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As Illinois' fiscal crisis deepens, the word "bankruptcy" is creeping more and more into the public discourse.
"We would like all the stakeholders of Illinois to recognize how close the state is to bankruptcy or insolvency," says Laurence Msall, president of the Civic Federation, a fiscal watchdog in Chicago.
"Bankruptcy is the reality that looms out there," Republican gubernatorial candidate Andrew McKenna Jr. says
Is Illinois too big to fail? There are far from being the only state in financial trouble but what do you do with a bankrupt state? Give control to the creditors for reorganization or sell off the assets and take what you can get to pay the debts? Obviously you won't find the State of Illinois in a bankruptcy sale but what is realistic is they are not the only state in dire financial straights. The U.S. government can't afford to bail them all out either. Good thing Illinois has friends in high places, I have a feeling the rest of us are S.O.L.
#1 - Sat Jan 23, 2010 10:56 AM ESTYou're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
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