Stockton to be largest US city to file bankruptcy
In opting to become the nation's largest city to seek federal bankruptcy protection, Stockton took a rare financial step of last resort after struggling with the economic downturn, soaring pension costs and contractual obligations.
Stockton City Manager Bob Deis said officials were left with little choice but to recommend bankruptcy after failing to hammer out finance agreements with creditors to address the city's $26 million budget shortfall.
Under bankruptcy protection, officials would retain power over day-to-day city operations and staffing, but a judge would take over all decisions concerning the city's debts, said Robert Benedetti, professor of political science at the University of the Pacific in Stockton.
The judge would decide which creditors should be paid, how much and in what order. He would make allowances for expenditures needed by the city to function, and it would be up to city officials to decide how to spend that money.
"Nationwide, we're faced with a ton of municipal distress," [bankruptcy lawyer] Denniston said, noting dire economic conditions, massive foreclosures and future pension obligations. "It's the perfect storm.
***
Related: Economists say Stockton, Calif. won't be last U.S. city to go bankrupt 6-27-12 cbsnews.com "Stockton, Calif. could become the largest American city ever to file for bankruptcy on Wednesday. And economists warn other large U.S. cities could be next..."This is not a story about Stockton," Navarro stressed. "It's a story about the failure of our national economy.
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What's it all about Alfie? According to "economists" [see link above] it's not about Stockton, it's about "the failure of our national economy"....and "other large U.S. cities could be next". And according to the bankruptcy lawyer involved with the Stockon situation [see posted article above], the problem is nationwide, so much so that it has reached "perfect storm" status; which is essentially the same message sent by the aforementioned 'economists'; both basically saying... 'you ain't seen nothing yet' - signed, NWO.
Large U.S. cities bankrupting...and soon to be epidemic due to the 'perfect storm' conditions? How can it be? Answer: It is really very simple. The reality is that it has to happen if the Agenda 21 global management scheme is to be implemented, which is exactly what is being done, as described in these related posts:
Bogus NWO Economic Crisis Now Being Used To Takeover American Cities: Harrisburg, PA Goes Into Private Hands 11-23-11 "This ruling effectively dissolves the city as it gives control over it to the state - which has actually already assigned a "receiver". The governor signed a bill on 11-20-11 appointing a private party to the position. This puts full control of the city into private hands. Note that the Mayor's spokesman says that they want to "bring the elements of government together". Although few will understand the significance of that Agenda 21- doublespeak, it very clearly signals the intent to transition everything into the globalized model of 'public-private partnerships'...with the emphasis on 'private'. It is through this system that the kabalist-globalists, the 'private partners', intend to micromanage the entire earth.
NWO Stepping Up USA Takedown: Alabama Jefferson County Files 'Largest Ever Civic Bankruptcy' 11-10-11 "The transition from American representative government to privatized i.e. corporate-owned communitarian global government, which is exactly what is seen here, is terrority that was charted long ago. The harsh reality is that the 'charts' are now being followed and the 'terrority' is being traversed - the carefully choregraphed takedown of the USA for assimilation into the privatized global-regional system of the antichrist beast. It is what it is"
Next Stage Of NWO U.S. Economic Collapse Begins: Capital City Of Pennsylvania Files Bankruptcy 10-12-11 "The new order only comes out of created chaos. Here we can see clearly that a new order of a virtual takeover of the city's finances by an "appointee" is already in the works. Under the plan, already half-way there having "passed the House", the city goes into "receivership", and suddenly it is then under the control of private interests...As has been stated many times, as the USA is morphed into the kabalist communitarian-global-system known as Agenda 21, state and local governments will be completely dismantled. A21 is a 'privatized' global system. The single goal is to own, i.e. exercise private control, over the entire planet...Expect to see the 'Pennsylvania model' taken to many other localities nationwide.
How it all goes down in Stockdown remains to be seen. At present, it is said that 'a judge' will make all the decisions. That already is all the power transferred to private hands. Agenda 21 is privatized global control. Be aware, understand the times. Rev. 18:4
***
see also: Globalist Agenda 21 "White House Council On Strong Cities, Strong Communities" Created By EO 3-15-12 "...replacing the American Constitutional form of government with what amounts to a private council of independent powerbrokers - accountable to none except of course their global masters, now officially assuming unto themselves the power to micromanage every single facet of life in the United States."
