Stockton, California, a city with a beautiful waterfront, a rich history, and the distinction of being named an All-American city in 1999 and 2004, is now hobbling economically—not because of its residents, but because of Wall Street. In July 2012, the city filed for bankruptcy. Why? Find out more on the Public Banking Institute’s blog.
PBI’s look at Stockton’s financial history is part of their “What Wall Street Costs America” project, which seeks to detail the local costs of the taxpayer-funded interest and fee payments that big banks extract from municipalities. The project hopes to start a national conversation about alternatives to private financing of public investment, and needs both research partners and financial support. You can learn more about it here.