Put my dusty morals on the dusty moral shelf
Try to do for others but I care more for myself
My life is like a desert just a lot of sand and rocks
Try and buy some peace of mind and find the store is locked
You can’t get water from a bone dry wishing well
– Bone Dry, by the Cadillac Tramps
Letters of Doom
Treasury Secretary Janet Yellen is a woman of letters. We like this about her. Because, like us, in a world of text snippets, tweets, and animated gifs, she finds the traditional exchange of letters to be most civilized.
Her academically trained brain – ensconced beneath a white hair shelmet – guides her thinking. With purpose and intent, Yellen puts fingers to keyboard and taps out letters to Congress warning of imminent doom.
Her most recent letter, published on Department of the Treasury letterhead, and addressed to The Honorable Kevin McCarthy, rolled off the printing press on Monday the 1st of May. The objective of the letter was to correct grave misinformation she supplied in a prior letter to Congress.
Specifically, on Friday the 13th of January, Yellen, sent a letter to Congress informing legislators that the statutory debt limit of approximately $31.381 trillion would be eclipsed on January 19. And that the Treasury must resort to extraordinary measures – accounting maneuvers – to delay a U.S. government default. Continue reading