Don't look now, America. You've just been mooned by the masters of Creative Greed.

Wall Street has shown its ass again. Buns of Steal!

Now we have to pay for the show, as usual. But pay with what? We don't have anything left. All the commonweal is gone, sucked up by our coddled billionaires, siphoned off into the coffers of our oil-rich friend/enemies on the Arabian Peninsula and our own insatiable oil tycoons, and shoveled into the black hole of Bush's Iraqi Horror Picture Show.

With what are we supposed to pay for this glorious glimpse of gluteus?

We don't have any savings to draw on. Nobody saves anymore. Frugality has been dismissed as old-fashioned. Our motto is in that advertising slogan:

"I want it all: I want it now!" Credit maxed out? Not to worry! You new credits cards just came in today's junk mail.

"Our indebtedness is so heavy, we're about to drag our creditors down with us."

Likewise, we wouldn't think of conserving any resources, either. "I want it all. I want it now!" harmonizes perfectly with "Drill here. Drill now!"

In other words, everything in the country has been run with the same recklessness characterized by those Wall Street gamblers, and we're not only broke, we owe everybody.

Our cheerleader-in-chief of the last seemingly interminable eight years just loves to crow about the freedom that we Americans have so much of that our enemies hate us for having it. We have so much freedom that we're obligated to go anywhere in the world to attack whatever people don't have it.

Attacking far-off freedom-envying people is expensive, and it puts you in deep debt.

So this seems a good time to point out what used to be a self-evident truth:


Thanks to the casino mentality of our financial community, with full encouragement by the Masters of Bigness Administration in the White House, America is farther in debt than she ever has been since the Revolutionary War. As with individual debtors, the country's debts far exceed her equity. You and I are not free. America is not free.

We're maxed out, and can hardly find respectable work anymore.

In fact, our indebtedness is so heavy, we're about to drag our creditors down with us.

Thanks, Bush, Greenspan, and all you bare-sterned bandits. Thanks for the butt show. Eventually, we'll pay our admission through the labors of our grandchildren, who, as of yet, aren't old enough for such adult entertainment.

We can call them the Born-in-Debt generation.

James Alexander Thom can be reached through .