I count five cities in California that are bankrupt. In chronological order- here they are.
Vallejo, Mammoth Lakes, Stockton, San Bernardino, and now Compton.
These cities combined serve about 500k residents. Mammoth is puny- only about 10k residents. So after all the talk, all the bullshit, all of the can kicking-it's finally here. California is finally going bankrupt- one city at a time.
All of the infrastructure strain and out of control spending and regulation is finally taking it's toll.
All hell will begin to break loose when Los Angeles finally declares bankruptcy. In the basin, that will affect 10-12 million people depending on who does the counting. When California's biggest city throws in the towel, I expect everything else to follow suit including state government. http://online.wsj.com/article/SB10001424052748704608104575218392603082622.html
There is a saying among those who panic. Those who panic first- don't get trampled by those who panic last.