John Rubino - NYC is Insolvent

When it comes to government incompetence, few places can match New York's. Corrupt labor laws, rapacious unions and bought and paid for politicians have led the CIty and State into a death spiral. It's just one of many cities and states facing the burden of retiree pension and healthcare benefits. It's underwater to the tune of $150 billion and counting. Get ready for the next meltdown.

John Rubino is the founder and manager of the popular financial website DollarCollapse.com. Mr. Rubino is the co-author, with GoldMoney's James Turk, of The Money Bubble and The Collapse of the Dollar and How to Profit from It. He spent the 1980's on Wall Street as a Eurodollar trader, equity analyst and junk bond analyst. During the 1990's he was a featured columnist with TheStreet.com and a frequent contributor to Individual Investor, Online Investor, and Consumers Digest, among many other publications. He currently writes for CFA Magazine.