The Twinkie Offense

Competing narratives: Who killed Twinkies? Mitt Romney? Or Dick Gephardt?

Moral of the story:

Sadly, in many ways Hostess is now indicative of that just as insolvent larger corporation, the USA, whose insurmountable balance sheet liabilities will be the eventual catalyst for its collapse, but only once the Income Statement and the Cash Flow sheet join in. For now, the Fed provides the flow needed to avoid the day of reckoning, but everything ends eventually.

Hostess, like Greece, doesn't have a cash-dispensing Fed, so the day of reckoning shows up sooner.

PS The other difference between Hostess and the United States is that when the latter collapses this sentence will be non-operative:

"Most employees who lose their jobs should be eligible for government-provided unemployment benefits," Hostess said.