Wednesday, April 8, 2009

Election Year Cover Up?

Election Year Cover Up?

The facts seem to indicate that the New York's economy is in a lot more trouble than the public understands.

Are the City's elected officials hiding the real picture of the cutbacks to get past the 2009 election? Are Albany's dysfunctional leaders who say they are coming back in June to cut more out of control? Will increase in taxes, pension costs, MTA cutbacks and the lack of a real business plan for New York cause more companies to leave making the city's economy worse. Nobody's saying.

As Economy Weakens, City’s Budget Gaps Swell After several years of amassing large budget surpluses, New York City now faces swelling budget gaps as a long and deep recession erodes jobs and tax revenues. IBO projects that the city will lose 243,000 jobs from the peak during the first quarter of 2008 and tax revenues will fall by $2.8 billion in fiscal year 2009 to $34.7 billion and then decline by $380 million more in 2010. Recognizing that the city will not be generating large surpluses to cover the shortfall between recurring revenues and expenses, the Bloomberg Administration and the City Council have ended the property tax rate cut six months ahead of schedule, taken steps to generate additional revenues, and cut spending. Despite these efforts, the city faces daunting budget gaps beginning in 2010—the upcoming fiscal year.
Based on IBO’s estimates of revenue and expenses under the November 2008 financial plan, adjusted for the tax measures adopted last month, we project that the budget gap for fiscal year 2010 has grown to $4.3 billion (10.4 percent of city-funded revenues). With little recovery of the local economy anticipated before the end of calendar 2010, we expect the fiscal year 2011 gap to reach nearly $7.0 billion (15.9 percent of city-funded revenues). Average home prices in the city dropped 23 percent from a year ago to roughly $660,000 during the first quarter of this year, a new study shows. Manhattan had the biggest drop, 11 percent...more > *** City condo sales head southNumber of sales down 61% in Brooklyn, not far behind Manhattan’s 63% plunge. Queens and Bronx: sales volume down 58% and 50%, respectively*** Office rents: Biggest plunge in 25 years *** MTA rolls out year of slashing servicesThe MTA on Tuesday unveiled a detailed time line for its withering service cuts to bus and transit lines - changes that will dramatically alter the fa...*** Wall Street turmoil threatens NYC economy - U.S. business- *** Wall Street turmoil threatens NYC economy - U.S. business- *** Wall Street turmoil threatens NYC economy - U.S. business- *** NYC Job Loss Estimates Rise To 243000 Through 2010 — Manhattan ... *** NYC Job Loss Estimates Rise To 243000 Through 2010 — Manhattan ... *** Colangelo: City benefits getting closer look by critics*** Queens-based JetBlue is seeking new corporate office site, officials confirm: Could leave NY "New York has become an increasingly unfriendly place to do business," said Michael Boyd, president of the Boyd Group International, a Colorado aviation research and consulting firm.

The City MAYOR BIDS TO BOOST CENSUS *** USTA wants more bang out of Ashe Stadium From Sports Business Journal via Atlantic Yards Report *** Stonewall Uprising Given Role in Tourism Campaign *** Be Counted in 2010, New Yorkers Are Told *** Imagining a New World Trade Center Logo *** Imagining a New World Trade Center Logo *** 'Obama Fried Chicken' Will Keep Its Name *** Hello Dreamland: new park to take place of Astroland at Coney Island *** Recession not creating a 'perfect storm' for crime: NYPD *** Queens-based JetBlue mulls new corporate office site *** More families turn to kosher food pantries for Seder support *** Gonzalez: Cable deals a bit fuzzy: Why haven't we heard a peep from City Hall about the holdup in negotiations with Time Warner and Cablevision on new agreements? ... *** Indictments Over Iran Nuclear Effort Ties *** The city is still considering an upstate wastewater treatment plant *** NYC Job Loss Estimates Rise To 243000 Through 2010 — Manhattan ... *** Rising Unemployment: True Pain Is Twice What's Reported *** International Auto Show Parks At Javits Center

