Chicago's Only Possible Salvation: Bankruptcy - a Name That Cannot be Spoken

Mish's Global Economic Trend Analysis: Chicago's Only Possible Salvation: Bankruptcy - a Name That Cannot be Spoken:
Is the Chicago pension system so messed up and union work rules so entrenched the only way to change either of them is bankruptcy? 
I think so. 
So does Dennis Byrne who wrote on his blog today Chicago's Only Salvation: A Detroit-Like Bankruptcy.

This is a guest  post from Byrne.

Salvation: A Detroit-Like Bankruptcy

Wait, I thought only the Republican Party was being torn asunder by a rift between the establishment middle and the fringe.
That impression was nailed down, again, last week by the embarrassing fracture among House Republicans over funding for the Department of Homeland Security.
But don't forget last Tuesday's Chicago primary in which incumbent Rahm Emanuel, the so-called establishment candidate, was forced into a runoff election for mayor with progressive Cook County Commissioner Jesus "Chuy" Garcia.
Observers on the right and left expect that Garcia's unexpected success bodes well for progressives and is bad for moderate, establishment Democrats.
That includes "centrist" (I don't necessarily agree with the label) and president-in-waiting Hillary Clinton.