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Meredith Doubles Down: Move Over Munis, Here Comes The "Hidden State Financial Crisis"
There are those who thought that following the material pushback by every chatterbox on CNBC that the muni situation is actually nice to quite nice, contrary to what Meredith Whitney had prophesied, that the scourge of Citi would slink back into whatever hole it is she crawled out of. And then there is Meredith Whitney, whose occasional appearances on TV have resulted in 25 weeks of consecutive, and material outflow from municipal funds. Undaunted by her critics, she has now doubled down, and shifting away from munis, is now focusing one level higher: on the state financial crisis. Her conclusion, sure to set off a firestorm of angry responses tomorrow when the Op-Ed hits the print version of the WSJ: "Defaults in a variety
of forms by states and municipalities are already happening and more
are inevitable. Taxpayers have borne the initial brunt of these defaults
by paying higher taxes in exchange for lower social services. And state
and local government employees are having to renegotiate labor
contracts that they once believed were sacrosanct." And sure enough, she refuses to abandon her muni thesis: "Municipal bond holders will experience their own form of contract
renegotiation in the form of debt restructurings at the local level.
These are just the facts. The sooner we accept them, the sooner we can
get state finances back on track, and a real U.S. economic recovery
underway." Yes, well, one can argue that the sooner Ms. Whitney accepts that the modus operandi in the developed world is to preserve the status quo no matter the cost, and kick the can down the road indefinitely, the sooner we can all get back to a state of vegetative existence in which nobody questions anything and the world is one swell place until everything blows up.
Meredith Whitney: The Hidden State Financial Crisis, posted in the WSJ
Next month will be pivotal for most states, as it marks the fiscal
year end and is when balanced budgets are due. The states have racked up
over $1.8 trillion in taxpayer-supported obligations in large part by
underfunding their pension and other post-employment benefits. Yet over
the past three years, there still has been a cumulative excess of $400
billion in state budget shortfalls. States have already been forced to
raise taxes and cut programs to bridge those gaps.
Next month will also mark the end of the American Recovery and
Reinvestment Act's $480 billion in federal stimulus, which has
subsidized states through the economic downturn. States have grown more
dependent on federal subsidies, relying on them for almost 30% of their
budgets.
The condition of state finances threatens the economic recovery.
States employ over 19 million Americans, or 15% of the U.S. work force,
and state spending accounts for 12% of U.S. gross domestic product. The
process of reining in state finances will be painful for us all.
The rapid deterioration of state finances must be addressed
immediately. Some dismiss these concerns, because they believe states
will be able to grow their way out of these challenges. The reality is
that while state revenues have improved, they have done so in part from
tax hikes. However, state tax revenues still remain at roughly 2006
levels.
Expenses
are near the highest they have ever been due to built-in annual cost
escalators that have no correlation to revenue growth (or decline, as
has been the case recently). Even as states have made deep cuts in some
social programs, their fixed expenses of debt service and the
actuarially recommended minimum pension and other retirement payments
have skyrocketed. While over the past 10 years state and local
government spending has grown by 65%, tax receipts have grown only by
32%.
Off balance sheet debt is the legal obligation of the state to its
current and past employees in the form of pension and other retirement
benefits. Today, off balance sheet debt totals over $1.3 trillion, as
measured by current accounting standards, and it accounts for almost 75%
of taxpayer-supported state debt obligations. Only recently have states
been under pressure to disclose more information about these
liabilities, because it is clear that their debt burdens are grossly
understated.
Since January, some of my colleagues focused exclusively on finding
the most up-to-date information on ballooning tax-supported state
obligations. This meant going to each state and local government's
website for current data, which we found was truly opaque and without
uniform standards.
What concerned us the most was the
fact that fixed debt-service costs are increasingly crowding out state
monies for essential services. For example, New Jersey's ratio of total
tax-supported state obligations to gross state product is over 30%, and
the fixed costs to service those obligations eat up 16% of the total
budget. Even these numbers are skewed, because they represent only the
bare minimum paid into funding pension and retirement plans. We
calculate that if New Jersey were to pay the actuarially recommended
contribution, fixed costs would absorb 37% of the budget. New Jersey is
not alone.
The real issue here is the enormous over-leveraging of
taxpayer-supported obligations at a time when taxpayers are already
paying more and receiving less. In the states most affected by
skyrocketing debt and fiscal imbalances, social services continue to be
cut the most. Taxpayers have the ultimate voting right—with their feet.
