Tag Archives: bankruptcy

California city of Stockton begins bankruptcy proceedings

Posted on by

By outward appearances, Stockton, a city of nearly 300,000 on the Sacramento-San Joaquin River Delta, seemed in the mid-2000s to be emerging from decades of struggle.

Next to its gleaming downtown waterfront — a window to the West’s largest fresh-water estuary — a beautiful new $46 million glass hockey arena rose in 2005. That same year, the Oakland A’s single-A affiliate Ports began play in a new taxpayer-financed stadium, amenities sought by elected officials catering to a wave of new residents fleeing Bay Area congestion and home prices.

Read more: http://tinyurl.com/d5l9r2a

Alberta personal bankruptcies at five-year low

Posted on by

Despite all the recent talk about personal debt loads Canadians are carrying, there was some good news recently from the Office of the Superintendent of Bankruptcy Canada.

In Alberta, there were 346 personal bankruptcies filed in December of last year and that is down from 420 in November.

Todd Hirsch, senior economist at ATB Financial, says that’s the lowest level of bankruptcies since December 2007.

Read more: http://tinyurl.com/bycy2hr

U.S. is already broke

Posted on by

In Tuesday’s Financial Times, well-known columnist Martin Wolf argues that “America’s fiscal policy is not in crisis.” “The federal government,” he writes,“is not on the verge of bankruptcy.” “This,” Wolf admits, “is a highly controversial statement.”

Indeed, many analysts believe that the U.S. federal government is bankrupt. They include, among others, economists Jeffrey Hummel of San Jose State University and Laurence Kotlikoff of Boston University. As early as 2006, Kotlikoff wrote an article in the journal of the Federal Reserve Bank of St. Louis, asking the question “Is the United States Bankrupt,” to which he answered affirmatively.

Read more: http://tinyurl.com/aonzcjy