and demands for cuts by those workers to balance the budget?

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