This version of Stein’s Law could be about lots of long running Ponzi schemes. Mississippi’s under-funded Public Employee Retirement Fund, for example, where employee contributions and investment returns don’t and won’t cover payments to retirees.
Gravity is a fundamental law of nature. It makes rivers flow to the sea. If the natural flow is blocked, there are consequences. The U.S. Army Corps of Engineers blocked about 40 percent of the Mississippi River’s peak flow to the Gulf at Morgan City in 1964. The delayed consequences today are unnatural floods on the Lower Mississippi.
Bad things often happen when politicians direct capital. A recent lead editorial in The Wall Street Journal provided some examples. One was some of the highest electric rates in the country. That sounds like Mississippi Power’s monopoly service area in southeast Mississippi. But the WSJ editorial was about California’s PG&E utility.
On January 15, 2016, the Mississippi River at Vicksburg reached 50 feet — seven feet above flood stage. It was the highest January crest since 1879 when Congress put the Mississippi River Commission (MRC) and the U.S. Army Corps of Engineers (Corps) in charge of flood control. A freak January flood.
Second in a two-part series:
What went wrong with changes to the river intended to control flooding?
Q. What is a Mississippi River Flood?
Albert Einstein said: “Insanity is doing the same thing over and over and expecting different results.” You could say the Mississippi River Commission (MRC) is insane. It built levees to control floods from 1879 to 1928. The great flood of 1927 showed that “levees only” didn’t work. So, Congress tried something different.
I arrived at the ag museum for the recent One Lake meeting about 15 minutes before kickoff. There was a long slow-moving line at the door. No tailgaters. But people were working the crowd. They were “one-river-no-lake” advocates with a handout explaining why they oppose One Lake. There are several reasons.
The Titanic ran into an iceberg, and sank. The U.S. Army Corps of Engineers has run into a “Mudberg,” and its reputation is sinking. Mudberg is a 30-foot-high mound of sediments in the Mississippi River above Baton Rouge that restricts its flow.