I pointed this out a while ago, but it needs repeating.
You cannot expect a group of adults whose only experiences are in the non-profit/government/education industries to lead with any measure of competence in that they are politicians first and foremost and have not the ability nor care to adhere to mathematical and financial reality. They are mentally spoiled little children who just happened to be in adult bodies that purposely and consciously chose weak degrees requiring no rigor, effort or thought, and consequently chose easy "careers." It should be no shock that Stockton, or any city or organization, led by such weak and talentless people went bankrupt.
And I'm being deadly serious when I say this, INVESTMENT ANALYSTS, MUTUAL FUND MANAGERS, HEDGE FUND MANAGERS and any other investment professional in charge of investing in government bonds (be they municipal, state or national) are practically MANDATED to investigate whether or not the elected leaders of those governments majored in the liberal arts.
I guarantee you that the default rate of municipalities headed up by doctors, plumbers, accountants, etc., is much lower than that of municipalities headed up by liberal art majors.