It's the start of the August long weekend at the cabin. There's a D-9 Cat and a portable shithouse on the road where my lakeview used to be. This to me is a real crisis. That, and the fact the Winnipeg Jets went and changed their logo. That was a beloved symbol. Winnipeg, would you ask Burton Cummings to change his name to Burt?
Change always sounds great, but I must be getting old. Some things, I believe, are best left the way they were. In the wake of the looming debt crisis, Obama may be using "Spare Change" for his next campaign if Congress cannot agree to raise the current US debt ceiling.
I was once told, "You need to spend a lot to make a lot." Based on that nugget of financial genius, the United States must be in Position A after ringing up $14.3 trillion in debt, with a large portion going to two wars and a bailout of Wall Street. Unfortunately, Position A is couple of vowels short of triple A where their treasuries are currently rated.
Does it really matter whether Moody's or Standard & Poors gives the treasuries a downgrade? It is alleged, these rating agencies manipulated the credit ratings of mortgage-backed securities triggering the 2008 financial crisis. If I paid a home inspector to inspect a home I wanted to buy; and, after closing, realized there was no home there, I probably wouldn't use him again.
On the other hand, the US Government should receive full credit for this spectacular spending spree in front of CNN's "Rapture" crisis starring California Preacher, Harold Camping. The World was supposed to have ended on May 21st, 2011, just in front of America's default. That would have have been some spectacular financial planning to max out the US debt in front of the Apocalypse. Unfortunately for the US Treasury, Camping proved incorrect, or perhaps the Chinese Government managed to purchase an extension on the Rapture until they get their money back . Those waiting to see the the Four Horseman of the Apocalypse ride, and new episodes of Madmen, will have to wait until this fall when Mr. Camping predicts the World's demise will come in October.
I personally don't believe the debt ceiling "crisis" is really a crisis of magnitude as Anderson Cooper and Company have managed to throttle it up to, and it's certainly not worthy of a debt ceiling crisis clock as shown on CNN. I would put the US's current predicament somewhere between Swarming Killer Bees and Steven Tyler's decision to appear as a judge on American Idol.
This latest "crisis" is just great political theatre and is entertaining, but it will likely be resolved at the 11th hour--all parties claiming victory. An hour before CNNs "debt limit" clock goes off and the US defaults, Anderson Cooper will head off to marry some more Royals..
The US is already "bankrupt" according to Ron Paul, Member of the Joint Economics Committee and former gynecologist. If this is the case, I am not sure what the fuss is over their once pristine credit rating. If the Texas Congressman is correct, Suze Orman, the internationally acclaimed personal finance expert, will be recommending a case of Starkist tuna and a shotgun at the core of your 2012 financial plan.
Both parties are trying to score big political points for the next election. Obama needs to get his birth certificate back out, put his big boy pants on, and tell Congress to get a single piece of paper on his desk by next Monday upping the debt ceiling as it has been done so many times before. Instead we have Treasury Secretary, Timothy Geithner, recently stating, "We are almost out of runway," resulting in the melting down of anything in the family jewelry box over 10 carats.
If there is no possible way for the US Congress to raise the debt ceiling for the 71st time, just raise Chapter 11 to Chapter 12, or do what the rest of us do--pay the Visa bill, with your Mastercard and hope the loan from Household Finance comes through.
I am not saying maxing out the American Express isn't news, but this is a bit of a self- inflicted financial wound, and no"Greece 2." It took a lot of trillions and a couple of wars to find the guy who started the whole thing, huddled up watching pornos on his 14 inch Electrohome.
Maybe if Rooster Cogburn was still around, he may have gotten the culprit for a lot less money. He got Ned Pepper without starting a war in another country, and Ned was one nasty villain. (See Dukenomics March 11, 2011)
The Duke, as a Federal US Marshall, wouldn't have ever have let the bankers loot the Wells Fargo either without a decent gunfight, but they are still walking the streets today. He'd be riding after the Wall Street boys for looting the good citizens out of their savings and have arrested, or at least winged, a few Keynesians for trying to prime the pump. If you can't prime it with 14.3 trillion, try a new pump. Or two pumps if you're Nancy Pelosi. She gets so excited when her boss talks, I am nervous she is going to come right out of them one of these days.
For sure, Chin Lee wouldn't own 26% of the Texas Lawman's stake. The Duke may have owed him some money over a card game but nothing to squabble over. As true friends, they would have worked things out.
Or better yet, get another actor, (but not from Austria) back at the helm of America. With the original Rooster Cogburn gone, I hope someone will nominate Jeff Bridges.
I gotta go. Someone's parked in front of my driveway...