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A free floating commentary on culture, politics, economics, and religion based on a passionate commitment to the truth and a desire graciously to refute that which is contrary to it….
"He must hold firm to the sure word as taught, so that he may be able to give instruction in sound doctrine and also to confute those who contradict it."
--Titus 1:9, Revised Standard Version
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Stockton, California--This Gold Rush-era port city, an epicenter of California's agricultural exports, will become the nation's largest city to seek protection under the U.S. bankruptcy code after its City Council on Tuesday stopped bond payments, slashed employee health and retirement benefits and adopted a day-to-day survival budget.
City Manager Bob Deis likened the process to cutting off an arm to save the body. He is expected to file bankruptcy papers immediately.....
Stockton..[had] been in negotiations with its creditors since late March under AB 506, a new California law requiring mediation before a municipality can file for reorganization of debt. It was the first use of the law, and policy analysts who watched its torturous and tedious progress have titled their report on it "Death by a Thousand Meetings." Mediations ended Monday at midnight.
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Filed under: * Culture-Watch Law & Legal Issues * Economics, Politics Economy Consumer/consumer spending Corporations/Corporate Life Credit Markets Housing/Real Estate Market Labor/Labor Unions/Labor Market Taxes The Banking System/Sector The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- Politics in General City Government
Previous entry (below): Kendall Harmon’s Sermon from this past Sunday—David and Goliath and the call to let God be God
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