T Nation

LA Going Broke


#1

http://www.mercurynews.com/top-stories/ci_14830548


#2

I'm telling you, it's only a matter of time before "Escape from L.A." becomes historically accurate.

That or Thunderdome.


#3

Cities and states have to be put under the Federal thumb, to set up the country for National Socialism.

Most of our intellectuals are rooted in the philosophy of Plato, which is the basis for National Socialism. I believe Hitler himself says this in Mein Kampf, but hunting the quote down would be too much trouble. Where's Doogie?


#4

200 years, 266 financial crises, 60 countries...we are goat-fucked but good.

"If you are a new reader, I suggest going to the archives at http://www.2000wave.com/archive.asp and searching on the name "Rogoff," to read the letters I have written on his and Carmen Reinhart's must-read book, This Time is Different, which shows us that it is never different this time. They looked at 266 financial crises in over 60 countries across a span of 200 years.

Debt crises have sadly similar conclusions: they always end in pain and tears. And although we have stopped, as private citizens, from accumulating debt (or in some cases, such as mortgages, have just walked away from the debt), our national government has stepped into the breach and is borrowing at mind-boggling levels.

Below is a chart that is a wonderful illustration of an economic truth: if something can't happen then it won't happen. We cannot borrow $15 trillion in the next ten years. Not at anywhere near the low interest rates we enjoy today, and probably not even at nosebleed rates. (Note that the chart was created before the health-care reform bill. Add at least another trillion to the total. Anyone who thinks that bill was revenue neutral is kidding themselves.)

http://www.marketoracle.co.uk/Article18382.html


#5

The Dept of Water and Power (DWP) will not hand over profits until the city grants raises to the DWP workers. This is what happens when government runs industry.