On the Road to City Hall MIKE'S COMMON TOUCH: Portrayed by his rivals as an out-of-touch billionaire, Mayor Bloomberg is hitting the airwaves today with a campaign ad that shows him in casual clothes interacting with everyday New Yorkers...more > *** Bloomberg Spends $3 Million on TV Ads in Mayoral Race *** Morgenthau paves way for Vance's DA run by making calls *** Morgy plans to endorse Vance for DA *** Mayor Moneybags' TV pitch for third term focuses on jobs *** How a mayor dodges an honest answer (the push-polling incident) *** Bloomberg Raising Money for Democratic Councilman James Sanders

Puppet Government COUNCIL FOR SALE: Speaker Quinn's minions took to asking witnesses questions straight off cue-cards prepared for them by the United Federation of Teachers *** UNION'S 'CUE' TIPS: TEACHERS TOLD COUNCIL JUST WHAT TO ASK *** Teachers' union fed Council questions to ask charter school advocates *** Editorial: City Hall show trial: Fueled by loaded questions provided by the teachers union, the City Council conducted an inquisition against charter schools - replete with conspiracy theories and offensive racial rhetoric, NYDN Ed *** The Art of Scripting Questions for the Council

Nagging losses piling up for City OTB The state takeover of the financially beleaguered New York City OTB has failed to stop the hemorrhaging, the Daily News has learned.

Albany GOV PLEA TO RANK-&-FILE: Paterson sought to reach over the heads of union leaders yesterday with a letter to 141,000 state workers threatening 8,700 layoffs -- unless they agree to waive their 3 percent wage...more > *** TAX HIKE ON 'RICH' IS APPLE DUMPING: More than two-thirds of the new state income-tax increase on high-income earners will flow to Albany right from New York City and Long Island, according to a special analysis by the city's...more > *** A TOWER OUT-AGE: The Freedom Tower may become a beacon of liberty, but it won't be beaming TV signals to homes around the region *** UNION'S 'CUE' TIPS
TEACHERS TOLD COUNCIL JUST WHAT TO ASK: Now roll over! Now speak! The powerful teachers union had City Council members on a short leash this week -- crafting cue cards with questions for legislators to ask at a hearing. It was...more > *** 'GAY OLD TIME' TOURIST PITCH *** JUNE 28 D-DAY FOR MTA CUTS *** Paterson Tells GOP How to Regain Majority *** DN Editorial: Thrown under the bus The Doomsday Express engineered by Majority Leader Malcolm Smith and other state Senate Democrats now has a timetable *** Budget ax to chop jailers, psych staff: State correction officers and mental health workers will get hit the hardest under Gov. Paterson's plans to ax more than 8,000 workers.... *** 3 out of 4 New Yorkers think Albany's a dysfunctional mess, shows new poll *** Proposed layoff targets by agency *** Democrats are now pushing upstate Republicans to help secure votes needed for an MTA bailout *** The Rochester Democrat & Chronicle calls the revamped Project Sunlight Website "among the best of Cuomo's voter-friendly work." *** Nonunion "management confidential" employees will dodge the layoff axe (but they're not getting raises, either) *** The Legislature gave the green light to the expansion of red-light cameras *** Member items will be detailed after the 10-day period in which the governor can veto parts of the budget *** And below, The Albany Project dug up a video from 2.07 of David Paterson saying "we can do better" with the budget process *** The Post editorial board writes that Eliot Spitzer’s “fundamental failure was in putting Paterson on the ballot.”

Analysis: Obama laying groundwork: President Obama's reception overseas was no accident. That's because his first international tour was as much a campaign swing as it was global summitry. The Obama camp is interested in laying the groundwork for bigger prizes.