Corporations are relocating, or at a minimum moving large portions of
their businesses to more tax-friendly states.
Boeing is in the political cross-hairs as it is trying to set up a
facility in the more business-friendly state of South Carolina, away
from its current hub of Washington. California legislators recently went
to Texas to learn best practices as a result of a rising tide of
businesses that are building operations outside of their state. Over
time, individuals will migrate to more tax-friendly states as well, and
job seekers will follow corporations.
Fortunately, many governors are addressing their state's structural
deficits head on. Unfortunately, there is a lack of collective
appreciation for how painful this process will be. Defaults in a variety
of forms by states and municipalities are already happening and more
are inevitable. Taxpayers have borne the initial brunt of these defaults
by paying higher taxes in exchange for lower social services. And state
and local government employees are having to renegotiate labor
contracts that they once believed were sacrosanct.
Municipal bond holders will experience their own form of contract
renegotiation in the form of debt restructurings at the local level.
These are just the facts. The sooner we accept them, the sooner we can
get state finances back on track, and a real U.S. economic recovery
underway.
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All this doom. I watched max keizer show on 24france yesterday. Taped on 28 oktober 2009 in which he sayd financial catastrophe would hit again in in 6-9 months. How long can this be stretched?
"How long can this be stretched?" - Many a man has had the same thought.
I see what you did there.
Funny.
+867
+5309
http://www.youtube.com/watch?v=-IunmW3wI5Q
Whatcha gonna do? i dont know! Just some lyrics. check it out,
Oh no seal team 6 is flying to discuss this with Osama Whitney. With any luck at all the helo will malfunction
Yup.
They'll helo over to Pakystan to double-tap OBL but leave the Terrorists on Wall Street and Washington unmolested.
Where is our Military and Judiciary and FBI and Law Enforcement and their oath to defend the Constitution?
As the Constitution is trampled they are tasked with chasing down religio-fascists in the Middle East.
How convenient.
http://www.zerohedge.com/article/congress-proposes-bill-allow-worldwide-war-including-inside-us
This story with great links that George put together is fantastic! that is where LEO's and all the others who swore to up hold the laws written by the duely elected are..
Corporations Own the Lobby!
The Lobby Owns the Government!
Law Enforcement works for the Duly Elected Lobby Whores!
We the People = Screwed!
Yes, the powers that be are becoming afraid. Their media whores are unable to keep the unrest under wraps. Now they have to aim the "power" of government at the people. Anyone who criticizes the government is now an "enemy combatent" and our sons and daughters will be used to keep us in our place.
It's all over except for the crying.
It is amazing isn't it?
I bet Hitler would sit back some nights and say to himself: "Holy shit, they let me get away with that too? WTF!?!?"
Think of FDR confiscating gold and shutting down the banks. "Holy Hell, no one assasinated me - all the WWI vets rolled over - wow."
Baaahhhh!!!
All this liquidity in system, slogging around, still not multiplying into any meaningful money supply expansion in terms of economic goose. So . . . if we still must delever the old fashioned contractionary, not inflationary, way then yep, State, Munis, more households and some small businesses must renegotiate debt, go bankrupt, renege on obligations. More pain ahead. Sorry.
Yep. Poor Ben. Inflation isn't working the way it's supposed to in his dusty old thesis. This whole darn globalized economy just lets liquidity run out the door. The only animal spirits that are getting juiced up on Ben's free-money are the spirits of emerging market economies.
If only there was a way poor Benny could tell the money where to go. But of course, there isn't. And the marginal returns on new liquidity are plunging faster than DSK's trousers. The more Benny prints, the more the rest of the world goes up, and the faster America sinks.
He knows he's fucked. The panic must be setting in. He must be telling himself on a daily basis that his thesis will work eventually... just a little more time.
Meanwhile, gleaming Asian cities filled with luxury boutiques, five-star hotels, and world-class hospitals are looking more and more like the "First World", and America looks like the "Third". Just a little more printing Ben. Eventually you'll be right.... sure you will.
And hey -- if it turns out you're wrong -- the bankers will still be your friends. They're the one's invested in EM's anyway. Heads the bankers win, Tails America loses.
Do you really want money velocity to increase and get to $13/gallon?
There's two ways out of this mess - death by hyperinflation or 'cross-the-board default and restructuring. Here's the thing, the former still gets you to the latter, just increases the size of the stone that must be passed.
