The economic crisis (and the Wall Street excesses and corporate abuses that drove it) is the REAL threat to all Californians' retirement security. Police, firefighters and other public employees should not have their retirements put at risk due to corporate abuses, while those responsible for the crisis receive government bailouts and corporate executives receive lavish salaries, bonuses and stock options. Shameful...

Appreciate the perspective, Justin - not sure I agree. Last time I checked, state taxpayers funnel upwards of $25 billion a year to local governments, and as a result, we deserve to have our voices heard before drastic action is taken. More importantly, any municipal bankruptcy is an issue of statewide concern, since it harms the state’s bond rating and threatens the health of ALL municipal bonds. Further, many of the news articles I've read in recent months have higlighted how public employee unions up and down California have offered hundreds of millions of dollars in concessions in order to help their cities weather this economic downturn. Isn't government's first responsibility the safety and protection of us -- its citizens? I tend to view bankruptcy as a desertion of that responsibility. So when a local government, like Vallejo, threatens it, I support the concept of an experienced, neutral entity stepping in on behalf of taxpayers to ensure that the bankruptcy is real, and not simply a negotiating tactic. My two cents ...