Basement Whatever

In the 1970s,  the big question was why was Chicago so fiscally well run….Why did New York go bankrupt when Chicago didn’t?…in New York, the political machine died, and the result was…they gave money to everybody. Whereas in Chicago, people were either for or against the Daley machine. That machine had an incentive not to get into a lot of fiscal trouble, because if it did, it would be punished politically.

Excellent throughout.
— Read on http://www.statecraft.pub/p/should-the-feds-bail-out-chicago