Friday, October 30, 2009

It is the Economy Stupid: Not a Contrast of Style and Plans as the NYT Reports

Breaking News: Poll Has Michael Bloomberg 15 Points Ahead of William Thompson in the Race for Mayor of New York City *** Governor Paterson Announces State Must Address $10 Billion Budget Deficit Over Next Two Years WGBT

It is the Economy Stupid:
Not a Contrast of Style and Plans as the NYT Reports

We are approaching double digit deficits in both the city and state budget and we have not had a discussion on what will be cut, who will be laid off to fix a budget that both say will not be balanced by tax increases. We have gone thought a Democratic Primary, debates and the general election and nobody has a clue what any of these candidates are going to do in the next four years. Today's campaigns are dysfunctional. The media covers spin put out by the campaigns or reports on issues that have no connection to reality. The public has become disinterested (Single digit turnout in the runoff) time after time they are given promises during campaigns that never materialize after the election.

If there no money to pay people or fund the schools and police what difference does management style make? NYT Says Thomson will replacing the buttoned-down corporate efficiency of Bloomberg with a more homespun and improvisational feel and diverse look. Bloomberg more aloof Thompson administration would be acting somewhat more emotionally, and be customer-friendly, people-friendly.”

What will these commissioners do with no money besides cut?
We know that Thompson has promised to replace all of Mr. Bloomberg’s commissioners and the Mayor at around 15. NYT says a Mayor Thompson would be likely to focus on quality of life concerns, like water rates or parking tickets. In the largest budget deficit in the history of the city were would he get the funds to replace those fees or what would he cut?

Plans don't work in good economic times
We have had about 10 plans to rebuild the World Trade Center and it is still a hole in the ground. We had plans for the Olympics and a stadium, office park and now a housing complex on the West Side. DN Editorial: Go to Penn Station

Bloomberg's Team: Tishman Speyers, Developers and Wall Street Out
NYT reporter Chen was right about who will take over the the looting of the government in his article Thompson vs. Bloomberg: A Contrast of Style and Plans "Mr. Thompson would need to do some fund-raising for any re-election bid, and might reach out to union officials and Democratic leaders like Assemblyman Vito J. Lopez of Brooklyn, Representative Joseph Crowley of Queens and Bill Lynch, a powerful Harlem lobbyist. If Bill gets elected, it will all be about the Democratic establishment taking back power like they are in Albany and the City Council." from the developers?

No Light at the End of the Tunnel Why are we still spending billion on a 2nd subway when we do not have the funds to keep the buses and subways rolling? Now as building crumble on 2nd avenue and water mains break do we have to spend money on a 2nd ave ferry also? 2nd Ave. Subway water main break floods nearby hospital ,Subway Waits Longer Than Previously Acknowledged*** Stuy Town Robbers Caught We know that Fanny Man and Freddie Mac two agencies that were designed to help provide affordable housing but go hijacked by Tishman Speyer political power covered $1.5 billion of the purchase price for the speculators. We know that about $900 million came from the California pension fund. Because of New York's lack of transparency we have no idea if the New York pension funds were involved in the deal Rent, interrupted Tishman-Speyer freezes leases at Stuy Town Black Rock owns Stuy Town with Tishman. BlackRock was founded as the Financial Management Group within the private equity firm Blackstone Group More Pension Fund Corruption and Play to Play Julio Ramirez Jr., who recently quit a unit of Blackstone Group LP that lobbies public pension fund because he was paying bribes to Hank Morris to get pension funds for clients who are more interconnected in the pension getting business than the internet. Ramirez who has also helped Aldus Equity Partner recently pleaded guilty. Aldus is under investigation by the LA's pension fund because they lost so much money with Aldus investment. Now Masachusetts dumps Blackstone. Blackstone loses a big customer State of Massachusetts’ pension fund drops famed money manager from a hedge fund pot that melted along with rest of market over the past year Philadelphia Inquirer EDITORIAL: Pension pay-to-play Donors include Stephen Schwarzman, the head of the private equity giant Blackstone Group, who gave Gov. Rendell $11,000 for his races in 2002 and 2006, according to the newspaper report. The governor appoints six of 11 state pension board members. The board in turn decides which firms manage the state pension investments. Last year, the typical hedge fund lost 28%. This year, the state wants to invest more than $1 billion into the investment vehicles NY's public pension money flows into hedge funds *** Press Wimps A preview of the third term? Bloomberg took no questions from reporters for the fourth day in a row yesterday, preferring to let his massive TV ad campaign and army of GOTV workers speak for him What about Term Limits for Good Government Leaders who never accomplish anything? Citizen Union Wants to Fight Albany *** It happened in Brooklyn 8 of 10 charges against Manhattan Surrogate Judge dismissed because the crimes occurred in Brooklyn Some Charges Dropped Against Surrogate's Court Judge

