If bubbles reflect social outbreaks of poor judgment, then even those who adhere to individualistic notions of contract should recognize that there is a basis for denying enforcement of bubble contracts. This article outlines the argument that bubbles -- defined as outbreaks of poor judgment --...

Scholars and commentators have argued that municipalities can and should use bankruptcy to shed unwanted liabilities, particularly employee healthcare and pension commitments. Courts increasingly have agreed: Detroit's approved bankruptcy plan cut pensions, and the bankruptcy court overseeing...