President Obama TROOPS IN IRAQ CHEER 'GI' O: FEELS THE LOVE ON SURPRISE BASE VISIT Û *** OBAMA NOW DEFENDS BUSH WIRETAPS *** MAKE SCHOOL LAST ALL WEEK, ALL YEAR: ED. CZAR *** BAM'S STONEWALLER: ANTI-SUNSHINE HUD PICK *** Obama returns to Washington after jam-packed trip *** THE INFLUENCE GAME: Big Biz has a friend in Locke *** Obama in Baghdad, tells troops Iraq must take over *** Analysis: Obama achieves defining TV shot in Iraq *** Biden says Cheney 'dead wrong' on security policy *** Govt. approves plan for new spy satellites *** Kumar Takes a Job at the White House *** PAGLIA: Obama's painful missteps; Bowing to king of Saudi Arabia?!? *** Mr. Gates’s Budget The new budget for military spending does not go far enough to make the necessary cuts, NYT Ed *** Obama administration cracks down on mortgage scams... *** White House Presses Plan on Car Swaps *** White House Press Corps Stranded In Istanbul ***
Obama Rallies Troops
*** Gates ready for fight over defense cuts *** Gates ready for fight over defense cuts *** Biden takes aim at Bush administration *** Helen Thomas: Obama plays it safe *** Obama to visit Jakarta? *** Obama's Health Care in the Offing - Tony Blankley, Washington Times *** President is An Extremist’s Nightmare - Joe Conason, New York Observer *** Obama and the Return of Corporatism - Steven Malanga, RealClearMarkets *** Obama Shows Muslims America's Best Side - Chicago Sun-Times *** Defense Cuts Will Leave America Vulnerable - Washington Examiner *** FIDEL: 'HOW CAN WE HELP PRESIDENT OBAMA?'

Congress Congressional Ethics board launches probe into Jesse Jackson Jr... *** Judge angrily KOs Stevens' rap *** Quigley wins Illinois congressional seat vacated by Emanuel *** WATCH: Colbert Gets ANOTHER Congressman To Say He Enjoys Cocaine And Prostitutes *** Long-Stalled Proposal To Restructure Mortgages Faces Critical Test *** Ted Kennedy throws out the first pitch *** Franken expands lead over Coleman *** Lawmakers Play Online Hide-and-Seek with Earmarks - The Hill

Wall Street Mess IT'S MINI DRIVER!: GM 'PLUGS' BIZARRE TEENY, ELECTRIC CAR *** $2 GM Hurtles Toward A Tuneup In Bankruptcy *** Goldman Boss Backs Exec Pay Cuts *** SEC TO TRY ON SHORTS: MAY RESTORE UPTICK RULE *** AUTO SHOWSTOPPER: CHRYSLER SUV *** FDIC BAIR(S) TEETH: TAKES TREASURY'S TIM TO TASK ON TALF STRESS TEST *** Goldman CEO Copies A-Rod's Mea Culpa *** Are We Repeating Our Financial Mistakes? *** TARP panel: Financial Crisis 'Far From Over,' Govt. May Spend More than $4 Trillion... *** Mortgage delinquencies soar... *** Firm Acted as Tutor in Selling Towns Risky Deals *** Show Us the Ball A cap-and-trade system to reduce carbon emissions is actually a carbon tax. So let’s stop hiding the ball and have a strategy, message and messenger that tell it like it is, Friedman, NYT *** Striking It Poor With the dollar diminished and financial institutions in the doghouse, panning for gold nuggets suddenly seems a safer bet than an ephemeral derivative, Dowd, NYT *** 2 Homebuilders Merge in $1.3 Billion Deal *** South Korean Automaker Ssangyong Plans to Cut Jobs *** Oil Giants Loath to Follow Obama’s Green Lead *** Magazines Blur Line Between Ad and Article *** Big Bondholder in G.M. Sells Most of Its Assets in Company *** A.I.G. Audited on Its Payouts *** As Room Rates Sink, Sleepless Nights for Hotel Investors *** Corporate Tax Loopholes Ripe for Crackdown, Some Say *** More Buyers Step Up to Buy Madoff Unit, Lawyer Says *** U.S. to Offer Aid to Life Insurers *** Landlords See a Jump in Vacancy Rates : The nation's apartment market deteriorated in the first quarter as the vacancy rate for the top 79 U.S. markets jumped to an average 7.2%. *** Report: GM In "Intense" Preparations For Bankruptcy ***
Goldman Sachs CEO Doesn't Want Your Money
*** Madoff Brother’s Funds Targeted
*** Fixing Wall St. Starts With Confession - Steven Pearlstein, Washington Post *** Wall St Must Learn from Financial Crisis - Lloyd Blankfein, Goldman Sachs *** Fixing Wall Street's Mistakes - Nassim Taleb, Financial Times