We should've taken our lumps in '08 when the problem was 40% smaller. Strike that, we should have taken our lumps 20 years ago...
It'll last a good, long, while... look at japan.
armegeddon
It will only sound good when Jaime Dimon says it...
JP Morgan’s leader “Jamie Dimon” says 100’s Municipalities in U.S. Won’t ‘Make It’ Out of Debt Crisis “Bloomberg” http://bloom.bg/gDo4Wb
Yep.. when he says it.. no one stands up and yells "CUNT!".
The sooner you accept them the sooner attention will turn to the biggest deadbeat of all... the sovereign. Inevitable but unacceptable.
The funny thing is "State Services"? What are they again? State Highway Patrol . . . OK. Whatever. I have a gun and security system, and I like to drive over the speed limit. They're irrelevant. Education? I'll educate my daughter thank you very much. Transportation? I'll dodge the potholes. Fire? F- you, I have insurance.
I hate every level of government so if the state goes away, I dont care. I'd much rather the state be the sovereign than the Feds but they lost that battle decades ago.
Why don't you move to Somalia? Don't let the door hit you on the way out.
Very intelligent response, makes me look like a genius.
You in Shiela Jackson Leigh's district?
I prefer parasites like you, leave instead.
does somalia have one layer of govt? And a constitution (yes we still have one.)
You mean a 'country' that has absolutely no ethnic or cultural reason to be a contiguous state, detroyed by years of colonial meddling and collectivism? What's that got to do with wanting to reduce government? Somalia is the end result of too much government, not too little.
My point exactly. Folks think that I advocate nothingness. I am for an government that functions on the consent of the governed.
I advocate the lack of multi-level, state supported 'nothingness' and the promotion of individual, consent-backed SOMETHING. A future determined by the stakeholders who secure it, NOT the parasites who seek a free ride.
Not too much government, too much IMF.
Seymour=Butt Head
but...but...who'd register your property liens?
I keep hearing bullshit from the muni-squawkers that they have to raise taxes or 'essential' services would be dropped.
You won't be safe. Mayhem will rule the streets and you will be imprisoned in your own home. 911 will take 90-120 minutes to respond to the most dire calls only.
Fuck you douche nozzles! Raise my taxes and YOU'LL be calling 911!
I only own an old Shotgun, but I agree. I see NO benefit to local and state government. Street cleaning? Maybe? Please someone enligten me.
I got junked for something,. Again, I have no clue what for. Reduce government, be that the layers or whatever. I dont care who goes bankrupt. Tell me what they do and maybe I'll re-consider.
Oh, but you see the FBI, CIA, Homeland Security, 535 worthless politicians, and a military that doesn't even reside in this country as being more important than your local services? Just playing devil's advocate!
I feel we need teachers that teach worth-while subjects. Cops that protect and don't bill collect (I like to speed too). Real judges that understand jailing someone carrying a pound of marijuana isn't worth costing the state 500 grand. Shit this country really needs a dictator for the next 5 years, the whole system blows dirty donkey d##k!
Who says we want ANY of those things?
I want less local services, I want a smaller military, fewer national politicians, limited federal police, less regulations, a free economy and yes, more liberal drug laws.
You aren't playing devils advocate. You just don't understand that some people who want small government ALSO want more freedom. Understand?
My daughter and dog know where the government is in this house. We have never had a govt employee come over and offer ANYTHING to us. But we pay anyway. (I will live with potholes.)
building/repair of roads, potholes, road cleaning, should all be paid for by the gas tax at the pump, other than that, I can't think of one single tax that benefits me or that I need or that I have used
I'll live (currently do so) with potheads. Agree with everything you wrote.
"I see NO benefit to local and state government."
I agree. The alternative is: if local and state gov disappeared, israel would instruct their sleeper-cell AIPAC to force congress to move in for the kill and we would be living under federal law.
Federal law that was engineered for us by israel. Everyone must be a Patriot.
Pretty much on target for most of us; like to know who the weenies are that junked you.
Meredith, you have to admit she has a very strong track record.
Very strong.
She turned me into a NEWT!
Seems to be good sport to rail her from the wall St bankers media.
Her timing may be off, but I do think shell be right
I think we all need to calm down and take a lesson from Candide - Everything worked out brilliantly for him and his companions...
Short CA. Nuff said.
