In yet another chilling reminder that this reckless Tea Party agenda has set the nation on a course toward financial obliteration, Jefferson County, Alabama, filed for bankruptcy yesterday. "Politicians don’t want to be attached to rate increases and tax increases, and both were going to be necessary," the court-appointed receiver argued in trying to thwart an attempt by local officials to wrest administrative control of the sewer program away from him.
Nobody will invest in paper issued by governments refusing to exercise their taxing authority, and Jefferson County bondholders are bearing the immediate brunt of maniacal right wing dunderheadedness in ignoring that reality. Accountants are already marking down the value of their junk holdings. Birmingham residents are next. Soon, the populace will see fees skyrocket and local services sharply curtailed as county employees get laid off, and looming in the shadows is the threat that hordes of people and businesses will start relocating en mass if officials cannot borrow money they cannot function without.
Your investments could be next. Well before it becomes clear that the politically-controlled infrastructure across this now-pathetic nation is being toppled by complete morons, markets here will crash once again.
And stay crashed while the loonies bankrupt us all.
