Imagine Chicago going bankrupt. That frightful scenario seems all the more plausible now that the city is considering a harebrained scheme to deal with the city’s pension crisis by borrowing $10 billion on the bond market. That would roughly be akin to your owing $10,000 to somebody, whom you don’t want to pay with funds in your investment account, so you instead borrow on your credit card. The risk that you end up in even worse shape than where you started is not low.
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