Let’s look at where the Illinois fiscal crisis now stands through the lens of how insolvencies are supposed to be handled. Some basic principles about how to give a broke operation a clean start are below – and giving the state a clean start is what we need. I put those principles in bold followed by how we are doing on them: • List your liabilities honestly and accurately. Illinois does the opposite, vastly understating the scope of its problems. The primary problem – unfunded pension liability – is at least twice as large as the state says, but exactly