By Mike “Mish” Shedlock | On May 6, 2008, the Vallejo City Council voted 7-0 to file for Chapter 9 bankruptcy. At the time it was the largest city in California to do so. In March of 2009 I noted Judge Rules Vallejo Can Void Union Contracts. Vallejo foolishly refused to do so, and I […]

As cities across the nation increasingly become mired in financial crises due to public employee pensions and health care costs, debt and overspending, PBS correspondent Spencer Michels profiles one city making efforts to avoid bankruptcy: Stockton, California: