nothing will happen....just like Detroit, those who bought bonds and invested in the city will just be flushed...the govt workers will not suffer one bit...
Au contraire. Detwaa was not unscathed, Jobs were lost and the Pensions got reduced, not as bad as people thought, but their was a haircut.
IIRC, the numbers for Chicago are staggering. 100 Billion vs Detwaa's 18 to 20 Billion, 5 times the size of Detroit's wows.
It is the revenge of Meredith Whitney IMHO. Remember her?
The Investment Wonkette that warned of Muni Bond Collapses by less than healthy municipalities?
If it wasn't for the ZIRP Bernake-Yellen funny money policy and even Muni's had to raise their rates, how long would it be before they be able to service the coupon payments? Not long IMHO and many more would follow.....
What a co-wink-a-dink, these two cities were run by does Waskaly Wepublicans, tongue in cheek their...
“nothing will happen....just like Detroit, those who bought bonds and invested in the city will just be flushed...the govt workers will not suffer one bit...”
Just like GM and Chrysler, where Obola “gave” these companies to their unions, the very folks who were responsible (along with a gut less management) for their financial failure.