LIGHTS, CAMERA, ACTION !!--IT'S "MARATHON PUNDIT VIDEO" COVERING THE FINANCIAL AND POLITICAL MESS IN ILLINOIS

John Ruberry at Marathon Pundit is covering one of my favorite topics: the fall of the State of Illinois. Using his new feature, Marathon Pundit Video, Ruberry covered Dick Morris high atop The John Hancock Center as Morris commented on the situation Illinois finds itself in. Now don't get me wrong, I like the state--I was born there--but what Illinois is going through financially is a lesson that we all need to learn.

Illinois and California are in the same financial boat, so to speak, and that boat is takin' on water in the form of debt and a shrinking tax base. There's no goin' back to the port to pick up more cash. There is no cash. The important lesson here, as painful as it is, is that progressive policies do not work , never have, and never will. They all end in financial catastrophe.

What Illinois and California are about to go through is the result of many years--decades--of liberal, progressive spending policies and sweetheart deals with the unions. The resulting financial carnage will not be pretty nor will it be easy to get through, except for the politicians who've brought us to the brink of ruin. Each of them, as well as their loved ones, will be just fine. One more thing to consider here: this carnage I speak of is unavoidable. When you're bankrupt, you're bankrupt. There's going to be a painful period of recovery, and that time is nearby.

As we observe Illinois and California go through the process of total financial collapse, know too that other states are not far behind. These are just two of the worst cases on record, and since I was born in one and live in the other, I pay particular attention to what Ruberry posts on the subject.

The takeaway for me is this: We're told over and over again that liberal, progressive spending policies have brought us to this point. This is true. But it isn't quite accurate to say only liberals--democrats--are the cause of this financial failure and breakdown of the system. No, there was another party involved here as well--the republicans.

Oh, really, you say? Unless the democrats have super-majorities, they must have cooperation from the party across the aisle for passage of these massive spending plans that are repeated year after year, decade after decade. It's not one year of ridiculous spending that brings a state or the Federal government to its knees, it's years of cooperation from both sides that has brought this horror story to your household.

Both republicans and democrats share the same set of sheets, they attend the same cocktails parties that you aren't invited to but get to pay for. In other words, you and your loved ones are the suckers who get to pay for this mess, suffer through the many years of recovery and all the while the MSM telegraphs to you that it's the other party's fault. Bullshit on that.

Criminals of this nature have no real allegiance to any party or country, and until you get that through your head, you and your loved ones are doomed. These son-of-a-bitches holding political power--no matter the party--should be in jail, or under the jail for putting in jeapordy the greatest nation known to mankind. If America fails, the world fails. And when that happens, then you'll understand the true meaning of suffering.

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Since we're speaking of John Ruberry and his Marathon Pundit blog site, I'd like to point out that John was linked in Andrea's Surfin' Safari column this week at WND. It was the lead story and it involves Derrick Bell and Critical Race Theory. So check out this week's Surfin' Safari.

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"OBAMA'S BIRTHDAY: THE CURE FOR A FAILED CITIZENRY"--KEVIN JACKSON

Kevin Jackson of The Black Sphere has penned a little piece over at the American Thinker. In it, Kevin highlights some of Obama's accomplishments since being placed as POTUS.  Kevin's a fair guy, no one would argue with that, and his piece points out just how fair he can be.  Below is a snip where Kevin gives kudos to Obama for going above and beyond in bolstering some of our most important industries.  Oh, and by the way, Kevin gives us the skinny on the really big news of the day: It's Obama's 50th birthday.  Just reportin' what I read.

"Be thee of light heart and rejoice in the spirit of "hope and change," for the gun and ammunition industry is booming, as are any industries related to "survival," e.g. water purification, bio-diesel generators, dehydrated foods, and so on.  Kudos to Obama for giving Americans so much hope, that many of us are planning our survival for when the dollar collapses and anarchy is the order of the day."

Kevin Jackson--THE BLACK SPHERE
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NO MATTER HOW YOU LOOK AT IT, CONGRESS HAS FAILED US... AGAIN

You know it's a bad day when the ChiComs and Russians share the same conclusions pertaining to the failed attempts by congress to at least slow the economic destruction of America.  I'm not so naive to think the ChiComs and Russians aren't playing against us and using this debt crisis as an opportunity to slam us in the world-wide press, but the truth of the matter is, they are correct.  Congress failed in all respects, never coming close to addressing the problems forced upon the American taxpayers. 


