Two California cities, Stockton and Mammoth Lakes, have filed bankruptcy in the past several weeks. Another California city, Vallejo, recently emerged from bankruptcy. San Bernadino has authorized a bankruptcy filing. In the New York Times article "Bankruptcy in California Isn’t Seen as a Trend," the bankruptcies of these California cities isn't having a big impact on the municipal bond market and is not seen as a national trend. The issues confronting California cities include falling revenue, fiscal mismanagement (or over-optimistic financial planning), and rising pension and healthcare costs. Here's the link: http://www.nytimes.com/2012/07/13/business/bankruptcy-in-california-isnt-seen-as-a-trend.html?_r=2
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