Illinois is going down the tubes...probably assuming the Feds will think that state is too big to fail...and they may be right. But, a state bailout is a moral hazard. Nearby states who balance their budgets will get screwed.
Illinois is going down the tubes...probably assuming the Feds will think that state is too big to fail...and they may be right. But, a state bailout is a moral hazard. Nearby states who balance their budgets will get screwed.