Parsad Posted July 11, 2012 Share Posted July 11, 2012 There's probably a few others as well yet to show. Cheers! http://www.cnbc.com/id/48143974 Link to comment Share on other sites More sharing options...
bookie71 Posted July 11, 2012 Share Posted July 11, 2012 As each city files, it will get easier and easier for others to file. The recession may not be over yet. Link to comment Share on other sites More sharing options...
dcollon Posted July 11, 2012 Share Posted July 11, 2012 I agree with you Bookie. The human tendencies will have trustees, administrators, etc.. asking if they can do it why can't we. It's bound to start showing up in other states. Illinois, Michigan, etc... The question is, what will the states do, if they can do anything. Link to comment Share on other sites More sharing options...
twacowfca Posted July 11, 2012 Share Posted July 11, 2012 I agree with you Bookie. The human tendencies will have trustees, administrators, etc.. asking if they can do it why can't we. It's bound to start showing up in other states. Illinois, Michigan, etc... The question is, what will the states do, if they can do anything. States generally have the constitutional authority to grant a city charter and to take a city's charter away, but this is rarely done. In the 20th century, one state I used to live in disincorporated two bankrupt counties in the 1930's and combined then with a solvent adjoining county that could pay their bills. Later, in the 60's, the state disincorporated a town that tolerated clip joints that preyed on soldiers from a nearby military base after their corrupt politicians and crooks threatened the lives of the family of the local newspaper publisher who had exposed their crimes. Link to comment Share on other sites More sharing options...
SouthernYankee Posted July 11, 2012 Share Posted July 11, 2012 Is this a surprising development? Didn't Meredith Whitney warn about this scenario several years ago? The blue-state model does not work!! Link to comment Share on other sites More sharing options...
ERICOPOLY Posted November 9, 2012 Share Posted November 9, 2012 How does the election change the forecasts for California's demise? The liberals now have a supermajority, state income taxes were raised on the rich, sales tax was increased, etc... Gridlock is over in Sacramento Link to comment Share on other sites More sharing options...
JRH Posted November 11, 2012 Share Posted November 11, 2012 How does the election change the forecasts for California's demise? The liberals now have a supermajority, state income taxes were raised on the rich, sales tax was increased, etc... Gridlock is over in Sacramento Well, here's one opinion on the subject: http://globaleconomicanalysis.blogspot.com/2012/11/prepare-for-demise-of-california.html I actually don't disagree with the direction of results he expects from this, just the severity. Link to comment Share on other sites More sharing options...
ERICOPOLY Posted November 11, 2012 Share Posted November 11, 2012 How does the election change the forecasts for California's demise? The liberals now have a supermajority, state income taxes were raised on the rich, sales tax was increased, etc... Gridlock is over in Sacramento Well, here's one opinion on the subject: http://globaleconomicanalysis.blogspot.com/2012/11/prepare-for-demise-of-california.html I actually don't disagree with the direction of results he expects from this, just the severity. I'm quietly hoping that some of the rich people in Montecito will pack up and leave, so I can buy a house here at a discount. This place is crawling with Republicans. Link to comment Share on other sites More sharing options...
Packer16 Posted November 11, 2012 Share Posted November 11, 2012 This will be an interesting experiment but if history is a guide more upper-middle class folks will leave California with a higher tax burden on the remaining folks. These tax increases effect the rich in only a small way. It is the middle upper that bear the burden of these increases. What I find interesting is all of these Progressive taxes don't go after the rich but the class just beneth them. In essence, the rich have flat tax. If they were truly progressive, they would tax those folks with mutlimillion dollars of income in the 50 to 60% range or higher. The only reason California can extract such high taxes is due to Silicon Valley and Hollywood and the networking effect of historic wealth created there. We will find out how much in taxes in takes to have the golden goose wadle to a different state. Packer Link to comment Share on other sites More sharing options...
SharperDingaan Posted November 11, 2012 Share Posted November 11, 2012 When it is a lot of small cities, villages, etc in the same state - it is easier to just let them degenerate. They either reinvent themselves with new industry, or become ghost towns. Elliot Lake, Ontario a prime example. When the city is 'too big to fail' degeneration is just slower - & the ghetto expands to take in the entire city. The major income source is aid payments, people stay because that is all they can afford, & there is multi-generational dependency. Still 'rich' pockets within the city, but it is siege living. ie: New Orleans. Not much different when a state fails - the remaining states just prop it up so to some minimum standard of living. Newfoundland, & Nunavat, Canada are examples. There is nothing to prevent a comeback, but it is those who are dependent that pay the price. Often entire generations of people. Link to comment Share on other sites More sharing options...
ERICOPOLY Posted November 11, 2012 Share Posted November 11, 2012 Of course the forecast for the next three days are 70, 75, and 74. Taxes or not, the standard of living here is higher. Link to comment Share on other sites More sharing options...
Guest Dazel Posted November 11, 2012 Share Posted November 11, 2012 SD, You are a little behind the times with New Foundland...you must be an upper Canadian...they will be paying for Ontarible soon! http://www.cbc.ca/news/canada/newfoundland-labrador/story/2011/04/19/nl-budget-2011-main-surplus-419.html Dazel. Link to comment Share on other sites More sharing options...
Guest Dazel Posted November 11, 2012 Share Posted November 11, 2012 http://news.nationalpost.com/2011/11/17/newfoundland-lands-755-million-surplus-far-higher-than-expected/ If they only had California's weather! One of my favorite places on earth to visit...the people are the kindest on the planet. Go in July though! Dazel. Link to comment Share on other sites More sharing options...
SharperDingaan Posted November 12, 2012 Share Posted November 12, 2012 Agreed re Ontarible ... Now the only Province in Canada where you can get a 'premium' yield on $C denominated debt! Link to comment Share on other sites More sharing options...
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