Thursday, October 29, 2009

Main Street vs. Wall Street: NYC's Future in Balance

Main Street vs. Wall Street: NYC's Future in Balance

The divide is the worst seen In a new TIME poll, 75% of the respondents say they believe Wall Street will revert to business as usual, 67% want the government to force pay cuts, and 59% want more government regulation (Time Magazine)

Gov Paterson “New York is ground zero for the fiscal crisis,” Mr. Paterson, referring to the state’s reliance on Wall Street revenue. 22% of New York City's Budget comes from Wall Street. For New York City to prevent serious cuts in services Wall Street has must win.

Under Attack, Credit Raters Turn to the First Amendment

For two decades, the nation's top credit rating agencies have managed to fend off a crackdown from Washington by relying on a surprising ally - the First Amendment. Despite their key role in the most recent economic calamity, the three big bond raters--Standard & Poor's, Moody's and Fitch--seem poised to do it again. With help from two of the most storied constitutional lawyers in the country, the raters have successfully argued that when they make a mistake -- say, awarding the top triple-A grade to a multibillion-dollar bundle of bonds that later default -- they cannot be sued or held accountable. That's because ratings are opinions, the agencies claim, protected by the constitutional right to free speech.

Nobody Ask Me, But . . . Journalism: Another Knockdown The dieing News business as the Voice's Robbin in his latest article, what is left of it in New York has taken a hit this morning as a top TV reporter is accused of domestic violence and an editor quit the Observer Wife: NY1 star hit & choked me *** Honeymoon's over Jared jilted by Observer editor after just 5 months *** John Still on the Government Tit John Zuccotti made $$$ getting government subsidisers to build housing including the supper block between 9th and 10th Avenues on 42nd street. The new Lt. Gov was also part of that deal Arbitrator John Zuccotti, who granted transit workers 11% raises, charged MTA $900 an hour *** No Abandoning Leadership While Quinn is fighting to keep her speaker's role With Quinn Seeming Safe, Short List Emerges To Fill Open Chairs There is a buzz that the effort by WFP, Barron and Shapton to dump Al Vann is part of the effort to dump Quinn as council speaker Sharpton and Barron for Griffith, ACORN: Vann, go

Economic Melt Down Empire state suicide Some 1.5 million people left the state between 2000 and 2008 -- including 1.1 million from New York City alone. And they took their tax dollars with them: In 2006, for example, the state lost some $4.3 billion from newly turned ex-New Yorkers. NYP says tax cuts needed *** Arbitrator John Zuccotti, who granted transit workers 11% raises, charged MTA $900 an hour *** Census data suggests that New York and New Jersey residents — especially in Passaic County — get the nation’s heaviest property tax hit. (NYPost) *** DiNapoli: Money That Could Have Saved Champlain Bridge Was Diverted *** Workers Protest M.T.A. Appeal of Arbitration on Pay *** Paterson offers “property tax relief” — NOT (Fiscal Watch)
Road to City Hall Rival gives Mike 'D' for debateable *** We're stuck with Quinn as speaker for 4 more years *** Mayor Deprives Rival of Black Clergy’s Support (NYT) *** Mayor Deprives Rival of Black Clergy’s Support *** A Bloomberg Ad, Made Overnight, Has a Familiar Ring *** Not Running Against Wall St. Eric R. Dinallo running for AG was once one of Eliot Spitzer’s right-hand men *** Bloomberg and Thompson aren't the only ones running in this town *** Mayor Bloomberg gets Series-ous campaign boost from Yankees *** Mayor's Race GOTV - Literally *** Former Gov. Cuomo Says He Likes Kevin Kim "For The Same Reason I Like Andrew Cuomo" *** Prez of Bloomberg-Backing Local: COIB Should Investigate Thompson *** Jose Peralta is poised to announce a primary run against Hiram Monserrate, and the Queens Democratic organization is prepared to back him. (NYT) *** Sources: Queens Assemblyman To Challenge Monserrate *** Bill Thompson apparently did not seek COIB clearance for loans he received from a bank that does business with the pension fund *** It's fairly clear by now that SEIU 1199 is staying neutral in the mayor's race *** Calvin Butts gets money from Bloomberg and decides not to endorse Thompson *** Cuomo to Endorse Thompson *** With An Eye Toward '10, Cuomo Makes Last-Minute '09 Endorsements *** Cuomo and Thompson Try Focusing on 2009 *** Paterson's Top Counsel Predicts Plethora Of Senate Primaries »

