FROM Jeffrey Michael
As Reality of Bankruptcy Hits, Stockton Grapples with Hard Decisions The San Joaquin Valley City of Stockton got the very worst of the foreclosure crisis. Ten percent of Stockton's families lost their homes, business declined and tax revenues dried up. Monday, a federal judge ruled that Stockton was eligible for bankruptcy protection , and last night's city council meeting wasn't over until 2 o'clock this morning. San Bernardino, Compton, San Jose and Watsonville are all watching closely to see what happens to Stockton's pension obligations.
Stockton Files for Bankruptcy: Who's Next? Earlier this week, we heard that the City of Stockton was into mediation with creditors and public unions, but no agreement was reached in time to avoid bankruptcy. Last night, the City Council adopted what it called " a survival budget ," making Stockton the largest American city to seek protection from creditors and unions in US bankruptcy court.
The Trump agenda: where's the beef? President Trump says big things are happening. After celebrating a House bill on health care, he doesn’t yet have Senate agreement. With James Comey’s public testimony scheduled tomorrow, the President today tweeted his selection of a new FBI Director. Is the Chief Executive all style and no substance? Later, terror attacks in Iran and conflicting claims about who’s behind them.
Trump plays scolder-in-chief with NATO allies At the opening of NATO’s dramatic new headquarters in Brussels today, President Trump acknowledged that Article 5 — promising that “an attack on one nation is an attack on all” -- has only been invoked one time: in the aftermath of September 11. But the President failed to provide what 27 other Alliance members have been waiting for: a re-commitment by America’s new leader to Article 5. Instead, they got a scolding.