Road to City Hall
An Innovator Takes a Fairly Conventional Approach Gotham Gazette looks at Bloomberg's economic record *** From the Sidelines, Supporting Her Husband’s Quest to Be Mayor *** Thompson Endorsed by Cuomo *** Cuomo stumps for Thompson - and vice versa ***Charter schools not making the grade: Ed. Dept. *** Dem Party dinner serves up Monserrate challenger *** Gov. George Pataki endorsed Hoffman. (News 10) *** Monserrate munched on turkey at the Queens Democratic Party dinner while his fellow Democrats cheered his challenger. (DN) *** Facing General Election, Bloomberg Democrats Recall Tough Primary Choice *** Andy Rooney: “I fail to understand why he wants the job for a third term. His decision to run again is enough to make anyone wonder whether his decision about anything makes sense.” *** Pataki, who owns a farm in Essex County, might be headed to the North Country to campaign for Hoffman this weekend *** Monserrate said he has "full faith" his constituents will "see through the politics" and re-elect him (provided his colleagues don't kick him out first) *** Henican: Hey, Mike, regarding third terms, ask Ed and Mario about how that went *** Today's Tip Sheet: Thompson's Own Poll Finds a Closer Race *** Monserrate Rains On Peralta's Parade *** Jon Stewart on Term Limits *** Political Pirate Radio From a cluttered basement studio, Roberto Perez talks politics and aspirations *** New Poll, But Same Bad News for Thompson *** Five Unions Endorse Peralta For Senate *** Bloomberg's Closing Argument

New York's Economic Crisis Not fare! Taxi tax & biz fee to boost MTA *** Taken for a ride Arbitrator's decision to hand out fat raises to transit workers (NTP Ed) *** Arbitrator Zuccotti made king's ransom in TWU deal *** With Teachers’ Contract Set to End, Talks Are Quiet *** NYC's condo bust even worse than previously thought *** Gonzalez: 911 upgrade reeks of conflict of interest*** Looming deadline to fill teacher spots before facing budget cuts
*** Bedford-Stuyvesant library branch's opening and closing is never-ending story *** There was another public leaders’ meeting yesterday, with little progress, but a new budget deficit estimate: $3.2 billion. (BN/ Newsday) *** The budget may delay a second track for the LIRR. (Newsday) *** Senate Democrats again propose a plan to raise an estimated $500 million by issuing tobacco bonds — a plan initially proposed by banks. (Bloomberg) *** Deserving of this week’s “oh snap!” award, Paterson responds: “I will not shoot down your tobacco bond proposals again, senator,” he told Sampson, “because they are already dead.” (TU) *** The governor says that legislators won’t leave Albany until there’s a DRP. (DN) *** The governor reintroduces the property tax circuit-breaker idea, but doesn’t say how to pay for it. (GNS) *** Comptroller Tom DiNapoli issues a report about how the bridge and road fund has been looted to pay for budget-fix expenses. (GNS/ Newsday$) *** Republicans lead a push against new DMV fees. (GNS) *** Gov. David Paterson declares an H1N1 “state disaster emergency” but says it isn’t a disaster. It was really confusing. (AP/ DN) *** Taxi Fares To Increase This Sunday (NY1) What about Term Limits for Good Government *** Paterson: The License Plates Aren't the End of the World *** Latest State Budget Gap: $45 B. by 2013

