It has been brought to the attention of the poor citizens of the city of San Bernardino that they are screwed. They are screwed because the city of San Bernardino is the third city in the state of California to file for bankruptcy. What’s worse than that notion is the idea that the City Attorney James Penman is making accusations that imply the city has falsified financial documents for the past 16 years.
The city has filed for chapter 9, also known as Municipal Bankruptcy that will protect the city of San Bernardino from creditors while the city hopes to negotiate a proper plan for the city’s future in spending. This basically means the city of San Bernardino needs to find some money and fast. The city could look for a loan from other forms of businesses, government, or even go through refinancing.
Local police have spoken out about this in frustration and have declined to release any of the details about the investigation. Most of the information is speculation at the moment, but a full investigation is in progress. Both the Police and Fire Department are in fear that there is going to be cuts that will probably take place that could have a big effect on a community that already faces a high crime rate.
The first known chapter 9 filing happened in 1934 during the great depression. This is a strange thought to grasp in one’s mind. The idea that the initial filing of chapter 9 happening during the depression and now when the economy has been faced with such a dark time that the economy could very well be in a depression. Really makes you think. The next time a lazy professor, teacher, or adult tells you “We learn history so we don’t repeat ourselves,” you punch them right in the face for me, because if history was learned for this reason alone, then our country would be in a much more enhanced position.