The first California town to file for bankruptcy.
 

http://www.mercurynews.com/breakingnews/ci_9178294

I guess that other thread about how we've hit the bottom of the crisis and all was entirel correct eh pornguy ? ;)

More stupidity. I don't know about this situation in the news in particular but we've followed this a bit in Florida over the past few years and as property tax revenues went up when housing values were skyrocketing budgets were being increased without any regard to what would happen if values decreased and tax revenue followed. I bet Florida has a lot of problems coming like this.

I remember Orange County filed for bankruptcy a while back, but they bounced back pretty good.

They went bankrupt on a flatline and then bounced back on the housing boom, if I recall. They're pretty much toast atm.

that guys in shoehorn and chio's band...

I watched O Tannenbaum and was taken aback in all of it's glory.

How he kept from shitting himself, I'll never know.

Orange county filed for BK a few years ago if I remember correctly. Didn't have anything to do with property values though--just bad investments by a dude named Citron.

I think LA Mike moved into town and saved them all with his taxes...