Short California munis into the ground. Anyone got an ETF?
I heard the talking heads on bloomberg making fun of her this morning.
All I have to type is...Karma is a bitch!
Translation: expect a very modest increase in Muni defaults and huge operating budget cuts all over the land.
Revenues are drying up and this will last for years. BUT with some exceptions, the local muni space has a cashflow problem, not a debt problem. This means that financing is for capital expenditure and operating expenses and not rolling maturities.
This is a crucial point: They can forego issuing new debt if needed. Capital expenditure and operating expenses always get the hammer in this situation, not creditors.
If the world does go to hell in a handbasket, there is better recovery here than anywhere else.
Perhaps in your state things are doable--here in IL, where Barack was once a gofer in the Senate, we are flat out insolvent on all fronts.
Dup. Using a laptop
I agree with you about Illinois. California is a pile of trouble too. But Illinois shows what happen when you HAVE to roll debt... you're effed. States don't have that problem cut budgets to the bone but leave creditors untouched.
I could be wrong. I think country and city munis are where you are really compensated for the risk.
you are correct JM, I manage munis, sold all munis in CA, IL, and NJ back at the peak and have been enjoying the return on our munis that were purchased a few years ago in all other states, and they are doing well this year
I was so jealous of my doctor friends who set up shop in Illinois. They were getting 90 bucks for a ten minute medicaid visit, and turning that down because all the other insurance was paying over 100 bucks (specialty care).
In my state medicaid pays 35 bucks if they even pay at all. About half the time they find an excuse not to pay.
Now I am so glad I didn't plunk down 100,000 to set up a practice in Illinois! The nice thing about being at the bottom is there is really no place to go but up. We are doing great here with the dollar devaluation and all. It helps to be a right to work anti union state with a low wage population.
Yah,
Greece just has a cashflow problem.
Lehman, Bear Sterns, Iceland, Zimbabwe, GM. ITS all just cashflow! Bailouts and Problem solved!
No, no, no...
Greece has to roll half of their outstanding issuance in the next three years. Germans won't put up with that shite over and over. Greece is going to the graveyard... it is just a matter of how much they can screw out of the rest of the EU and how much voters will put up with.
Most munis won't need a bailout but don't let the facts get in the way when all you have to say is "Zimbabwe".
LOL ok buddy I won't let "facts" get in the way. Keep buying those US$ denominated debt. I bet you're getting "compensated" for the risk!
Regrets, regrets.....shoulda, woulda, coulda
Imagine in 2008, if we had written bad debt off, instead of moving it from private balance sheets onto public balance sheets.
Imagine of instead of plugging state balance sheet holes the 1st stimulus has actually been used to help create real jobs through public/private partnerships. Help more people stay in their homes through principle reduction.
Imagine if instead of doing the exact same thing we had done leading up to the crisis, post crisis, we had actually had the courage to try something different.
Shoulda, woulda, coulda..........
Thanks for the chuckles, Lizzy.
Imagina all the people....living in the...
WhoooHoo
It doesn't help calpers and calsters that wall street is ripping them off every day.
Maybe ODammer can be their asset manager in 2013.
What with all that flooding-earthquake-swine-flu-meteor-impact-fallout-drought-rapture-related-human-detritus to clean up?
Wouldn't have the job, wouldn't have the time anyway.
Boat Drinks.
Boat Drinks
Has been awhile since I heard that. Thanks for the smile.
TTDIDWYAD
You forgot Elenin.
They'd be money ahead if they put it all in cash and hid it in the mattress. How much money have they lost already? Even now they buy any piece of crap that floats in the moat.
Calpers and Calsters are big players. Wall Street needs them more than they need Wall street. They (calpers and calsters) just don't know that.
Everyone wants to be a player. There is opportunity cost attached to that role.
the pension fund managers are crooks and the pensioners are too stupid to see it. i watched the calsters guy on bubblevision. he looked just like a goldman sachs scumbag. I could have beat his returns buying nothing but treasuries over the last ten years by a hundred billion I bet. It's maddening watching so much money flushed down the toilet. They are the epitome of "dumb money". Comotose money.
...DEFLation....
No! No breast reduction for U!
Please, not on my...watch?
thank you Meredith!
As Leo said yeaterday: "Keep dancin till the music stops" ... or something like that
He said: Buy TSL.
With both hands
until it blows out yer ass....
