Judge Napolitano: Stockton, California Bankruptcy Is Consequence of Politicians' 'Reprehensible' Actions
A federal judge allowed Stockton, California, to become the biggest city ever to declare bankruptcy. The ruling opens the door for Stockton to potentially walk away from the hundreds of millions of dollars in public pension payments that it owes.
Judge Andrew Napolitano said frankly that he doesn’t know what will happen next. “Stockton is the beginning of a very, very long train.”
Napolitano says this is the consequence of reprehensible actions on the part of politicians in order to get votes. “How did they get votes? By giving these lavish [pension] deals to people who will continue to vote to keep them in office.”