Posted by
rycK on Monday, July 28, 2008 4:36:38 PM
New YorkState is Going Bankrupt. California and New Jersey will Follow Soon.
The left-liberal governor of New York State, following the carnival-atmosphere humiliation and resignation of Spitzer [Spitball #9 [1]] will make an announcement that New York’s Revenues are falling and cuts must follow. Spitzer had shouted warnings to banks before he was caught with his honey bun. [2] Now, his second, per perhaps a simple familiar, [Patterson] follows in his sticky financial rut and bawls for money. [3]
Make the Cuts.
What he really wants is a federal bailout. NYC attempted this in the 70s by assuming they could barrow and barrow and barrow and the federal government would bail them out. The Fed did not. NY defaulted on some of its bonds.
Spitzer’s Ultimatum:
“With major bond insurers hobbled by an ill-advised foray into subprime mortgage territory, Mr. Buffett made a tough offer aimed at the biggest and healthiest chunk of their ailing business. The insurers either turned Mr. Buffett down or haven’t responded, which puts the onus on them to devise their own rescue plan. Mr. Spitzer on Thursday gave the insurers five more days to do just that. If they fail, they face a potential breakup by New YorkState’s insurance regulator.”[4] [5]
The reason they are so frantic?
“In the past week, hundreds of routine Wall Street auctions failed to attract enough buyers for debt securities issued by states, hospitals, cultural institutions, student loan authorities and port authorities, among them the Port Authority of New York and New Jersey.”[6] [7]
This is because the City and State of New York are run by simple parasites that will grunt and grab any money anywhere to pay for their phony social programs, fat salaries and generous benefits of the politicians and the coddling of criminals and illegal aliens. This is the principal identifying attribute of a wanton tax whore. CA and NJ are just like this. Warren Buffet will try to underwrite this folly and make millions by soaking the banks.
Patterson’s Ultimatum:
"The governor has said he's tired of the state going from deficit to deficit, spending like it has a credit card that never has to be paid, and that he's prepared to take action," the source said.[8]
Okay, let us hear the solution! Show us the action!
[He will just talk!]
“To make his concern even clearer, Paterson will hold a private meeting today with ColumbiaUniversity's Nobel prize-winning economist Joseph Stiglitz, the former head of the World Bank, who has called the current worldwide financial crisis the worst since the Great Depression.
"The governor has been impressed with Stiglitz's work, and there have been staff discussions leading to the meeting Monday," said an administration source.”[9]
They promised to be fiscally responsible in 1976, but returned to the public though to fund their phony social programs, ‘education’ and fat salaries.
Why not try to cut spending? No, that is not an option.
These people are simple parasites who will never cut spending. They hope to find any way to increase taxes. They will promise anything. Federal taxes are welcome too. Once they get more funding they will overspend on maintaining their power and go broke again and lay prostrate in the streets of New York and bawl.
The NYC and NYS crowd are the same people that brought down New Orleans, Philly, Detroit, Boston and Oakland. The same mentality of tax and spend has broken several cities and one county in California.
These people are criminally negligent and need to be voted out of office.
rycK
Comments: ryckki@gmail.com