Thursday, October 15, 2009

Reality, Greed and Moral Expertations: New York's Perfict Economic Storm

Breaking News: Paterson's $3 Billion Plan *** Greater New York Hospital Association and SEIU 1199 wasted no time in decrying Paterson's proposed health care cuts * Monserate Gets a Misdemeanor * Monserrate convicted of misdemeanor *** City Unemployment Rises to 10.3 Percent

Reality, Greed and Moral Expectations: New York's Perfect Economic Storm

The State Comptroller Tom DiNapoli warned that if the budget is not cut now the state faces a short term deficit of $4.1 Billion of the current budget and $38 billion in cumulative deficits over the next four years State Comptroller Warns Albany to Cut Deficit

Paterson Back Against the Wall Cuts Pain Plan
Paterson tackles huge deficit Governor will tell lawmakers that if they don't like his budget-slimming plan, they need to come up with their own -- now *** Paterson To Release 'Painful' Budget Deficit Plan *** LG Richard Ravitch says there will be deeper-than-expected "cuts across the board."*** "Some people are saying we should take care of it next spring,” Paterson said. “They should go manage the Mets." For about the 10th time Post gives Paterson props for stepping up and calls on the Legislature to follow suit *** New York must slash spending: It's the state's only way out of this huge, growing budget hole *** NY state is running out of cash *** "I said back in April that this was a buy-time budget, and now time is up," DiNapoli wrote in a report. "This budget simply has not held together."
Wall Street the City's Past Economic Engine Outdate?
Wall Street employment represents only 4 percent of our jobs, but roughly 22 percent of the city's revenues. Fueling those revenues was the fact that the the financial sector grew to 23% from 8% of the nation's gross domestic product. The push for more federal control over Wall Street practices and pay helps ensure the city will not be getting the tax revenue from the street that it received in the past. More importantly as the street becomes more online upstart companies with with cheaper labor, unregulated and controlled by the major banks (called dark pools) located in other states are beginning to take away business from Wall Street. With the mass exit of manufacturing from the city and the bottom falling out from the real estate market (commercial vacancy melt down expected) it is hard to see where the New York will make up the expected revenue cut from the street *** NYSE Threatened by Upstart Exchanges *** New Rivals Pose Threat to New York Stock Exchange *** Losing jobs to Jersey ***

Moral Demands for Services and Pay Will Increase
The city's public-sector unions has become the dominant force in local politics. With Albany crippled, and the city's Democratic Party atrophied by 16 years of backbiting while trying to wait out Mayors Giuliani and Bloomberg, unions have filled the vacuum with a political party of their own: the Working Families Party (WFP). The WFP, a party with less than 15,000 voters, has effectively taken control of the city's three-million strong Democratic Party.

Workers in the city who now make up a majority of the New York's voters see their jobs and pay are a matter of human rights NYC Transit Alert: Riders, MTA Brace For Union's 'Day Of Outrage' *** Simmering contract feud between MTA and transit workers could lead

While the WFP Fights a Theft by the Wealthy in
Credit derivatives Economy

The WFP represents the public-sector workers who have been protected in the downturn. And their agenda—higher taxes, a stock transfer tax that would impose a levy on the sale of corporate offerings, paid sick leave for all, free tuition to the city's public universities, and of course higher wages and benefits for public-sector workers—can only strangle a recovery*** Can Bloomberg's 'Luxury' City Survive? As Wall Street shrinks, public-sector unions have become the dominant force in New York politics

Fasten Your Seatbelts

Road to City Hall
Mike's Web feat Attack ad 10 hours after debate For 3 More Weeks Your Can Jaywalk Mike jaywalks away from problem *** The Only Three Minutes of Last Night’s Mayoral Debate That Matter (NY Magazine) *** There's concern in the Bloomberg campaign about low turnout, latent term limits anger and disaffected voters, insiders say *** Breaking the last racial taboo using his interracial marriage to political advantage in NY election *** Michael Bloomberg aides prepare for Barack Obama’s embrace of Bill Thompson when he’s in town next *** Bloomberg and Rudy Giuliani's Yankee playoff seats, compared *** Insiders say term limits, supporter apathy could damage Mayor Bloomberg's chances of reelection *** Some LGBT supporters aren’t happy with Thompson’s comments about Obama *** Marcia Kramer looks at Thompson’s defense of Pedro Espada *** Amsterdam News endorses Thompson, saying Bloomberg, “has put his own ambitions and will above the will of the people.” *** El Diario endorses Thompson, saying, “what New York City needs is an executive with a balanced perspective towards development and growth.” *** Bill Thompson takes back his answer on Obama’s LGBT record, and calls the lightning round format “dumb.” *** De Blasio did a poll and asked people about interracial marriage, before sending out mail about his own interracial marriage

Campaign Spin Not Progress Even during the boom yearsthe city's rate of job creation has been so far below the average of the last 30 years. And asked why so many of the jobs that have been created are either in low-end hospitality work or at city-subsidized health-care facilities U.S. Math Tests Find Scant Gains Across New York *** As City Adds Housin g for Poor, Market Subtracts It * Bloomberg Has Added Jobs, and Lost Some, Too *** Ho-Hum Commute on a Union’s ‘Day of Outrage’ *** New York City and the Homeless Despite being prepared for a rise in demand for shelters, the Bloomberg administration should constantly work toward keeping new populations from becoming homeless (NYT Editorial) *** Students Show No Progress On National Math Tests
Media Campaigns for the Mayor Bloomberg's Campaign Trail Makes a Stop in Bayside, Qns.

More Economic Fall Out Rockefeller grants help struggling nonprofits *** The state will email job leads to people who sign up for unemployment benefits.

