In May of 2008 a small city of Vallejo, which is just north of San Francisco, filed for bankruptcy. According to an article by Roger Lowenstein in the NY Times, the cities bankruptcy could offer “a sneak preview of what could be the latest version of economic disaster.” At the time, the nation paid little attention to what happen because the nation was “too busy watching banks fail.” Now almost three years later, the banks have recovered but Vallejo still remains in bankruptcy.