Every time there’s a wild binge of some sort, there comes a day of reckoning. For Americans, we might be seeing the first early warnings that it’s not far away.
In front of the Jefferson County Courthouse in Birmingham this morning, a couple dozen protesters picketed against proposed sewer rate increases in the county where I live. Rates have skyrocketed over the past decade because of billions of dollars that the county borrowed for the sewer system. Much of the money was lost to waste and fraud. Several politicians and contractors went to prison for their part in the massive fraud.
Explaining the full story would bore you silly, but it involves greedy local politicians, greedy contractors and slick NYC bankers who sold the county on making complicated and dangerous financial transactions that county officials didn’t really understand. (This PDF is the best summary I can find of how the debt accumulated.)
The county owes billions to the banks and is threatening to file a bankruptcy which would make the one Orange County, Calif., filed in 1994 pale in comparison. County sewer customers are angry about any proposal which would keep increasing their bills in order to give more and more money to the banks, so politicians are willing to pull the bankruptcy switch.
We have no choice but to trust even in face of betrayal and hurt
Another ‘Atlas Shrugged’ moment: ‘Reasonable Profits Board’ proposed
It’s time to kick the arrogance of ‘American exceptionalism’ to curb
Deputies too busy to work accidents, but have time to raid bingo halls
When we’re scared of real love, we can panic if someone loves us
AUDIO: Without mastering ideas, we’re all blind leading the blind
Joe Rogan isn’t insightful to me, so I just don’t listen to his show
What is this old longing for home? It’s the need for unconditional love