The failure in congress wasn't because they didn't know how to approach the problem, they simply didn't want hometown politics to take a bite out of their collective asses come election time (business as usual.)  The will of the American people has again been ignored--few, if any, will get a pass this time around.  

The debt vote has been analyzed seven ways to Sunday, ranging from a "good start" to "absolute failure of leadership" to "disaster."  I agree with the latter two.  This was no time to take half a loaf, especially knowing we held all the cards at the table.  It simply took a spine and a simple understanding of the sheer magnitude of the economic catastrophe facing us.

Below is a quote from a Bloomberg article: 

"China, the largest foreign investor in U.S. government securities, joined Russia in criticizing American policy makers for failing to ensure borrowing is reined in after a stopgap deal to raise the nation’s debt limit.

"People’s Bank of China Governor Zhou Xiaochuan said China’s central bank will monitor U.S. efforts to tackle its debt, and state-run Xinhua News Agency blasted what it called the “madcap” brinksmanship of American lawmakers. Russian Prime Minister Vladimir Putin said two days ago that the U.S. is in a way “leeching on the world economy.”

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TAHOE RESORT GOING OFF CLIFF; REID NOT FAR BEHIND--updated

When the president of the United States advises big business to stay clear of resort areas such as Las Vegas for their conventions, big business takes that to mean places like Reno and Lake Tahoe as well. The result? Big business in these convention towns begin to fail, and fail big. With the overall national economy in peril, tourism is down across-the-board. And convention business, long being the life blood of these areas, becomes even more vital to the survival to these resort areas. Today another resort's future just got a little more bleak, as did the future of many working Nevadans.

The latest collapse comes to the north shore of Lake Tahoe: The Ritz-Carlton's Highlands resort, a premier resort and major employer in the north shore area, has filed default papers with the Bank of America in Placer county, which means foreclosure is close at hand. This news places further economic burdens on an already beleaguered resort area. From the Sacramento Bee:

"The new Ritz-Carlton luxury hotel at Lake Tahoe has gone into default, the latest sign of trouble for the lake economy and one of its top developers.

The default notice is the first step toward possible foreclosure. It was filed against the Northstar-area hotel March 31, about a month after its developer, East West Resort Development of Avon, Colo., put nearly $1 billion worth of Northstar real estate development into bankruptcy reorganization."

Alongside Obama is Nevada senator Harry Reid--a potty trained lap-dog for Obama's economic policies--who has done little to nothing to bolster his state's economic future. As a result, Reid will continue skiing uphill into the senatorial elections, but probably not at the Highland's Resort in Tahoe.

Tourism and convention business is a big slice of the revenue Nevada takes in to keep the state afloat. But with Reid's lack of leadership in promoting his own state and policies favorable to it, Nevada is experiencing the brutal facts of economic reality. And soon the people of Nevada will be inviting Reid to gorge himself at an all-you-can-eat buffet, featuring a heapin' helpin' of political reality.

Note to Searchlight, Nevada-- your home town socialist is headed your way for an extended stay. Please welcome him home with open arms. It's time for a change, and the people of Nevada know it. Harry Reid knows it too. Since Harry Reid won't fight for you, consider putting Sharron Angle in the ring.



NOISYROOM for more financial news.

UPDATE: Since I've visited the north and south shores of Lake Tahoe and Reno many times, I always think of the area as Nevada. The state line runs right thru the center of the lake. The Ritz resort is on the California side of the lake, however, policies from Nevada affect the entire Tahoe resort region. As Reno goes, so goes Lake Tahoe, so to speak. And many of the workers in these resorts commute from Nevada because of prohibitive living costs associated with the Tahoe area.

I contacted the Ritz this morning and discussed the situation. A spokesperson said the financial problems with the property owner will not affect the operation of the hotel resort. The owner is now in negotiations with the bank to secure funding to bring it in line with current obligations.

When I asked if the resort would continue to operate in the event the owner in fact goes into foreclosure, the reply was that someone else would step in, buy the resort and it would continue to operate as usual. Rather optimistic, I'd say. But, the property is located in one of the most breath-taking areas on the planet. If you've never had the pleasure of visiting the Tahoe area, put it on your list of things to do before you die.

Here's a few pics I took from on top of the mountain at Tahoe.

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