The City of Chicago (Obama's Home Town!) has had its bonds reduced to "junk" status.
Why? Huge debt. Stupidly expensive pensions. Total union and Democratic control for decades.
But read for yourself:
http://chicago.cbslocal.com/2015/05/13/following-city-chicago-public-schools-credit-rating-junked/
Maybe Chicago will go to Venezuela or Greece for stupid finance lessons.
Honestly, I'm surprised they weren't already at a junk rating.
Yup. And their school bonds were dropped to junk today.