Full Disclosure
Mar. 1, 2009
Running on Empty
Vallejo was a classic case for municipal bankruptcy: an outer suburb, a weak economy, mostly blue-collar residents, fractious local politics, angry public unions, and a housing market devastated by foreclosures. Now, in the aftermath of Vallejo's Chapter 9 filing, the worry is, how many more bankruptcies are out there waiting to happen?
It didn't have to be Vallejo. It could have been any of a dozen other California cities in financial straits. But Vallejo was a classic case for municipal bankruptcy: an outer suburb, a weak economy, mostly blue-collar residents, fractious local politics, angry public unions, and a housing market devastated by foreclosures. Now, in the aftermath of Vallejo's Chapter 9 filing, the worry i...
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