Because Once You Drop By Bankruptcy Court, You Don’t Stop: San Bernardino On Chapter 9 Deck
by Tyler Durden
Meredith Whitney made her doomsday prediction. The nothing. Nothing. Then lots of glib muni expert pundits gloating because the Fed, the ECB, the BOJ, the BOE, the SNB, and of course, the central bank of Kenya, had managed to delay the inevitable by a year. Then some more nothing. Then suddenly Stockton, Mammoth Lakes, and now San Bernardino all file in the span of 2 weeks.
SAN BERNARDINO, CALIFORNIA, WEIGHING CHAPTER 9 BANKRUPTCY – BBG
SAN BERNARDINO COUNCIL TO DISCUSS ACTION, SPOKESWOMAN SAYS – BBG
SAN BERNARDINO SPOKESWOMAN GWENDOLYN WATERS SPOKE IN INTERVIEW – BBG
There is a reason marginal events are oh so very important: because as Greece showed, and now one after another broke California municipalities are dropping like flies, one the precedent is there, the easiest thing to do is to just hit Print on that Chapter X petition. After all everyone else is doing it, and remember: he who files first, files best.