Local governments are in as bad, or worse, shape as Cal and NY. There is this sense that commercial real estate is the "next shoe to drop"... I think CRE is small potatoes next to what is going on in the state and local government budgets. I don't know exactly when this unwinds, but unwind it will. My bet is in less than 3 years (but I could be wrong).
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No single lay off has to occur for any local or state government worker - instead of, say, laying off 25% of their workers the municipal unions could simply agree on a 25% wage and benefit cut. Of course, THERE ARE TOO MANY of these workers... and they are over paid and over benefitted when compared to workers in the private sector... the public worker's unions are just pulling the propaganda levers and placing stories with sympathetic journalists.
Propaganda (like imbalances) is EVERYWHERE. Public Relations firms' exist to help plant and spin stories in the media to suit their client's interests. There is NO INDEPENDENT journalism outside of the Blogsphere.
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Anybody notice the strange coincident of nearly $80 per barrel Oil (front month), "high" inventories, and a "high" US$?
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I always read Gene Logsdon. I also absolutely DESPISE the USDA which I think is Anti-Christ #2 (behind Goldman Sachs). The USDA is one of the most FOS organizations on the planet. I could rant and rave about these turds for hours, but if you don't work in Ag it would be lost on you... so I'll spare you. I will say to you that I have written to the USDA on occasion - to protest their silly assed, jag-off, know-nothing programs on National Animal Identification System (which has since be scrapped in all but name) and their lack of understanding the real risk to the country - and that is NOT crop prices and supports but WEATHER. These jokers think that as long as we don't "plow" irresponsibly "like we did in the '30's"... "every thing's gone be a'right".... these guys are as guilty of dereliction of duty as one can be. Our concentration and methods of AG production have left us horribly at risk to a significant weather outlier. Logsdon just touches on it... the floods that hit us in Nashville this year could just have easily been a multi year drought over the grain region... yet we have no "Strategic Grain Reserve".
Go figure.
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I read with interest the stories about this past week's execution by firing squad in Utah. Who were the folks doing the shooting? They were VOLUNTEERS from local Law Enforcement. While it is no secret that I oppose the death penalty I am sure that the individual in question likely had worn out his welcome on this earth decades ago... but who the h*ll "volunteers" to shoot somebody? Do we want this type of person walking around with a gun and a badge? This guy,by his own account, was a murderous SOB.... and what kind of people are these "volunteers"? We warehoused this guy for over 25 years... we couldn't warehouse him couple more? We needed the $5 to $15 million in legal fees every death penalty case costs the taxpayer?
Back to those "volunteers"... WTF is up with them?
Just saying.