Stockton, ‘the largest US city to fail’ (via MikeStk)

Although a city of almost 300,000, Stockton is a place where many families have known one another for generations.

### June 27, 2012 | 4:40 am
By Diana Marcum
Stockton bankruptcy will make history; residents reeling
Officials said Tuesday that Stockton would become the nation’s largest city to seek protection under the U.S. bankruptcy code. The city stopped making bond payments, and City Manager Bob Deis said he expected to file bankruptcy papers immediately. Stockton has been in negotiations with its creditors since late March under AB 506, a new California law requiring mediation before a municipality can file for reorganization of debt. It was the first use of the law, and policy analysts who watched its torturous and tedious progress have titled their report on it “Death by a Thousand Meetings.” Mediations ended Monday at midnight.
Read more

How Stockton found itself so mired in debt can be seen everywhere in the city’s core. There is a sparkling marina, high-rise hotel and promenade financed by credit in the mid-2000s, mere blocks from where mothers won’t let their children play in the yard because of violence.

Stockton will be largest city to fail
Stockton bankruptcy: ‘All that’s left is sadness’ for city
Stockton braces for possible bankruptcy as key vote looms

[MikeStk at ODT Online]

Posted by Elizabeth Kerr


Filed under Architecture, Business, Construction, Design, Economics, Geography, Media, Name, People, Politics, Project management, Property, Site, Town planning, Urban design

5 responses to “Stockton, ‘the largest US city to fail’ (via MikeStk)

  1. Elizabeth

    Every Stockton has a Malcolm, a Jim, a Sydney, an Eion, and all the grotty fan boys. Ugly mobsters will rough up the new mayor. Without fail, local newspaper owners put the railroad through.

  2. Mike

    And an “Elton” in their case Neil Diamond

  3. Russell Garbutt

    And every city it seems has the full range of incompetent, brainless fools sitting round Council tables that fail to comprehend the workings of the manipulators sitting round the same tables. These fools are necessary to make up the numbers and are essential to the workings of the real power behind the City and region – the Tartan Mafia.

  4. Elizabeth

    “…debts have racked up and policy mistakes have been made that have wasted millions…”

    Another US city goes down – this time Scranton, Pennsylvania. Mentioned today in the ODT World Focus supplement, story from Paul Harris at The Observer.

    “Scranton is a symbol for an age of economic crisis in the US. There is not one simple factor that has caused Scranton’s problems, but it has instead been hit by a perfect storm of issues that are facing many similar communities.”

    The mayor cut public employees’ pay to minimum wage. Public employees, including firefighters, have consequently sued the city.

  5. Calvin Oaten

    World Focus is one of the highlights of my week. Strange, as it all emanates from somewhere else. Why we don’t get some local analysis of local situations is beyond me. Is it that there is no-one capable of researching the local activities and issues? Today’s pages 6 & 7 should be compulsory reading for our councillors. Unfortunately it would be beyond the comprehension of most of them. A portent of things to come? I shudder to think.

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