21 February 2008

California Town On Near of Bankruptcy

Vallejo, California is broke. They will be out of money on late April.

Unlike Orange County, this is not from bad investments. This is the fruit of proposition 13. They have multimillion dollar homes taxed at 100K, and no tax base.

It doesn't help that the municipal bond market is frozen, like everything else.

My solution would be to disincorporate.

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