as you may know, stockton, the city of 290,000 residents carrying a 700-million-dollar debt is about to file for bankruptcy. making it the seventh municipality in the u.s. to do so this year. and an estimated 20% of california cities appear to be teetering on the edge of bankruptcy by the end this year, 2012. california is the most indebted state in the country with a budget gap of more than $15 billion. joining me now to put this in perspective from chicago joan than hoenig a hedge fund manager and from los angeles mark sawyer a ucla political science professor. jonathan, let me begin with you. who is to blame? well, it s certainly not bankers, juan, it s not nefarious hedge fund manager or evil financiers. progressive agenda in california s government that s prompted cities like stockton, to borrow row, spend and to cowell to unions.
want somebody 65 years old to run and save new a burning building. juan: jonathan, i want you to respond he says it s personal. he says it s you, a hedge fund manager who crashedz that was me, juan. juan, you didn t understand that was me alone. jonathan hoenig capitalist pig. in stockton it was city officials who made the unreal his expectations. in fact, spend public money on arena. spend public money non-privatizing the developing downtown. they made outrageous promises to pensioners that couldn t be met. juan: here is the heart and soul of what i heard a moment ago from mark though. he says his parents are hard working people who made a deal with the government and part of that deal was that they would get a pension. it might be a lavish pension some politicians sign on the line to give them the pension. why would you hold those people blame for this crash in
as you may know, stockton, the city of 290,000 residents carrying a 700-million-dollar debt is about to file for bankruptcy. making it the seventh municipality in the u.s. to do so this year. and an estimated 20% of california cities appear to be teetering on the edge of bankruptcy by the end this year, 2012. california is the most indebted state in the country with a budget gap of more than $15 billion. joining me now to put this in perspective from chicago joan than hoenig a hedge fund manager and from los angeles mark sawyer a ucla political science professor. jonathan, let me begin with you. who is to blame? well, it s certainly not bankers, juan, it s not nefarious hedge fund manager or evil financiers. progressive agenda in california s government that s prompted cities like stockton, to borrow row, spend and to cowell to unions.
want somebody 65 years old to run and save new a burning building. juan: jonathan, i want you to respond he says it s personal. he says it s you, a hedge fund manager who crashedz that was me, juan. juan, you didn t understand that was me alone. jonathan hoenig capitalist pig. in stockton it was city officials who made the unreal his expectations. in fact, spend public money on arena. spend public money non-privatizing the developing downtown. they made outrageous promises to pensioners that couldn t be met. juan: here is the heart and soul of what i heard a moment ago from mark though. he says his parents are hard working people who made a deal with the government and part of that deal was that they would get a pension. it might be a lavish pension some politicians sign on the line to give them the pension. why would you hold those people blame for this crash in
of california. as you may know, stockton, the city of 290,000 residents carrying a 700-million-dollar debt is about to file for bankruptcy. making it the seventh municipality in the u.s. to do so this year. and an estimated 20% of california cities appear to be teetering on the edge of bankruptcy by the end this year, 2012. california is the most indebted state in the country with a budget gap of more than $15 billion. joining me now to put this in perspective from chicago joan than hoenig a hedge fund manager and from los angeles mark sawyer a ucla political science professor. jonathan, let me begin with you. who is to blame? well, it s certainly not bankers, juan, it s not nefarious hedge fund manager or evil financiers. progressive agenda in california s government that s prompted cities like stockton, to borrow row, spend and to