This is how it *should* end in the US: in a deflationary collapse where the unsustainable is at long last unraveled. But I doubt that end game as leech-f*cks, public employees, oldsters who have saved nothing and are utterly dependent upon SS and Medicare, the military complex, etc. can vote themselves money. There is, of course, an unending line of pols at the federal level who will gladly give these highly engaged voters what they want.
The financial elite get their bailouts and tax loopholes which makes the aforementioned small potatoes in comparison.
And because the public debt is denominated in dollars, which the Fed can print at will, the unsustainable can keep going for a while longer, but at the expense of the currency. That's why I'm in the hyper-inflationary camp: there are no adults left and the destruction of the currency is the path of least resistance.
Big up St. Croix Massive!
Horry sheet! Another Cruzan. Iriestx, you realize that we have about a 95% chance of knowing each other, right?
It is oh so tempting to guess or at least drop names.
Yeah, there can't be too many Zerohedgers on the rock.
"Tax-supported state obligations" will disolve all contracts...
What is a contract again? After GM, I got cornfused.
Don't hire dwarfs. Or elfs.
Poor Timmay.....
I have been staring armageddon in the face since the 50's.Ain't happened yet. Never will. Just messiness. Endless, meaningless, messiness.
Well, someone around as long as me. It's time.
I hope so . the disappointment is debilitating.
"I have been staring armageddon in the face since the 50's."
Well yes, but we lucked out a couple of times.
http://en.wikipedia.org/wiki/The_Fog_of_War (movie)
Reviews for the film were very positive. The film received an overall rating of 98% on Rotten Tomatoes
+1 Great flick.
I be Hypnotised.
Duck,
and cover...
Does Obama's stash ever remind you of that kid in the 5th grade who was the first to grow some facial?
Pre-pubescent facial, bitchezzz.
Great haircut reference.
Haircut? If only we could take it off at the neck.
Notice to all:
I jumped on TZA today. Go long. It's my fate.
Hicks: Outstanding. Now all we need is a deck of cards.
____
Ferro: Stand by to initiate release sequencer. On my mark. Five. Four.
Hudson: We're on an express elevator to hell; going down!
Ferro: Three. Two. One. Mark.
Bankster: Rough air ahead
Municipality: Stand by for some chop
Hudson: Game Over man! Game Over!
Colonial Marine to Lieutenant: How many missions you been on Gorman?
Gorman: Fourteen..........Simulated.
So when does GS send in the Troops to silence Whitney?
All circuits are busy. Please try again later...
Meredith looks like she has strong teeth that would bite... a xxxx...not just present her nether side ...
"States employ over 19 million Americans, or 15% of the U.S. work force, and state spending accounts for 12% of U.S. gross domestic product."
disgusting. trim government
So that would be one fat, lazy, overpaid state employee whose bloated salary and benefits must be covered by seven of his neighbors with productive jobs. 1 to 7, doesn't even include the federal pork.
"Next month will also mark the end of the American Recovery and Reinvestment Act's $480 billion in federal stimulus, which has subsidized states through the economic downturn. States have grown more dependent on federal subsidies, relying on them for almost 30% of their budgets."
especially CA and IL
It's about time they stopped that
Meredith rules!
I thought them stealing Granny's Pension cheque yesterday solved all that?
Meredith Please! They're working at it, honestly they are.
Not that having your grandparents move in due to the cheque bouncing is not an inconvenience granted, but hell, we're in this for the gipper, or gupper, sipper or whatver that dick's name was....
oops
Hidden States? Who knew? Like #51 and #52?
According to Obama there are 57.
Start counting the potholes boyz, they'z gonna all get bigger.
There are so many who still believe in the dream.
What full udders for the bankers and elites to milk!
Meredith is right but she is a sun shower, a passing drizzle on the parade of the delusional public toward perdition.
IRA's, 401K's, Savings, Pensions, equity in property...so much milk...
All they need do is make certain that they ape the young, pit them against their own Parents, anyone not "favored", anyone who can be marginalized, look how easy it was for Hitler, for Stalin, for Mao.
So easy, there is an app for that I'm sure...or two...or three...or...
Merideth,
Show me your books, and I'll show you my cock....which you want.
-Chuck ;)
Careful with posting drunk...
That wasn't posting drunk. That's his resume to the IMF.
