California City “On Brink Of Bankruptcy”

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Now this would make an interesting opportunity to do away with local government:

The city of Vallejo is on the brink of becoming the first California city ever to declare bankruptcy, City Council members said Tuesday.

Vallejo may run out of cash as early as March, council member Stephanie Gomes said.

“Not only that, but now we have 20 police and fire employees retiring because they are afraid of not getting their payouts,” Gomes said. “That means we have another few million dollars in payouts that we had not expected. So the situation is quite dire.”

A good, healthy dose of market anarchy could help solve their budget problems.

7:00 pm on February 19, 2008