Can an American city default? Are cities too big to fail like the big banks on Wall Street? Will their respective states allow cities and towns to slide into bankruptcy and utter disrepair? Will the federal government bail them out?
I think the overwhelming answer to state and federal bail outs is... no. But can cities and towns go under? Sadly, nine are about to go completely busto according to this haunting report from 24/7 Wall Street, who analyzed each municipalities' anemic bond ratings.
What are the nine American cities on the verge of collapse?
1. Central Falls, RIClick here for more details on the potential demise of nine cities.
2. Pontiac, MI
3. Jefferson County, AL
4. Harrison, NJ
5. Detroit, MI
6. Salem, NJ
7. Riverdale, IL
8. Stafford County, NH
9. Camden, NJ