Russia marches. We spend ourselves into bankruptcy------Vallejo heads for another bankruptcy; Oakland, Los Angeles and San Diego doomed as well

PensionTsunami Blog » Blog Archive » Vallejo heads for another bankruptcy; Oakland, Los Angeles and San Diego doomed as well:
"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 predicted it would soon be back in bankruptcy over the same reason it went bankrupt in the first place: absurd union wages and even more absurd pension promises.
Sure enough, here we go again.
"Vallejo Still Can’t Afford its Pricey Pensions"