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When Government Fails: The Orange County Bankruptcy

When Government Fails The Orange County Bankruptcy When Orange County California filed for Chapter protection on December it became the largest municipality in United States history to declare bankruptcy In the first comprehensive analysi

  • Title: When Government Fails: The Orange County Bankruptcy
  • Author: Mark Baldassare
  • ISBN: 9780520214866
  • Page: 428
  • Format: Paperback
  • When Orange County, California, filed for Chapter 9 protection on December 6, 1994, it became the largest municipality in United States history to declare bankruptcy In the first comprehensive analysis of this momentous fiscal crisis, Mark Baldassare uncovers the many twists and turns from the dark days in December 1994 to the financial recovery of June 1996 Utilizing aWhen Orange County, California, filed for Chapter 9 protection on December 6, 1994, it became the largest municipality in United States history to declare bankruptcy In the first comprehensive analysis of this momentous fiscal crisis, Mark Baldassare uncovers the many twists and turns from the dark days in December 1994 to the financial recovery of June 1996 Utilizing a wealth of primary materials from the county government and Merrill Lynch, as well as interviews with key officials and players in this drama, Mark Baldassare untangles the causes of this 1.64 billion fiasco.He finds three factors critical to understanding the bankruptcy one, the political fragmentation of the numerous local governments in the area two, the fiscal conservatism underlying voters feelings about their tax dollars three, the financial austerity in state government and in meeting rising state expenditures Baldassare finds that these forces help to explain how a county known for its affluence and conservative politics could have allowed its cities school, water, transportation, and sanitation agencies to be held hostage to this failed investment pool Meticulously examining the events that led up to the bankruptcy, the local officials response to the fiscal emergency, and the road to fiscal recovery as well as the governmental reforms engendered by the crisis When Government Fails is a dramatic and instructive economic morality tale Eminently readable, it underlines the dangers inherent in a freewheeling bull economy and the imperatives of local and state governments to protect fiscal assets As Baldassare shows, Orange County need not and should not happen again.

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      428 Mark Baldassare
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      Posted by:Mark Baldassare
      Published :2018-08-10T18:06:55+00:00

    1 thought on “When Government Fails: The Orange County Bankruptcy

    1. "Three factors are at the heart of the Orange County fiscal crisis: the political fragmentation in local government, voter distrust of local government officials, and the condition of austerity in the state government. These are not unique factors " (16)"This was not the usual bankruptcy scenario of a troubled central city with declining revenues and rising expenditures. The local governments in Orange County were considered highly creditworthy up until the very end. Their downfall was the resu [...]

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