New York Economic Melt Down Prop taxes slam NY area hardest *** Closed hospital saga ain't over yet! *** Jets cut some Meadowland ticket prices by half *** A Stalled Vision: Big Development as City’s Future *** Ravitch says East River tolls may not be dead after all *** LGA-based flight crews among US Airways' cuts *** Mike Quill is spinning: TWU's leaders sound like children compared to the fiery old union boss *** Desperate tenants put out banners begging for gas fix *** States — New York among them — would be much worse off in terms of revenue imbalances without the stimulus funds. (USA Today) *** Dem pols, including state Sen. Pedro Espada, skipped voting in runoffs *** Under the cloud of a deficit, Paterson and legislative leaders will meet in New York City this afternoon*** The Teachers' Contract Up Close *** Bond Buyer: MTA may delay pension payments *** GNYHA Cites Three Senators in Budget Opposition *** The Ever-Growing Deficit Paterson told legislative leaders today that the budget deficit has now inched up to $3.2 billion, pushing the projected gap for 2010-2011 to $6.8 billion *** The Puffin Room is closed, thanks to “Bloomberg’s dramatic real estate tax increases.” *** David Samuels looks at the rise of the new Yankee Stadium, and the fall of the city’s economy

Gov of La Mancha Tanking Gov. Paterson may 'reassess' his election bid

Law and Order Judge won't give Kerik a jail break *** NYC-TV big scammed 60G ***Former NYC-TV Official Pleads Guilty to Conspiracy***Queens Party Is Expected to Dump Monserrate *** Judges Refuse to Free Kerik Before Trial *** Hiram strikes again: Monserrate's secret, big-bucks slush fund is a grotesque scandal (DNED) *** NYPD's former top cop Bernie Kerik must stay in jail while awaiting trial, appeals court rules Three women's groups are sponsoring an on-line petition calling for Monserrate's immediate removal *** Big-cash donors won't buy justice, incoming Manhattan DA Vance says *** A federal judge warned former Senate Majority Leader Joe Bruno's attorney about making comments about his impending corruption trial outside the courtroom *** Parker's Court Date Postponed Past Special Session More City News City Council oks 1,000-ft tower next to MoMa *** Nine Arrested During Occupation of Insurance Industry Giant WellPoint *** USS New York: Made with WTC steel, set to dock in NYC *** The Times applauds Chesapeake Energy Corp.'s decision not to drill for natural gas in New York City's watershed and says Albany should declare the area a "drill-free zone." *** In London, Mixed Reaction to a Deal With the M.T.A. *** A Rare Lunch Meeting of 5 District Attorneys

White House Shortage of Vaccine Poses Political Test for Obama *** Obama Visits Returning War Dead *** Loosening of F.B.I. Rules Stirs Privacy Concerns *** U.S. Quietly Speeds Aid for Pakistani Drives on Taliban ***Obama Signs Hate Crimes Bill *** White House Denies Giving Donors Special Access *** Report Questions Duncan’s Policy of Closing Failing Schools *** Victory for Obama Over Military Lobby *** Obama at air force base to salute 18 slain in Afghanistan *** First Lady makes pitch for vets before Game 1 *** Hil stresses commitment to Pakistanis, Afghans *** First Lady Michelle Obama visits with vets while in New York *** Tuesday's Elections and Obama's Agenda (WSJ) *** Is Obama More Truman or Carter? - Victor Davis Hanson, Wall St. Journal *** We're Waiting, Mr. President - Claus Christian Malzahn, Der Spiegel *** Obama Must Face Down Ghosts of Vietnam - Ben Macintyre, London Times *** Obama Versus the Generals - Robert Dreyfuss, Rolling Stone *** '09 Races Will Test Obama's Majority - Michael Barone, DC Examiner *** What Happened to Obama's Grassroots Activists? - Lydia DePhillis, TNR *** Obama Must Stop Dithering on Afghanistan - Times of London *** Obama ‘Seriously’ Considered Hillary for VP *** CONFIRMED: Gibbs Met With Fox News Exec *** Top Obama Fundraisers Get Posts - USA Today

