My colleague Josh Rauh who is a pensions expert testified in the front of the Evanston City Council.  You can read about his report here.  I particularly enjoyed the little jokey exchange at the end:

‘Do we want to take action now and forge a financially responsible course?” If not, he [Josh Rauh] said, the City could just keep going in the present direction, “hoping that someone will bail us out. We could get state and federal bailout money.”

“Are we too big to fail?” asked Mayor Tisdahl.

“The City of Chicago is too big to fail,” responded Dr. Rauh; “the City of Evanston may not be. …