Jefferson County, Alabama, which includes the city of Birmingham, is on the brink of the biggest municipal bankruptcy in US history thanks to a $3.2 billion sewage project. Why? A combination of federal intervention, corrupt government-business partnerships, and the stupido-faith that the boom would go on for ever. The establishment moans that in the event of a bankruptcy, spending would have to be cut, government workers laid off, and more borrowing made difficult. What is the downside? They claim taxes would have to be raised. But since they want to do that always and everywhere, that is no downside for the establishment. But if they try it this time, as during the last depression, they will have a revolution on their hands. Jefferson County, live up to your name, and shrink. (Thanks to Steve Bartin.)