Congress and the Political Parties
Reid's Campaign Bats Back at Deflated Bomb Tales *** Pelosi Backs Off Having Set Rates for Public Option *** I don't want public insurance plan, Lieberman says *** The 23rd Congressional District race will be conducted largely on new paper-ballot-optical-scan voting machines — an arrangement that could complicate a tight outcome. (TU) *** An honor for a Senate pioneer Edward Brooke *** Slump Sinks H-1B Visa Program (WSJ) *** Congress Weighs Scope of Fed's Power (WSJ) *** Business Groups Fight Health Bill *** A Republican congressman from Texas who failed to report nearly $300,000 in profits posted his tax returns to prove he paid up and said Rep. Charlie Rangel should do the same *** Sex-show host Robin Byrd contributed $500 to Sen. Chuck Schumer *** The Outlook for the 2009 Elections - Stuart Rothenberg, Roll Call *** Democrats' Unhealthy Reform Plans - Steve Chapman, Chicago Tribune *** Centrist Democrats = Corporate Sellouts - Ari Berman, The Nation *** Alan Grayson Cries on House Floor *** Is Congress Micromanaging GM? *** Pelosi Unveils House’s $894 Billion Health Care Package *** How Congress and Special Interests Keep Clinical Trial Data Secret - Sunlight *** How Forged Climate Letters Made Their Way to Congress - Mother Jones *** Paterson's Top Counsel Predicts Plethora Of Senate Primaries
*** Tax-Dodgers And Their Lobbyists Put The Brakes Obama's Tax-Haven Crackdown: U.S. PIRG''

Wall Street and the Economy Madoff Ponzi losses clear $21.2B *** Sam's sad sob story Zell laments $135M loss - in borrowed $$ *** Judge says testimony from Madoff's right hand man useless *** CIT lands $4.5B loan, spurns Icahn's cash *** 3rd Rescue Considered for GMAC *** CIT Rejects Icahn Offer; Its Creditors Extend Loan *** Accountant Sentenced to House Arrest in UBS Tax Case *** New Federal Power Urged Over Municipal Bond Sales *** Versace Cuts a Fourth of Its Work Force *** GDP grows, signaling end of the recession *** AIG Recoups Cash As Markets Rebound *** Politicians Butt In at Bailed-Out GM *** Deutsche Bank's Net Profit Soars *** Wall Street Remains Arrogant & Clueless - Allan Sloan, Time *** Ongoing Agony of the Banks - New York Times *** U.S. Economy Started to Grow Again in the Third Quarter *** TODAY: 80-Year Anniversary Of Great Stock Market Crash

National Schwarzenegger drops F-bomb in veto message to lawmaker *** Chicago budget: Cops, firefighters could get 24 unpaid days *** At Public Universities: Less for More Why top flagships are raising tuition, enrolling better students and becoming more like privates. And why that may not be a good thing.

Iran Offers Nuclear Cooperation but No ‘Retreat’ *** U.S. Embargo on Cuba Again Finds Scant Support at U.N. *** Germany Looks at Ways to Protect Online Journalism *** In China, health care disarray *** Uncontrolled Muslim Influx Threat to West - Greg Sheridan, Australian *** Getting Ready for the Islamic Bomb - Washington Times *** U.N. Can’t Account for Millions Sent to Afghan Election Board

Terrorist in the USA
Leader Of Radical Islam Group Killed In FBI Raid In Michigan

World Series
Lee Outpitches Sabathia in Game 1 *** Phillies starter Cliff Lee baffles New York Yankees in Game 1 of World Series *** Sex-for-tix Phillies fan scores tickets to World Series game *** For Phillies fans, an oasis sits in the Village *** The Philadelphia Inquirer describes what Bloomberg will have to do "when" he loses his bet with Mayor Michael Nutter.

Media and New Tech
Google plots GPS course free Google Maps Navigation *** Google Music to search *** It's '30' ax for Forbes editor corps *** Ex-TV reporter takes plea in NYPD horse collision Michael Sheehan *** Politico’s Creators Plan Local News Web Site*** Google Steps Into Another Market: GPS for Phones*** Wall Street Journal closes its Boston bureau Wall Street Journal editor's email to staff *** How the Web encourages partisan politics New Yorker *** Boston Globe Publisher to Step Down *** Time Inc. to Cut $100 Million; Layoffs Expected