The markets reacted with SHOCK AND AWE at the news that the USA had lost its coveted AAA rating with Standard and Poors last week. But to me this is kinda like showing up the morning after the biggest, wildest keg party of the year and asking, “hey, uh, what did we miss?” Remember, S & P and Moody’s and Fitch and all the Wall Street dopes that were literally giving the US housing market a AAA rating even as the whole entire thing was burning down to the ground. Remember, these are the same dopes that gave New Century and WAMU and Countrywide and Indymac loan portfolios solid gold ratings and the Wall Streeters are the same dopes that accepted those ratings before shelling out hundreds of billions of dollars on paper that isn’t worth a fraction of what they said it was.
And remember, none of these dopes were punished or sanctioned or made to suffer in anyway for selling and whoring out these “Really Shitty Deals”, as Goldman Sachs described them. Nope, not punished. In fact, they’ve all been rewarded since the Crash. Our “leaders” in Washington DC cannot figure out how to dole out even a little slap on the hand and our “leaders” at the state level haven’t done any better. In fact, it’s quite the opposite. Wall Street more profitable than ever. Fortune 500 companies hoarding more cash than ever. Sure a few private attorneys have inflicted a few cuts on the monsters, but they’ve only lost a few drops of blood. No new supervision, no new regulation and no punishment. So given all this, what kinds of fun should we expect has been loaded into the world financial markets since all this started crashing in 2008? Right, apocolyptic catastrophe.
But just ignore all that for a moment and lets talk math. Basic math. Let’s start with easy. 1 + 1= 2. Good. Now, divide the total outstanding US liabilities of $65 trillion by the number of people in the US or 311,935,060. Right, that’s a number that’s slightly bigger than, “Oh Dear God We’re Crashing!
I’ve been writing about all this for years now, and you good intelligent people are far more aware of these issues than our elected representatives because they don’t get it. I say they do not get it, because while this state and this country are collapsing around us, just take a look at some of the “important” work our state legislators have been doing for us:
Public Lodging and Food Service Establishments: Provides additional penalties for offense of unlawfully distributing handbills in public lodging establishment;
Career and Education Planning: Revises general requirements for middle grades promotion to require that course in career & education planning explore National Career Clusters;
Offense of Sexting: Provides that minor commits offense of sexting if he or she knowingly uses computer, or any other device capable of electronic data transmission or distribution, to transmit or distribute to another minor any photograph or video of any person which depicts nudity & is harmful to minors;
Communications Among the Branches of State Government: Designates act “Communication of Judicial Opinions Act”; requires clerks of State Supreme Court & district courts of appeal to transmit certain judicial opinions to Governor, President of Senate, & Speaker of House of Representatives within specified time
Drug-related Overdoses: Designates act “911 Good Samaritan Act”; provides that person acting in good faith who seeks medical assistance for someone experiencing drug-related overdose may not be charged with specified offenses;
Sexual Assault Awareness Month: Recognizes April 2011 as “Sexual Assault Awareness Month” in Florida.
Click here and read through all of the other great work that our elected leaders have been frittering away their time with while you and I down here on Main Street suffer. Things are going to get much, much worse. And every single one of the people we sent to our state houses and to Washington DC are to blame. Our system is broken, our leaders are corrupted and we are in trouble….oh, and don’t even think about unlawfully distributing a handbill in a public place.