Richmond first with bankruptcy despite the good intentions of the “Progressive Coalition”, which is the most powerful political force in Richmond
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!”
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.
County Treasurer Bill Pollacek has endorsed Russell Watts to replace him when he retires later this year.
California’s New Notices of Trustee Sale minus those sales that have cancelled or sold – rose to a record level in July.
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.
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.
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.
First, on behalf of all Contra Costa taxpayers, I demand that the Contra Costa County Grand Jury invoke a full-scale Federal Department of Justice investigation into collusion between the Board of Supervisors collectively and individually to trade favors for electoral support from unions.
This is what is going ion and it needs to be recognized, punished, and stopped.