A bill that clamps down on municipal bankruptcy filings is headed for Gov. Schwarzenegger's desk, which is bad news for Los Angeles and other cash-strapped California cities.
It the governor signs Assembly Bill 155, it would place a hurdle in the path of filing for Chapter 9 municipal bankruptcy. The bill stipulates that a city may only file for bankruptcy with the approval of the California Debt Investment Advisory Commission, which provides information on debt to public agencies.
Mish is justifiably pissed.
Make no mistake, Brown is going after the power to use guns and police to rob innocent California tax payers, the man has gone off the deep end and should be watched carefully. The Gubinator would be an absolute fool to sign this thing.
From Virginia, New York and California, battle lines are being drawn and these Unions will not hesitate to use arrests, murder, and arson and corrupt politicians, like Jerry Brown. Just look at Greece, they even resort to throwing bombs.
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