Body Painting Women Isurance

U.S. municipalities declare bankruptcy, Bloomberg News reports. His concerns echo those of Meredith Whitney, the analyst who has said the next major financial crisis will come from a wave of local government defaults, and those of famed investor Warren Buffett, who has called the municipal debt situation a "terrible problem."

"If you are an investor in municipals you should be very, very careful," Dimon said, according to Bloomberg.

Different cities have different problems, but one thing remains constant: there's not enough money coming in. Often, revenue isn't enough to cover even the most basic of services.

* In Detroit, the problem has gotten so bad that a new proposal would deprive a fifth of the city of basic municipal services, like trash collection and police protection.

* Neighboring Hamtramck has run out of services to cut, and expects to spend its last dollar early this year.

* Prichard, Alabama, in a desperate response to depleted coffers, has illegally stopped paying its pensioners.
Story continues below