Moody's downgrades Stockton's credit

STOCKTON, CA - Moody's downgraded Stockton's credit-worthiness Friday to below investment grade, affecting nearly $341 million of debt.
The rating for Stockton's 2007 pension obligation bonds were downgraded to Ba3 and 2006 lease revenue bonds were downgraded to B1.
"Moody's rates over 12,000 municipalities in the United States. Fewer than 30 are currently rated non-investment grade (Ba1 or lower)," Moody's spokesperson David Jacobson said. "With yesterday's downgrade, Stockton is now rated Ba2. The most notable city on the same list is Detroit, which is currently rated Ba3 and is under review for a potential downgrade."
Moody's also downgraded the city's water enterprise rating to A3.
Moody's decision to downgrade Stockton's credit-worthiness comes after city officials said they will vote Tuesday on whether or not to start the 60-day meditation period required before filing for bankruptcy.
During the meditation process, the city would suspend payments to creditors and work with them on payments. Stockton City Manager Bob Dies proposed that payments only be suspended for the rest of the fiscal year and payments would be made through other revenue sources.
RELATED STORY: Official: Bad money moves, bad luck got Stockton in trouble
Moody's Senior Vice President Eric Hoffmann said "the proposed suspension and entry into a mediation process demonstrates significantly reduced willingness, if not ability, to make full and timely debt service payments."
"The downgrade also reflects the city's indication that it is in the process of restating prior year audited financial results," Hoffmann added. "While this process is in its preliminary stages and only estimates have been released, the potential for restatement reduces the credibility of the city's financial reporting to date. The preliminary estimates released by the city indicate that adjustment to the city's fiscal 2010 audit report will likely be negative and material."
The highest rating is AAA.
"Moody's currently rates the state of California A1 with a stable outlook," Jacobson said. "California is our second lowest rated state. Illinois, rated A2, is the lowest."
Hoffmann said Stockton's credit rating could be further downgraded if the city files for bankruptcy.
Stockton city councilman Dale Fritchen and the Stockton police union have expressed concern over filing for bankruptcy.
"This will hurt Stockton, hurt my neighbors, my family, and my community," Fritchen said. "I'm putting everything in to make sure this doesn't happen."
In a statement, the union said the city is starting to work its way back financially, but filing for bankruptcy would be disastrous.
"Sales revenues are up and residents' confidence is coming back," the police union said in a statement. "Bankruptcy would send the city spiraling backward with no recovery in sight."
The union is calling for residents to show up at Tuesday night's council meeting and push for a public release of the city's budget.
News10/KXTV

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They Came , They saw, I conquered

For as long as I have been able to understand my dreams, I have seen one key message repeat itself; that one day I would be a Global power.  Whether I envisioned these dreams as a way to build me up to what I am suppose to be, or to constantly remind me that I am falling short of what I can accomplish?  Who can tell me the answer?  As I see it I am the one the rise to being the largest political, and corporate power in the world.

I have watched the United States go from the world superpower, to a satirical state of question.  It seems as if most people, whether young or old, educated or not seem to not have the desire to know.  We have been seeing the world from the dominating corporate world for way too long, and now that we are experiencing financial meltdown as a country, and a planet, we want answers!  What I wish you all knew, and many of you do, is you are the only one to blame for where you are in life.  If you point the finger at anyone else, you will see that it only allows you to live in a fictitious reality until you come to terms with the truth.  I want to let the world know I am the one who fear was created for.

I am 26 years old, I own my own home, and I am married to the strongest woman in the world.  I have seen money and what effect it has on the Human Mind.  When money is plentiful, there are no reasons to worry.  However, those of us that have seen the bottom are also aware of the things one does to acquire some after one has endured a length of time without any.  Our identity is no longer in question, now we are fed up with the power it has over us, and Obama was right; it's time for a change.

Since Obama didn't really accomplish any change for the country's well-being, I think time is running against those of us actually care about the people, and will not stand to be bought out by lobbyists.  I once told my high-school government teacher, "We all have our own free will to do as we please, anyone of us can be as great as we want to be, however, what we choose to be is usually nowhere close."  I went to college for five years trying to find out what I wanted to pursue as a career.

Eventually I came to the understanding, I wanted to help the world break free from the mold we have been cast into.  I wanted to help free the barriers we put upon ourselves as a reminder that we can't do it!  As the mental capacity of humanity grew, I would then make enough sense to the people for me to run for public office.  The time is now, I have been doing God's work for sometime now, but some are still not willing to accept the right way of life, instead of fighting for the wrong.

I am one of a few people in this country, who doesn't judge others, and will allow others the piece of mind to overcome there tumultuous past.  This is where you will see who is ready, and who isn't ready to take the next step and get out of the hole.  It only becomes tougher to take the next step, but common grounds are "common" therefore we should all have the natural instinct within us all to strive to be greater.

Stockton, Stand By, Let Me fix this Problem

  Everything that has ever been created, started with an idea, the difference is just the Scale of the project.  If my generation had any idea what we are about to embark on, they would just continually ask questions, which couldn't pertain to these conversations about MONEY!

  Not that I am Under-educated in the field of economics, but didn't attend Yale Business School, or any other fancy institution, my knowledge should still not be under estimated.  I intend to Revolutionize this Economy, and get it back on track.  I use the phase "I" to represent that, until the Incorporation Of Oh Zee Clothing occurs, it is solely on my shoulders.  It's not my responsibility, I know.  However I watched two-years from the sidelines, and realized every day that goes by in which I don't better the community, I am losing my ability to Call the Shots.  That doesn't mean I can't.  The Opportunity here has never been this great, Invest....SOON!!!   

   In the next few weeks, Me and Three Colleagues take the Leap into the Corporate world with nothing to lose.  Time will no longer be of the essence, instead of being wasted, let's invest what we can.  For some the desire of having it all, but not willing to invest time to expand their creativity, to ensure they get it all.  We are the type that will walk out of a meeting that started 30 seconds ago, because you advertantly question a fact.  A fact, can NEVER be found to be False...

   So when A businessman offers you a job, you are ever so desperately in need of, thank Oh Zee, because we Don't allow questions, NEXT!  You lost your one shot...