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"Bankrupt" Jefferson County Did Not Buy REITs Today, Summons National Guard To Maintain Order
Oddly enough, Jefferson county which got into a dash of trouble buying some interest rate swap or another without reading the prospectus which despite guaranteeing perpetual appreciation distinctly said in the invisible print that total loss of principal is another side effect of transacting with Wall Street, has apparently been unable to participate in today's 175/75 L/S unwind which blew the REITs into the stratosphere and got Bob Pisani's panties in a bunch.
So, what do those Southerners do now that they have been on the verge of full blown bankruptcy for months if not years - why summon the National Guard of course.
Brilliantly, the county first cut the sheriff's budget, and only subsequently did it realize it would need to maintain this thing called order. From the AP:
The sheriff in Alabama's most populous county may call for the National Guard
to help maintain order, a spokesman said Tuesday, after a judge cleared
the way for cuts in the sheriff's budget and hopes dimmed for a quick
end to a budget crisis.
About 1,000 county workers already are on unpaid leave because courts
threw out a key county tax, and Hale has warned that reductions to his
budget would mean fewer patrols by deputies and decreased courthouse
security.
A spokesman for Hale, Randy Christian, said the sheriff told Gov. Bob Riley after the ruling that state assistance may be needed to perform basic law enforcement tasks once the department's current funding is exhausted in early September.
"We will certainly be looking at calling in the National Guard," said Christian.
Hale may have to cut as many as 188 deputies and almost 300 civilian
workers out of more than 700 employees total because of Boohaker's
ruling, Christian said. That would leave just enough workers to staff
the county's two jails, which hold about 1,000 prisoners on average.
Ok, but what happens when the National Guard goes bankrupt in a few months once every other county realizes it needs it too? Can they call in the Goldman reservists? Do these stupid mayors understand that Goldman reservists do not like to be paid with IOUs?
Once Joe Sixpack is busy fending off the vigilantes (real ones, not the bond variety) and has no time to heatmap his daily quota of REITs, the real question becomes what HAL9000 will do once it has no more retail players left to frontrun...
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actually that would be a great idea, make creating a profile obligatory, there are waaaaaaaaay to many of these anon leeches around here ..
Yes, and if you do that, please Marla, require a picture.
understood...enemies of our Founding Father's dream will pollute this river..machiavelli rules...you know what to do.
This is gonna be great. Truckloads of psychotic weekend warriors jumping out of trucks, eyes rolling back in their heads from Iraq flashbacks, blasting everything that moves or is black, breaking out all the American gulag torture and ass-rape interrogation techniques. PTSD comes home to the slave states. Couldn't happen to a nicer bunch of guys.
yes but the head of homeland insecurity says they are a danger to the united states if they get out of the service so she says they can't have guns. however , when they are working for the good old uncle, they are useful.......
Kind of like that scene in Rambo, First Blood.
The psychotic National Guard guys shooting the
bazooka into the cave John was hiding out in.
When their orders from the psychotic small town
sheriff were not to shoot, bring him in alive.
Why are all LEOs portrayed on the boob tube as psychotic?
Too bad the national guard is in Afghanistan.
There's been a lot of Bama Guard units deployed to Bush's military misadventures, so some of the WOFTAMs will be absolute nutjob psychos with no qualm about killing anything they feel like.
As a former green-clad kill-drone (not a US one) I don't have a great deal of time for cut-lunch commandos; by and large they are badly trained, prone to be unreliable under pressure, and other stuff that you don't want. They are about as useful under fire as military clerks and drivers... I understand the US has been forced to use them as front-line troops also.
That said, if you put badly trained weekend-'warriors' in a pressure cooker for extended tours, then tell them to go do local law enforcement, the odds that someone gets severely fucked up is really significantly higher than you would think. Someone else mentioned Kent State... I'm not sure if the Ohio NG units used at Kent STate had completed Vietnam tours, but one thing is clear - they only had M1s. The M1 is only one-shot semi-auto (self-reloading), whereas the M16 and M4 have full 'spray and pray' options and a default 3-round burst. [Caveat: the M1's 7.62/0.3 round will go through several people without stopping... whereas the M16/M4's 5.56 has less momentum - it's a wounding weapon].
If budgetary mismanagement in some US regions is bad enough to result in the inability of governments to pay their armed goons, then it is terminal. The armed goon budget is the thing that keeps the parasites in charge - without armed goons to force compliance, populations tend to stop paying attention to the ponerocracy and politicians can't give loot to their cronies.
Another victory for capitalism.
Cheerio
GT
This is beautiful. This is the future. Governments role reduced to law and order, by the military. It's the dream come true. We've been waiting for this since 1933.
Grover Norquist must be proud.
The main proximate cause of this was the State Supreme court ruled 40% of their taxes illegal and uncollectable. Donner Party conservatives all.
Hi there Rapier,
Let's split hairs...
The proximate cause was that the State government spent way too much then tried to cover their excess by proposing a bunch of taxes that were unconstitutional.
(I'm not defending the court, and I'm neither a 'Republican' nor a 'Democrat'... I'm a 'pig-atarian' in that I want all politicians to be put into Saddam's mythical "human-shredder", and for the remains to be fed to pigs - à la BrickTop from the third-best Pitt movie... Snatch [the second was Twelve Monkeys... and the best, we can't talk about])
Cheers
GT
I don't have a problem with their taxes being declared illegal because ripping off the people should be illegal.
National Guard should have closed down Wall Street years ago. Widespread looting on a daily basis. Close the markets entirely. End it.
Default = Bailout
On your debt Your family
Credit ratings promote debt peonage and entrapment.
"I believe that banking institutions are more dangerous to our liberties than standing armies..."
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered."
Thomas Jefferson to James Madison, 1787
Err... Joe Six isn't going to be fending off vigilantes... 'Cause he is 'em.
Thanks TD, I would have never known about this reading any other page. One of the more ridiculous reads in a while....
This is a precursor of trends in Public Administration.
Government gone bust. Fire the workers since there is no money to pay.
Gridlock in administration / services results in frustration, aggravation.
People begin to "Lose It"
The Omnipotent Assholes who think they are running the show have totally lost it. Very little of the Mega Buck Bonanza has reached the "Average American".
You think you are pissed, you and about 100 million other Americans who know they are being screwed.
Obama Bin Lottery is bust. In their heart of hearts, everyone knows it.
AND SO IT BEGINS.
Are we the only ones that see a total collapse of civil order coming soon because of what the fools on Wall Street and at the Fed did to us? The guv will collapse, starting at a local level and moving all the way to a Federal level. As in Russia, central economic planners (the Fed) are the LAST to know when the economy collapses.
I'm going to have fun watching the trials and executions on TV about a year from now, though. The military junta that will inevitably rise to fill the power vacuum left by an abscence of any identifiable civil authority will have to do that to the obvious suspects simply in order to legitimize itself in the eyes of the populace, who will cheer them on in this endeavor after enduring who knows how many months of looting and starvation.
What we will get in the end, I think, will be a Socialist or quasi-Socialist state, which is also a military dictatorship. But frankly, at least everyone will get fed. Probably a lot of public works projects will get done as well. I'll take black-wearing soldier dispensing justice at will over starvation and homelessness any day of the week.
Use your imagination and help us make a better outcome..talk to your neighbors and be the example you believe in. As Wesley "Scoop" Nisker used to say on KSAN (SF) in the late Sixties, "If you don't like the news, go out and make some of your own."
Just think of all the bank's that can be robbed? Finally, some real opportunity.