Gov of La Mancha Paterson: People With 'Agendas' Are Planting Stories Against Me

NY1 Says Not Aware of Carter's Arrest Last Year NY1 star’s 'secret family' 'Love children' bared by in-law (NYP) *** Carter's wife says NY1 anchor not behind assault, host put on indefinite leave (NYP) *** Accused of Assault, NY1 Host Goes on Leave (NYT) *** NY1 anchor asks judge for break on wife-beat rap: I know big-wigs! *** Dominic Carter admits his wife often came in second to his career ***Dominic Carter's statement ***U.S. May Be Open to Asylum for Spouse Ab *** Dominic Carter Case Upgraded to Hilarious (Village Voice) *** Dominic Carter Is So Screwed (Gawker) *** PM GM says reporter's name-dropping won't be tolerated (NYP) *** Carter Team Spins Back Dominic Carter's aunt says NY1 anchor raised by women is a 'big, gentle guy ...(DN)

Inspector Clouseau Lack of integrity: Ethics panel shamefully punted on probing smear of Caroline Kennedy The state Public Integrity Commission has done no one any favors by closing a probe of the Paterson administration's smear campaign against Caroline Kennedy without so much as a word of explanation.

Law and Order
Moneybag Medicaid 'cheaters' pinched *** Raj wants to roam, slash bail *** FBI Lets Barred Tycoon Visit U.S. Oleg Deripaska, one of Russia's most powerful tycoons, visited the U.S. twice this year under secret FBI arrangements, despite U.S. government concerns about ties to organized crime *** Millionaires busted in wide-ranging Medicaid scam *** Government reform advocates have called for an investigation into Sen. Hiram Monserrate’s legal fund. (TU) *** The judge presiding over former Senate Majority Leader Joe Bruno's corruption trial is considering a gag order

New Jersey Rudy boosts Corzine foe (NYP) A Rivalry as Strained as New Jersey’s Finances *** The DN endorsed New Jersey Gov. Jon Corzine *** The Post explains why New Jersey voters are unhappy with Corzine: Taxes

White House Obama Order Strengthens Spy Oversight *** Clinton Challenges Pakistanis on Al Qaeda *** Secretary of State Hillary Clinton presses Pakistan on al-Qaeda.(WP) *** Close Gitmo and Give Detainees Their Day in Court - Los Angeles Times *** Clinton Faces Pakistani Anger Over Drones *** CBS Says White House Is Fudging Numbers... *** Bitter, Brittle Tone Hurts Obama - Michael Gerson, Washington Post *** Edmunds Draws Fire From White House - Francis Cianfrocca, New Ledger *** Presidential Decision Making - David Warren, Ottawa Citizen

Congress Pay to Play
Ethics Inquiries Into Lawmakers Surface via Security Breach *** The House Health Reform Bill The bill unveiled Thursday would greatly expand coverage of the uninsured while reducing budget deficits. It deserves to be approved (NYT Ed) *** The Defining Moment The health care legislation on the table isn’t perfect, but it’s as good as anyone could reasonably have expected. It is time for everyone to decide which side they’re on (Krugman NYT) *** Senate Confirms Surgeon General *** A Senate Naysayer, Spoiling for Health Care Fight *** F.D.I.C. Chief Criticizes Reform Plan *** Bill Would Extend Time to Fund Pension Plans *** House Ethics Panel Probes 7 Lawmakers *** Over 30 House members probed in ethics inquiry: report *** It's Alive! End-Of-Life Counseling in Health Bill *** Democrats Miscalculate on Health Care - Robert Robb, Arizona Republic *** Why the GOP is Splitting With Big Business - Peter Suderman, Newsweek *** Deficit Hawk Hysteria - William Greider, The Nation *** We're Governed By Callous Children - Peggy Noonan, Wall Street Journal *** Congress Must Find '3rd Way' on Legal Reform - Mort Kondracke, Roll Call *** Obama's Bush Blame Game - Charles Krauthammer, Washington Post *** Questioning the President's Tenacity - David Brooks, New York Times *** America's Next Unwinnable War - Ted Sorensen, The Daily Beast *** On the War's Frontlines - David Ignatius, Washington Post *** Obama's Bad Economic Bet May Ruin Dems - James Pethokoukis, Reuters *** Are the Tea Partiers Good or Bad for the GOP? - Thomas Schaller, Salon *** A 1,990-Page Medical Monstrosity - Investor's Business Daily *** Dozens in Congress under ethics inquiry (Washington Post) *** Ethics list heavy on defense spenders *** Opt-out divides Schumer and Emanuel *** Lieberman will stump for GOP in 2010