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Matt. 25:10 'And...the bridegroom came; and they that were ready went in with him..." [here]
In opting to become the nation's largest city to seek federal bankruptcy protection, Stockton took a rare financial step of last resort after struggling with the economic downturn, soaring pension costs and contractual obligations.
Stockton City Manager Bob Deis said officials were left with little choice but to recommend bankruptcy after failing to hammer out finance agreements with creditors to address the city's $26 million budget shortfall.
Under bankruptcy protection, officials would retain power over day-to-day city operations and staffing, but a judge would take over all decisions concerning the city's debts, said Robert Benedetti, professor of political science at the University of the Pacific in Stockton.
The judge would decide which creditors should be paid, how much and in what order. He would make allowances for expenditures needed by the city to function, and it would be up to city officials to decide how to spend that money.
"Nationwide, we're faced with a ton of municipal distress," [bankruptcy lawyer] Denniston said, noting dire economic conditions, massive foreclosures and future pension obligations. "It's the perfect storm.
***
Related: Economists say Stockton, Calif. won't be last U.S. city to go bankrupt 6-27-12 cbsnews.com "Stockton, Calif. could become the largest American city ever to file for bankruptcy on Wednesday. And economists warn other large U.S. cities could be next..."This is not a story about Stockton," Navarro stressed. "It's a story about the failure of our national economy.
---------------------------------------------------------
What's it all about Alfie? According to "economists" [see link above] it's not about Stockton, it's about "the failure of our national economy"....and "other large U.S. cities could be next". And according to the bankruptcy lawyer involved with the Stockon situation [see posted article above], the problem is nationwide, so much so that it has reached "perfect storm" status; which is essentially the same message sent by the aforementioned 'economists'; both basically saying... 'you ain't seen nothing yet' - signed, NWO.
Large U.S. cities bankrupting...and soon to be epidemic due to the 'perfect storm' conditions? How can it be? Answer: It is really very simple. The reality is that it has to happen if the Agenda 21 global management scheme is to be implemented, which is exactly what is being done, as described in these related posts:
Bogus NWO Economic Crisis Now Being Used To Takeover American Cities: Harrisburg, PA Goes Into Private Hands 11-23-11 "This ruling effectively dissolves the city as it gives control over it to the state - which has actually already assigned a "receiver". The governor signed a bill on 11-20-11 appointing a private party to the position. This puts full control of the city into private hands. Note that the Mayor's spokesman says that they want to "bring the elements of government together". Although few will understand the significance of that Agenda 21- doublespeak, it very clearly signals the intent to transition everything into the globalized model of 'public-private partnerships'...with the emphasis on 'private'. It is through this system that the kabalist-globalists, the 'private partners', intend to micromanage the entire earth.
NWO Stepping Up USA Takedown: Alabama Jefferson County Files 'Largest Ever Civic Bankruptcy' 11-10-11 "The transition from American representative government to privatized i.e. corporate-owned communitarian global government, which is exactly what is seen here, is terrority that was charted long ago. The harsh reality is that the 'charts' are now being followed and the 'terrority' is being traversed - the carefully choregraphed takedown of the USA for assimilation into the privatized global-regional system of the antichrist beast. It is what it is"
Next Stage Of NWO U.S. Economic Collapse Begins: Capital City Of Pennsylvania Files Bankruptcy 10-12-11 "The new order only comes out of created chaos. Here we can see clearly that a new order of a virtual takeover of the city's finances by an "appointee" is already in the works. Under the plan, already half-way there having "passed the House", the city goes into "receivership", and suddenly it is then under the control of private interests...As has been stated many times, as the USA is morphed into the kabalist communitarian-global-system known as Agenda 21, state and local governments will be completely dismantled. A21 is a 'privatized' global system. The single goal is to own, i.e. exercise private control, over the entire planet...Expect to see the 'Pennsylvania model' taken to many other localities nationwide.
How it all goes down in Stockdown remains to be seen. At present, it is said that 'a judge' will make all the decisions. That already is all the power transferred to private hands. Agenda 21 is privatized global control. Be aware, understand the times. Rev. 18:4
***
see also: Globalist Agenda 21 "White House Council On Strong Cities, Strong Communities" Created By EO 3-15-12 "...replacing the American Constitutional form of government with what amounts to a private council of independent powerbrokers - accountable to none except of course their global masters, now officially assuming unto themselves the power to micromanage every single facet of life in the United States."
-----------------------------------------------------------------
Matt. 25:10 'And...the bridegroom came; and they that were ready went in with him..." [here]
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