As I keep telling my friends still living back there - and a bunch are counting City of Chicago, Cook County, and Illinois retirement plans - that everything will seem OK until the “reset” happens. And when the reset happens, it will already have happened before they have a chance to do anything. The insiders will have their chance to cash out beforehand but they’ll find that they aren’t insiders. There will just be a “here is the new deal” thing and you’ll have to live with it.
I have no doubt you are right. Chicago’s situation reminds me of the opening chapter of “Atlas Shrugged”. The oak tree that seemed so strong and solid is rotten to the core.