By Mark Glennon, includes “In Chicago, ‘they do things they don’t do on Broadway,’ goes that Frank Sinatra song, My Kind of Town. They also do things they don’t do on Main Street, and for good reason. So it was for $1.5 billion of new bonds issued by the city last week. Bond buyers liked it, but should service recipients and taxpayers? … Why did investors like the deal so much? Largely for reasons that should frighten everybody else. …”