Law and Order High Court Hears Arguments in Atlantic Yards Case *** Atlantic Yards Case Goes Before Appeals Court *** Judges seemed skeptical that "public use" did not include the economic development from the project *** Defense, prosecution plead final case as judge in Hiram trial prepares to rule *** Monserrate slash case verdict due Anything less than acquittal could result in state senator's ouster; headaches for majority*** The judge in former Senate Majority Leader Joe Bruno’s trial rejects a request by the defense to delay its start. (TU) *** A crony of Steve Pigeon's was hired as the State Senate's $70,000-a-year "director of upstate relations" by State Senator Pedro Espada Jr.
Health Care Public Option Is Next Big Hurdle in Health Debate *** BlogTalk: Redoubling on a Public Option *** Public Option Is Next Big Hurdle in Health Debate *** A look at what will likely make it into the final health care bill, and what could be left out. (NPR) *** No Snowementum: Centrists not sold

White House Obama Seeks $250 Check for Retirees and Veterans *** Obama Invokes Kennedy for Health Cause *** On Gulf Coast, Praise for Obama, Criticism of Visit *** In Moscow, Clinton Urges Russia to Open Its Political System *** Obama Needs to Take Ownership of Health Bill - E.J. Dionne, New Republic *** Obama on His Way to Successful First Term - Peter Beinart, The Daily Beast *** Keeping the Fox Out of the White House - Chuck Raasch, USA Today *** Stanley McChrystal's Long War - Dexter Filkins, New York Times Magazine *** Obama Should Share Peace Prize - Tom Brokaw, Washington Post *** Criticizing Obama is Betting Against America - Garrison Keillor, Salon *** Obama: We will rebuild this region

Fla.'s Wexler to Resign From House Seat *** G.O.P. Has a Lightning Rod, and It’s Not Palin *** Reid Rips Schumer For Saying Public Option Is In His Hands *** Barney Frank Wants Do-Over On Derivatives Bill *** Sen. Chuck Schumer and other Democrats are wondering if its time health insurance companies lost their antitrust exemption. (WashPost) *** For the first time since 1975, there will be no COLA increase to Social Security next year. (AP) *** Could a GOP Wave Be Building? - George Will, Washington Post *** Centrist Democrats Not Sold on Reform Plans - O'Connor & Frates, Politico *** Gillibrand, Schumer, drop out of J Street conference *** Earmarks Sap Energy Chief’s Priorities - Wall Steet Journal ($)

"One year after the banking melt down congress has not change one banking regulating. The reason is the $200 million the banking lobbyist have contributed to congress in the last year (twice the size as the year before)" Michael Moore, Today Show Lobbyists Mass to Try to Shape Financial Reform

Wall Street and the Economy Tax cheats disclose data to IRS *** JPMorgan surpasses estimates *** Wall Street Will Award Record Pay This Year *** What $100 Million? High-risk, high-reward hedge funds have no place on the books of the nation’s too-big-to-fail banks (NYT Ed) *** European Stock Exchanges Under Threat From Upstarts *** Calling on Big Banks to Repay Bailout Now *** Bruce Wasserstein, Lazard Banker, Dies at 61 *** Suit Claims S.E.C. Failed to Detect Madoff Scheme *** Goldman Sachs Profit Jumps *** New Light on BofA Emails *** The Utter Hypocrisy of Wall St. Bonuses - Charles Gasparino, Daily Beast *** Goldman Has a Serious Credibility Problem - John Gapper, Financial Time *** Mortgage Madness, Again - Steve Chapman, Chicago Tribune *** Foreclosures: 'Worst three months of all time' Despite signs of broader economic recovery, number of foreclosure filings hit a record high in the third quarter - a sign the plague is still spreading *** Ryan Grim Fannie, Freddie And Citi: The Rise Of The New Government-Sponsored Enterprise
National States Lag in Recovery, Report Finds *** Newsom Begins Online Ad Campaign *** Third-party pooper: GOP's N.J. dilemma *** Calif. Pension Fund Rocked by ‘Pay to Play’ - Wall Steet Journal ($)

British Plan Would Deploy Bigger Afghanistan Force *** With Obama in White House, U.S. Words Have New Weight in Guinea *** Wave of Attacks Hits Pakistan *** China Lauds Ties With Iran *** Honduras Deserves America's Support - Rep. Peter Roskam, Chicago Tribune ***The U.N.'s Anti-Israel Obsession - New York Daily News *** How to Engage Iran - Washington Post *** Tackling the Other Taliban - The Economist
Vietnam sentences bloggers. Anyone noticing in MSM ? Journalism, Journalists and the World*

Terror Plot
Rep. Peter King says putting Sept. 11 plotters on trial here would increase the security risk and be like "having a time bomb in the city."

Media and New Tech
Times Co. Takes Globe Off Market Boston paper's finances have 'significantly improved' *** CBS vs. CBS in probe of Dave *** Imus rattling MSNBC nerves
*** Wasserstein's death may put New York mag on the block
*** Times will keep Globe *** Bloomberg Got a Bargain The Business Week purchase was really about the Web site ***Limbaugh Dropped From Bid to Buy Rams *** Thomson Reuters to Buy Business Commentary Site *** Times Co. Will Hold On to Boston Globe ***Redstone to Sell $1 Billion in CBS and Viacom Shares*** Why Bloomberg Bought BusinessWeek ***Mayor Bloomberg Wants BusinessWeek To Start Writing Stories People Will Read *** Report: Majority Of Newspapers Now Purchased By Kidnappers To Prove Date (The Onion) *** The Rush Limbaugh Media Lynch Mob - Toby Harnden, Daily Telegraph ***Meet The 25-Year-Old Swiss Heir Who Bought Out Harvey Weinstein *** Ted Turner wants to run CNN again...