Quote Originally Posted by Gannon View Post
But the mathematics are in place for a neat Constitutional Crisis...this is nearly the "perfect storm" combination that can un-do it all.

There has to be some check for fraudulent bankruptcy filing, to insure that it wasn't done to elude a lawsuit...certainly there is case law already done, just not at this level...with government using another level of government to protect itself from civilian creditors.

Geez, this has so many dimensions of approach...it could be an entire economic system crisis. The President is going to HAVE to bail out Detroit, with as cozy a terms as the bankers got.
I don't think so.

Except for city pensioners, a small number of bond insurers, and [[possibly) residents, there is no crisis here, and there isn't going to be any kind of response as if there were. There's no systemic risk.