Posted: July 13th, 2012 by Militant Libertarian
from The Guardian
Until last month, no city in California had opted for bankruptcy since 2008, and no US city of more than 200,000 people had ever decided to go down that route.
But the past two weeks have changed all that, as the fiscal struggles faced by so many American cities became too much for some to bear.
San Bernardino became the third California city in that small span to choose Chapter 9 bankruptcy protection with a city council vote on Tuesday night.
San Bernadino, which has about 210,000 people, will also become the second largest in the nation ever to file for bankruptcy. Stockton, whose population is nearly 300,000, became the biggest when it filed for Chapter 9 on June 28. The much smaller city of Mammoth Lakes voted for bankruptcy on July 3.