GoBiz has the latest numbers from Corelogic on underwater mortgages. My hometown, Fresno, CA,has 48% of residences underwater. My hometown is also the center of Public Union mafia control of government in central valley. This post shows our city approaching bankruptcy after years of handing out future goodies.
What is the outcome of the pension tsunami in Fresno? Ultimately it is bankruptcy and restructuring. Our new mayor is dealing with a city council that basically reports to the union head, especially the police union. Our citizens are wondering which crime is the least painful, street crime or city boardroom crime.
Obama may well delay the restructuring with a bailout, but he just ensures another Double Dip. One thing we can all count on, the Pension Tsunami is unaffordable by the federales or the locals.
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