…then Chicago is not. With the instructive Detroit precedent, with shrunken populations, and with underfunded municipal pensions common, we can conclude that nobody, not even the much bigger City of Chicago, should be thought of as too big to fail.

Comment: Overlooked by this author is that so many nearby and related governmental entities are as bad off as Chicago — Cook County, the CTA, and so many other cities and villages.

via If Detroit’s Not Too Big To Fail… — The American Magazine.