I don't know about you, but this list from Business Insider indicates to me that things aren't quite as rosy as the market pundits would want us to believe. Call me a cynic, but I think they want us little investors to keep pumping our money in, while they rake off the creamy profits while our hard-earned cash pushes up prices. 

Then, when it truly becomes untenable, they'll already have their money out, while we take it in the shorts (no investing pun intended).

If your city is on the list, you have my sympathy. Though Chicago is not on the list, they bankrupted the future to pay for today.
In descending order, I give you the Ignominious Sixteen. And for you Detroit-bashers out there (that seems to be a sport), it is on the list, but not even top 5.

Without further ado:


16. San Diego, CA
Deficit through June 2012 : $73 million
Budget in FY2011:$2.85 billion
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#san-diego-calif-1#ixzz1oRiuqRt8

15. New York City, NY
Deficit through June 2012: $2 billion
Budget in FY2010: $63.1 billion
Annualized gap: 2.1%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#new-york-city-2#ixzz1oRiomgEe

14. San Jose, CA
Deficit through June 2012: $90 million
Budget in FY2010: $2.7 billion
Annualized gap: 2.2%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#san-jose-calif-3#ixzz1oRizvh6W

13. Cincinnati, OH
Deficit through December 2012: $60 million
Biennial budget FY2009/2010:$2.5 billion
Annualized gap: 2.4%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#cincinnati-ohio-4#ixzz1oRj49UpM

12. Honolulu, HI
Deficit through June 2012: $100 million
Budget in FY2011:$1.8 billion
Annualized gap: 3.7%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#honolulu-hawaii-5#ixzz1oRj9W01S

11. San Francisco, CA
Deficit through June 2012: $380 million
Budget in FY2011: $6.55 billion
Annualized gap: 3.9%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#san-francisco-calif-6#ixzz1oRjHgawZ

10. Los Angeles, CA
Deficit through June 2012: $438 million
Budget in FY2011: $6.7 billion
Annualized gap: 4.4%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#los-angeles-calif-7#ixzz1oRjLxjg4

9. Washington, D.C.
Deficit through September 2012: $688 million
Budget in FY2011: $8.89 billion
Annualized gap: 4.4%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#washington-dc-8#ixzz1oRjUsBru

8. Newark, NJ
Deficit through December 2011: $30.5 million
Budget in FY2010: $677 million
Annualized gap: 4.5%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#newark-nj-9#ixzz1oRjam1Es

7. Detroit, MI
Deficit through June 2011: $85 million
Budget in FY2011: $3.1 billion
Annualized gap: 5.5%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#detroit-mich-10#ixzz1oRjpzS2I

6. Reading, PA
Deficit through December 2011: $7.5 million
Budget in FY2010:$120 million
Annualized gap: 6.3%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#reading-penn-11#ixzz1oRjvHW4d

5. Joliett, IL
Deficit through December 2011: $21 million
Budget in FY2010: $274 million
Annualized gap: 7.7%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#joliet-ill-12#ixzz1oRk0ZxB7

4. Camden, NJ
Deficit through December 2011: $26.5 million
Budget in FY2010:$178 million
Annualized gap: 15%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#camden-nj-13#ixzz1oRk8yTSI

3. Hamtramck, MI
Deficit through June 2012: $4.7 million
Budget in FY2011: $18 million
Annualized gap: 17%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#hamtramck-mich-14#ixzz1oRkDi7yh

2. Central Falls, RI
Deficit through June 2012: $7 million
Budget in FY2011:$21 million
Annualized gap: 22%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#central-falls-ri-15#ixzz1oRkK6WuQ

1. Paterson, NJ
Deficit through December 2011: $54 million
Budget for FY2010:$225 million
Annualized gap: 24%
Read more: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12#paterson-nj-16#ixzz1oRkSuY2P

Proof positive politicians—especially Republican politicians—do not have the interests of the country in mind, only their own. Take a look at this quote from the Republican House leader regarding the payroll tax cut that is expiring at the end of the year. The President and the Senate ( both partisan sides, even), had agreed to a two-month extension. The Republican caucus in the House declined to even bring it to the floor for a vote, and shut down C-Span when questioned about it. Finally, succumbing to the political pressure, House Speaker John Boehner said at a news conference in Washington today his members decided to “do the right thing for the American people even if it’s not exactly what we want.”
Think about that statement. He blatantly and brazenly states what he wants is not what is right for the American people and it took immense pressure to make him and his cartel do what is right, what is good for the people he ostensibly represents rather than what he wanted. Dick. 
To hell with him, his caucus and "what they want." He was elected to represent, not dictate. If ever there spoke the need for a massive change in our political system, this is it.