This shit is going to get interesting again some day. I think they can kick this can down the road at least several more years. Europe looks like they can kick the greece can down the road several more years too.
but I think Merideth is ultimately right, and imminently fuckable.
'Eminently', unless she is spread eagled in front of you (sorry, proper usage is a pet peeve of mine. Agree with the sense of the statment however.)
Yeah after I did that I was just too lazy this time to deal with it.
It would be imminent if she came within reach of my boner.
Depending your definitions. 'Within reach' may not rise to the level of fuckable or fucking as someone like . . . say . . . Bill Clinton may define it.
My boner is pretty open minded. It has rarely turned down anything faintly resembling a female, especially drunk.
If it is within reach it is imminent.
As is mine. I do think imminent would also have to include some aspect of consent on Meredith's part. Unless you are an accomplished rapist, i.e Clinton o the IMF guy. Meredith is a big chick so, at least in her case, she would need to be 'within reach' as well as willing to oblige.
Are you guys thinking of launching a "yes we can!" boner club? You know, what happened to the last guy who joined that club; he ended up in ...well maybe you could play poker with him once there...5 card stud...and the last one to lose it wins jack pot to pay the jail keeper for a hooker.
Harvard Ave. in Rockville centre NY is a disgrace. Ridiculous potholes for 15-25k property taxes.
Nice job Skelos
Tyler, oh lordy Tyler, please, not the commercials with audio, anything but commercials with audio...
Four words:
Firefox with Adblock Plus.
Chrome works just as well.
"I'll gladly pay you Thursday for a hamburger today."
Meredith Rocks!
I believe it's "tuesday"
Meridith does a really good job with facts. There are a few out there that will tell the truth. But it is going to take time for it all to come together. It will, but do not know when. This volatility is really gettng annoying. Went to cash this week. But still have all my physical.
It's going to take longer than we want. I suspect this Greek thing and muni thing will be playing out for years.
I am troubled by the lack of junks on my topcalls. This means I am probably wrong because there are too many of you going to cash.
I never see a kind word about gold and silver anymore. What's with all this pessimism about gold and silver? You guys getting pessimistic about the pessimistic scenario or something?
dont fight the Fed, but you sure as hell can fight the states.....they will be the first for who the end of the road will come up for the rusty can.....still not sure who will be first.....illinois, NJ or cali ???
Never, never a mention of raising taxes on the Overly, Obsenely Wealthy.
At what point does Everyone Sing in Unison: "Too Few Ended Up With Too Much"?
The refrain? "It Was Never A Sustainable Idea".
I expect to see this analysis incorporated into any all future commentaries. Henceforth, it will be mentioned whenever there is a talk of "Solution".
What are they waiting for? Jump, fuckers!
\It aint just the states, and it points to the problem-- corporations getting away with too much.
When and if the US Federal finances finally overtly go up in smoke, that will be the great opportunity for We the People to rush the prison gates. If their system of money disintegrates, so goes their systems of control. That will be the perfect time for the people and the States to reconsider the meaning of the 10th Amendment and to regain control.
Although I'm sympathetic to the anarcho tendencies that many have, I think those are ideals that civilization can aspire to and careful develop, but not something that's likely to easily emerge after the Fall . I think it's much more likely that a reasonably free and prosperous system could emerge if the people, the States, and the 10th amendmernt were back in control. This is a scenario that's close enough to today's warm and fuzzy known-reality to be accepted by large numbers of people, even if in a fait-accompli fashion.
Unfortunately, in today's Planet of the Ape's world, too many people _really believe_ statism is just and effective (or at least extremely lucrative.) Just as they resort to such desperate measures now to preserve their system, the Crash will spawn a plague of those people who will fight hard to regain control.
But it is fun to imagine watching the former Feds and Banksters revert back to their feral ways. They could launch their own insurrection, build IEDs, and generally throw sand in the works. They'd have to hide from their own drones and perhaps civilization could muster some bounty hunters to dig them out of their spider holes. Maybe they could take over Cuba and hatch plots to retake the mainland. Whatever they do, it will be time to spank those monkeys, choke the monster, and whack it back to size!
Enjoy the ride
Does this mean that it will no longer take 7 guys to mow the shoulder of the road in my state? One guy mowing, two guys holding the stop signs to take it down to one lane. One guy to drive a state vehicle to lead the motorists 100 yards through the work zone. And two guys standing around talking.
Any surprize that the number one actuary collage in the nation University of Wisconson,