Wall Street and the Economy Economic upturn not based in reality: experts *** Monster 3Q earnings fall on still-shaky job market (Crains) *** CIT, Goldman Amend Loan Terms *** Citadel Lets Investors Pull Funds *** Data to Show 650,000 Stimulus Jobs *** Fees Case Strikes at Heart of Mutual Funds *** To Rein In Pay, Let's Rein In Wall Street - Floyd Norris, New York Times *** Wall Street Tale Lacks Happy Ending - Steven Pearlstein, Washington Post *** No More Bullish Now Than 2,000 Points Ago - Mark Hulbert, MarketWatch *** PM Day After Rally, Stocks Retreat on Consumer Weakness *** PM Wall St. stages massive sell-off (Washington Post)

Pay to Play Wall Street Hints of Missed Chance to Pursue Galleon Case *** U.S. Charges Financial Firm in California With Fraud *** Ponzi schemer caught on tape saying 'this is one big f---ing fraud
Deal Reached in Honduras to Restore Ousted President *** Iran Rejects Deal to Ship Out Uranium, Officials Report *** Chinese Drywall Found to Differ Chemically *** China Opens Nasdaq-like Exchange in Shenzhen *** Investigations in India Point to New Government Focus on Corruption *** Swiss Banks Lose European Clients *** Haiti Prime Minister Removed *** Iran Backs Out of Nuke Deal *** U.N. Warns of Afghan Vote Fraud *** Tony Blair's Financial Dilemma *** 9/11 Evidence Turns Up in Pakistan *** Blair's Lonely Push for E.U. President *** Honduras Reaches Deal With Ousted President ***Chirac to Stand Trial for Corruption *** Israelis Brace Themselves for War with Iran - Yossi Klein Halevi, WSJ *** The Obamas' Marriage - Jodi Kantor, New York Times Magazine

Beer Summit Goes for a Second Round *** Tight Race for Houston Mayor, With History on Line *** Plan to Drill on Colorado Plateau Meets Resistance *** Wal-Mart Hawks Coffins *** Virginia Shows There is Life Left in GOP - Rich Lowry, National Review

World Series
With Burnett in Control, Yankees Even Series *** For Series, ‘Human Yankee Cartwheel’ Spins No More *** World Series Stirs City's Identity Crisis *** Fewer NYers watch World Series than in Philly

"Tomorrow I could go on the internet and start my own channel with my own subscribers. You’d be able to click and watch us on TV, watch us in the studio live, streaming. You’d be able to listen to us streaming. You’d be able to get us on your iPhone. You’d be able to do everything right at the click of the internet. I wouldn’t even need to work for a company. I’d be my own company…" So true it’s ridiculous. Howard Stern 3.0: The future of entertainment

Media and New Tech It's pink-slip Time Aiming to dramatically slash costs, Time Inc. will lay off roughly 540 employees starting next week, company insiders say*** Internet Addresses Can Use New Scripts *** Executive at Boston Globe to Become Publisher *** Time Inc. Is Expected to Eliminate More Jobs *** New Faces in Late-Night Wars *** Men in Black III? *** 6% OF TIME INC'S WORKFORCE TO BE GONE BY THANKSGIVING...