Wednesday, November 13, 2013

Another U.S. City Mulls Bankruptcy

Reuters reports:
 A resort town in California warned on Tuesday that it will run out of money by March due to burdensome salary and pension costs and could join other U.S. cities that have recently filed for bankruptcy protection.
A bankruptcy filing by Desert Hot Springs, a city of 26,000 about 110 miles east of Los Angeles, would make it the third California city along with San Bernardino and Stockton to seek court protection from creditors.

This is only the beginning. Wait for the biggies to hit. Puerto Rico is going down. Illinois has a $100 billion unfunded pension liability

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