But, what happened to the Republicans? The Republican hierarchy abandoned their core principles, among other things. Republicans are no longer fiscally responsible. They permitted Wall Street and Wall Street thinking to dominate the party and the country since 1980. All but 8 of those years where with an Republican administration. Wall Street continued to rule in the other 8 years with much help from a Republican Congress. As we all should know, Wall Street thinking cannot be trusted.
To avert a Chapter 7 bankruptcy the Republicans, at minimum, would have to throw Wall Street in the creek. This would not be easy, as Republicans have let Wall Street become their largest stockholder.