San Bernardino, California, gets bankruptcy protection

From Reuters:

Judge Meredith Jury of the U.S. Bankruptcy Court for the Central District of California ruled that San Bernardino was eligible for Chapter 9 bankruptcy protection despite opposition by the California Public Employees' Retirement System, or Calpers. The $260 billion pension fund is the city's biggest creditor and America's largest pension fund. "I am ruling as a matter of law that the city is eligible," Jury said. "I don't think anyone in this courtroom seriously thought the city was anything but insolvent."

Wow.  I can't help but wonder what's happening on the street level.