Yet another city in California is bankrupt.... What can we learn from this?

That leftward thinking places are doomed to fail.

LIBERALISM does NOT work.....Anything that's ever been Democrat controlled will ALWAYS result in FAILURE & DESTRUCTION.

Bye Bye dumbocrats

That Liberals don't know how to handle finances.

If the people of America don't change according to situation

That the liberals will spend every last dime and then some of other people's money if you let them.......

You think anyone learn of this

Published: December 08, 1994

The sudden plunge of Orange County, Calif., into bankruptcy shook the market for public borrowing across the country yesterday, threatening to make it more expensive for many localities to borrow. It also left some Wall Street firms facing the potential of big losses.

And it served as a warning of how rapidly new and popular financial strategies can sour, leaving an apparently prosperous county unable to pay its bills.

Orange County, a suburban area south of Los Angeles that is more than twice the size of Long Island's Nassau County, filed for bankruptcy late Tuesday, after heavy borrowing and risky investments in its investment pool turned into big losers as market interest rates rose.

The investments had been made by a county desperate to get additional profits on its investments to pay for government services. But the fund, with about $8 billion invested in it -- and with borrowings of about $12 billion -- now faces a loss of at least $1.5 billion. And local governments that invested in the fund may also be unable to pay their bills, raising the possibility of additional bankruptcy

filings.http://www.nytimes.co...

You cannot support illegals and have a government that works. They do not pay taxes but they collect welfare in that state. Minus and minus do equal a plus in money.

...that promises made to public workers' unions by one administration can make the fiscal management by duped taxpayers and the next administration nearly impossible. COLAs should be outlawed so adjustments can be made when necessary.

never to elect arnold schwartzenegger to any government position, ever again.

You'd think that would have been a no-brainer.

I wasn't even living in Cali at the time he was elected, and still I was mortified.

The fact that anyone seems 'shocked' that he did such a terrible job really amazes me.

LOL no kidding.

This the perfect example of democrat policies

While yes, the city of Mammoth Lakes is going through bankruptcy, they don't correlate to the story outside of that fact. Their situation is entirely of their own making and delusions of grandeur. Has nothing to do with state or national politics or policy.

Like a house of cards, it is all coming down.

Chapter 9 bankruptcy is a request by a municipality to the Federal Government for assistance in the restructuring of debts. That's all.

Move out of California.

LOL glad I don't live there.

I loved living there. It's just not worth the cost of living.

I have never lived there. I have lived mostly in places on the East Coat.

Nope; I've lived in many other states, and found most of them even worse.

Besides, nowhere is perfect; I just do the best I can wherever Im at.

The liberal agenda of tax, spend, and give ILLEGAL ALIENS everything does NOT work.

It's going to keep going from city to city unless they change there spending habits .