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.
Keep trying: The squirrels are pedaling as hard as they can
New segregation: Why do some people cling to racial politics?
Some of us don’t seem ‘wired up’ to stay sane working for others
People with healthy self-esteem don’t fear what others might see
If you vote, you’re my real enemy — no matter who gets your vote
Our self-deception is attempt to justify whatever we do to others
Our methods of selling politicians seem designed for mental defectives
New year is great time to resolve to cut toxic folks out of your life
Is Paul Krugman serious or is this some kind of weird performance art?