So two days ago, I boneheadedly dropped my stick about 3 feet onto the floor. Ever since then, whenever I plug it into my PS3, I would get the message “Maximum power output has been reached for USB devices. Please remove one USB device.” And then my PS3 wouldn’t be able to read my stick. However, I do not think it is a problem with my PS3 because I can charge my controllers perfectly fine and the message doesn’t pop up.
Does anybody know what I can do to fix my stick? 
You just dropped it? Damn man I throw my arcade stick across the room sometimes when I’m playing hdremix lol.
The issue has to do with where the usb cables are connected to. The wires maybe touching and causing the issue. The same exact thing happened to me when I did a crappy job on soldering the usb wires to a chutulu board. One of my friends helped me out by electrically tapping all the wires in the correct way so they wouldn’t touch each other on accident and it fixed the problem.
dismount you stick and check where the short is, electronic components are very light and they can endure a lot of "G"s and they should be okay, you are lucky there is a failsafe on you ps3 a short somewhere sometimes leads to something fried somewhere else, i still humbly suggest you dont plug you stick to anything before you found the problem with your stick.
my money goes on a wire that has been compressed somewhere at the time of the “landing”, but really could be a lot of things.
I have the original launch MadCatz TE and I dropped it on its side (the white edges) closer to the joystick, so I thought the problem would be where the Home/Turbo button would be. I opened it up myself to see if there were any loose wires of the sort but I don’t have any idea of what to do even if I could find one so I just left it alone, lol. I’m gonna bring it to a friend who I’m hoping would know how to fix it.
Thanks for the replies, guys. If anything, I’ll come back for more info. 
you want to look at where the usb is connecting to the board. see if the 4(5?) wirse are all lined up well and not touching each other. If everything looks fine, check the connections between the main board and the smaller boards
I agree with Ajunta, check the area of the PCB where the USB is connected to see if there’s any short
2nd that idea…
If your stick PCB is really broken, I would suggest that you replace the PCB with a MC Cthulhu . If you invest like $60-$80 in your stick you can make it work for more systems.
Took my stick to a friend today. He checked the PCB and everything seemed like it was working fine. After we plugged it into his PS3 and it didn’t work, he checked the USB cable and found a huge split and the red wire (he said it was the main power wire) was frayed. I think that sounds about right… Hopefully, it’ll work fine after I fix it (he told me to splice the wires and put it back together and use electric tape to mask it). <_<
nice that you have found the cause,
if the thing is on the cord :
make really sure no other wires are damages because in that case you could create a short when you ll squeeze everything back together.
if you have a spare usb cable mybee you can have your friend use it a a replacement for the damaged cord, so have him soled the USB spare cable in palce of the former cord.
or if it located close enough to the stick box which i highly suspect just cut the few cm of coord where the cut is and solder back the cord on the PCB at a point from where you are sure the cable is healthy.
if you are sure that the only damage line is the red one, you can do what he told you mash the too extremeties of the wire together and binf it with tape, if you wan you can add aluminium foil around the naked splitted wire before the tape to reduce the chances of loosing the contact when the cord is being moved.
Now if i am all wrong and the wire is damaged inside the box , you can still apply the solution where you desolder the cord, get rid of the damaged part and solder back the coord from where it is clean, or you can fix the problem as you described, in which case you will also want to add aluminium foil around the “tended wound” and then tape it VERY thouroughly to avoid any possible chance of a short.