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Fears spread then and now about who's next. Along with many small towns, transportation and school systems, Pennsylvania's capital Harrisburg filed last year.
In late June 2012, Stockton, CA declared bankruptcy. It signaled more attacks on public workers, pensions and public services throughout the country. It acted after talks with bondholders and unions failed.
A statement released said "(t)he city is fiscally insolvent and must seek Chapter 9" protection. The agricultural center is the largest US city to file. Mayor Ann Johnston said she saw "no other solution."
Health care for current and retired city workers was slashed. Vallejo did the same thing. So do other cities and towns. People least able to manage suffer most.
Bankruptcy attorney Dale Ginter said labor and health insurance costs hurt municipalities. Cutting what impacts them most gets prioritized.
Stockton, Harrisburg, San Bernardino, Vallejo, and other municipal bankruptcies reflect years of Wall Street fleecing America. Crooked bankers transformed America into an unprecedented money making racket.
Complicit with federal, state and local governments, they make it the old fashioned way. They steal it. Ordinary Americans get scammed. So do large and small municipalities.
When other choices run out, bankruptcy's the final option. Class war follows. Private wealth and working households vie. A handful of winners emerge.
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