Some Rich Becoming Poor-A Good Thing? Remember the State of Franklin?


Good Times Over?

Good Times Over?

Bernie Madoff Might Like This

Bernie Madoff Might Like This

With the economy as it has been, there have been stories of woe from people losing their jobs and 401K plans shrinking. Pension plans have been in peril and investments for non-profit organizations have put a strain on those charities. If you think about it, if you have a lot of money, you have to put it somewhere. Most people don’t have a mattress big enough to stuff millions of dollars under. Even if its in the bank, then you probably would have several banks because there is a limit on the insurance. So, people will invest in real estate, stocks, bonds and such. Well, stocks and real estate really took a hit so people with the most money have lost the most, in some cases on paper, but in others its real losses because they are forced to sell assets at deflated prices to cover other needs. This article from the New York Times claims that the “Super-Rich” are shrinking in numbers. Do you think its a good thing to have the wealthy lose their money? Is it better to have a society in which everyone has a little money or with a stratified class structure?

On This Date In History: In Colonial times, the Crown made the rules and in 1763, England decreed that no settlements be made west of the Appalachian mountains. Nevertheless, frontiersman refused to abandon their outposts…remember Daniel Boone was running around what is now Kentucky in the 1760s. In 1772, hundreds, if not thousands, of folks in the mountains of what is now eastern Tennessee formed the Watauga Association, mainly for defense against the Indians. When the Revolution came about, the used their expert aim with their long rifles to defeat the British at King’s Mountain, South Carolina. Their leader was John ” Nolichucky Jack” Sevier. After the Revolution, the state of North Carolina wasn’t any nicer to the region than the king had been as they taxed the Wataugans “grievously….without enjoying the blessings of it.”

Sevier-A "Statesman"?

Sevier-A "Statesman"?

In 1784, North Carolina offered to cede the Tennessee lands to the federal government but the Wataugans prepared for a convention on this date in 1784 which led to a vote to found the 14th state of Franklin. Even though the new “state” was named for him, Ben Franklin declined an invitation to visit but Thomas Jefferson approved of the move. They even elected John Sevier as Governor. But, they got a little ahead of themselves as only 7 of the 13 states agreed with Jefferson and the Constitution said that they needed 9 to gain statehood. Meanwhile, back in Raleigh, the state of North Carolina took their western lands back and arrested Sevier as a traitor! The state of Franklin continued to operate on its own until North Carolina gave in, pardoned Sevier and forgave the settlers back taxes. Franklin became part of the Tennessee territory and when the territory was admitted to the Union in 1796, Sevier was elected its first Governor.

The folks in Eastern Tennessee maintained their independence though. During the Civil War, the mountain folks of East Tennesee remained loyal to the Union and proved to be a real thorn in the side of the Confederacy, much as they had to the King and to North Carolina. If the US was ever invaded, I have thought there were parts of the country that would never be conquered and Eastern Tennessee is near the top of my list.

Weather Bottom Line:  This is a very odd pattern.  Remember the month of July and Louisville not getting to 90 degrees for the first time ever?  It was a weird thing in that the pattern was not typical summer.  Then for half of August, we’ve had a typical pattern but this big trof digging down and the behavior of Hurricane Bill look more like an Ocotober pattern, not August.  This trof is deep as it digs all the way down into the Dixie states and it features a deep low rotating vort lobes around, much as we would see in the winter.  Typically, that would bring snow showers or flurries.  In this case, the clouds and cooler air will hold us in the 70’s for highs over the weekend with an occasional passing sprinkle or light shower.  Look for a cool start for church Sunday morning with temps in the 50’s for many.  Could be the same on Monday.  I’m thinking I won’t need the air conditioner for at least the first half of the work week ahead.  No significant rain chances appear on the horizon.

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