A federal judge has approved Stockton's bankruptcy application. This may provide a valuable model for Detroit on how a large city bankruptcy will proceed i.e. who gets paid., as well as providing some cover for the acceptance of such action. Stockton has a pop. of 300,000 and long-term retirement debt of 900 million.
http://www.google.ca/url?sa=t&rct=j&...fG0nYE7xPrzj7w
[Post corrected by Admin to replace Sacramento with Stockton]
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