Whoops

By Phil Willon, Catherine Saillant and Abby Sewell, Los Angeles Times July 12, 2012 Facing the same financial stressors that pushed San Bernardino toward bankruptcy, cities across California are slashing day-to-day services and taking other drastic actions to skirt a similar fiscal collapse. For some, it may not be enough. San Bernardino on Tuesday became the third California city to seek bankruptcy protection in the last month and, while no one expects the state to be consumed by municipal insolvencies, other cities teeter on the abyss. LA Times

The LA Times has been on a streak lately, praising Bus Rapid Transit and condemning most forms of rail. They are on the restructuring kick.

Anyway, what is going on is that Calpers bet a 7.5% investment gain and the global recession hit, they are losing their shirt.