Bernie Madoff Is In Charge

H/T Vanderleun

Taking A Bath

Divias For Geeks explains exactly how government assets and income will be apportioned when the financial meltdown reaches its final crisis.

...the creditors of the "broke" entity take what is called "a bath." That means that under the bankruptcy laws of the United States of America they are paid a fraction of what they are owed. Because well, there just ain't enough money to go around, other wise the government, business or person wouldn't be "broke."

There is one small difference when governments go "broke" though. Then instead of bankruptcy law we have to rely on our Congress our Senate and fifty state legislatures to figure out who gets paid and who takes "a bath."

Those decisions will be made as follows. The least politically powerful people will be screwed first and hardest. The most politically powerful people will be screwed last and least.

He ends his note with a pointed suggestion.

That's how it's going to work. I don't tell you this because I dislike you. I tell you because I figure maybe you can use the warning to plan ahead, and buy lots of canned goods and a wood stove.

Sounds good to me. Don't forget to have a rotation plan for your canned goods and other semi-perishables. Keep your stocks fresh. Even if you can't afford a firearm, ammunition is always good for trade. Then you have to start thinking about alternate stashes. Depending on just how dark you think the days ahead may be.

Me? I'm looking forward to the Rejection in Nov of this year to fix at least the slide if not totally reverse the course.

Not Ponies - Boats

In a discussion of government pensions a person who makes their living lobbying for more money for government workers says:

“The biggest fallacy here is the discussion about comparing what a private sector employee gets to a public sector. And if where we want to go from a policy perspective is to go down and bring everybody’s boat down, so that they’re retiring on nothing, I mean that’s an interesting conversation to have. What do you do with those people?” said Cathie G. Eitelberg, senior vice president at the Segal Company, which advises public employee pension fund directors.

This is a move up. The Democrats are no longer promising ponies. We will now get boats.

Which reminds me of John Kerry's little boat. Are we all going to get one of those? I propose we get ahead of this curve and start building yacht basins at once. Let me see. Seventy-six feet long would be about 16 feet in the beam. Times 300 million. I think taxes are going up. But at least we will all have boats. See. We just pass a law.

H/T Instapundit