In a rather insipidly written piece in the NYT, the fiscal disaster that has overcome Detroit now threatens Chicago. Read about it here. On the one hand, Chicago has more taxable wherewithal--people and property--than Detroit. Yet on the other, Chicago has the misfortune to in the State of Illinois whose level of political disfunction exceeds that of Michigan by orders of magnitude.
My initial version of an article about municipal bankruptcy can be downloaded by going here. I've both modified and clarified it since posting it to SSRN but it's enough to get anyone who's interested started.
My initial version of an article about municipal bankruptcy can be downloaded by going here. I've both modified and clarified it since posting it to SSRN but it's enough to get anyone who's interested started.
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