The door that’s been open for much too long was finally kicked in today. Judge Rhodes declared the D is eligible for Chapter 9 bankruptcy. Gee, what a surprise. And it only took 5 months and several million dollars to figure that out. Not blaming the judge, mind you. He has to listen to the bullshit the over-paid lawyers are shoveling his way before he can declare what has been obvious to anyone who lives here.
I’ve been following this from the beginning, wondering why it took so long for the city and state to acknowledge it and why it took so long to state the obvious. The sheer illogic of these last few months would be enough to drive Spock muderously insane. Everyone and their dog furiously trying to disqualify the city from bankruptcy protection. WTF? Did they think the city was faking it, that maybe she had a few billion stashed beneath the mattress and if they stamped their feet and held their breath until they turned blue the city would relent and spread the cash around?
I feel for the pensioners and hope the city does everything it can to avoid any cuts to them. As for the creditors, hey, not that this shouldn’t be obvious to you all but investment is just another form of gambling. Sometimes you win, sometimes you lose. In this case, you lost. Tough luck. Man up and shut up.
