Now that the golden calf of refinancing homes and mortgages has been eviscerated, and the carcass of our hamburger / class-action suit / Black Friday based economy has been thoroughly picked over (apparently the last time the US had the current 11.7M manufacturing jobs level, according to the Bureau of Labour Statistics, was April 1941), the “banks” have to find something new to monetize and trade.  Seems like the only buoyant sector these days is government employment.  And municipal parking lots, but they are already monetizing that.

We spend $477 Billion annually on Federal Gov’t employees, and 60% of that is Union jobs, so we know that is all stable, dependable long-term earnings flow.  Could we divide up say by Department of Energy, Defense, Education, Bureau of Labour Statistics, etc., and then create some tranches by Dept and Job Class e.g. AAAA for Dept of Defense / senior bureaucrat / union job, Moody’s can develop a new business rating this stuff so it’s all official and we know what we are buying, NYMEX can create a futures market so these employees and government can hedge their future labour costs….presto, another ponzi scheme bubble in the making that the FI’s can rich off.  CLMDO’s.  Collateralized Long-term Millstone around the neck of US citizens Debt Obligations.  I could get a partnership at GS if I could pull this off. 

“A recent Heritage Foundation study found federal workers earn 30-40% more money on average than counterparts in the private sector.  Including non-cash benefits adds to this disparity. The average private-sector employer pays $9,882 per employee in annual benefits, while the federal government pays an average of $32,115 per employee.”  Luckily around 60% of these jobs are Union jobs

In 2005, 7420 federal workers were making $150,000 or more per year.  In 2010, a whopping 82,034 federal workers are making $150,000 or more per year. Source: USA Today