Kudos to American Prospect editor and syndicated columnist Harold Meyerson for questioning the media's unquestioning rush to accept the narrative that municipal union workers for the recent bankruptcies in the California cities of Stockton and San Bernardino.
Writing in a July 25 Los Angeles Times editorial, Meyerson observes:
"The reporting and commentary on the bankruptcies of California cities over the last month haven't been journalism's finest hour. From reading the voluminous accounts of the fiscal woes of Stockton and San Bernardino, you'd think that municipal unions and feckless city officials are primarily what led these cities down the path to fiscal ruin.
"But you'd be wrong. What bankrupted Stockton and San Bernardino were the most severe housing busts in the nation. What bankrupted those two cities were banks peddling subprime mortgages to poorly paid workers."
Read the full column here.