Tuesday, March 30, 2010

The Hidden Pension Blame

The Hidden Pension Blame
Investors Like Steve Rattner

The mayor and the NYP take after the FDNY First Deputy Commissioner Frank Cruthers for obtaining a 242,000 yearly pension. Both Bloomberg and the NYP blame the workers Mike: Stop these runaway pensions Why we're broke (NYP Ed) The mayor said "The issue that we have is that the whole pension system is something that we cannot afford."

Blaming the workers for the pen ions mess is a little like blaming the home owners for the sub prime mortgage melt down. Blame on that scandal rightly fell on the Wall Street investors who pay off the congress to allow the system to be set up where crooks like AIG made billions. The pension game works the same way. Billions were made by money managers, developers and investors who got their hands on the pension funds. Not a word in the NYP or by the mayor on pension fund investors. Could it be that many of those investors who gain from unlimited pension fund investments were developers and other power plays in the city. Look at the Stuy Town mess. Friends of the mayor. Even the mayor's own investor Michael Bloomberg Defends Steve Rattner: “A Great Public Servant ... *** Steve Ratner Pension Mess

The damage done to the city by the pension funds is the same as sub prime mortgages done to the nations economy. It just that the blame is selective and controlled. Manhattanites are leaving. In 2009, a net 2,545 residents decamped. Manhattan hadn't lost population since 1992. This year, New York will spend nearly $25 billion on pensions, health benefits and Medicaid alone -- plus the debt we need to pay it all and still have some infrastructure. That's more than half of city tax revenues -- and twice what these categories cost us (also after inflation) eight years ago.

The payments to the state's more than 600 school districts were scheduled
March 31, and will be made before they are legally due on June 1, "assuming sufficient cash is available," Paterson said in a statement.

Breaking News Skyler Out (Updated x2) *Skyler at peace with decision to leave City Hall ** Bloomberg Sends Stern Letter To Obama Demanding Gun-Control Action *** Paterson delays $2.1 billion payment to schools Albany Times Union *** Gov. Paterson suspends work on all state construction projects

Albany's 'borrow it!' cabal According to Post State Editor Fredric U. Dicker, Gov. Paterson believes his hand-picked lieutenant, Dick Ravitch, now is in secret cahoots with Assembly Speaker Sheldon Silver -- undercutting the gov's own efforts to balance the state budget without massive borrowing. Heaven knows we've had our differences with David Paterson, but he's absolutely correct to oppose borrowing as a budgetary panacea. (NYP Ed) *** A Back Hall Where Rules Are Ignored ** The Senate Democrats appear to be softening on the Ravitch plan.

NY's Race to the Bottom
Gov. David Paterson wasn't surprised New York had lost, finishing 15th out of 16 finalists, and said some lawmakers "deliberately blew off the chance of getting this money." * NY blows 'Top': Loses bid for fed school-cash *New York Is Denied Grant of $700 Million for Schools ** State budget's Passedover *** An Education Basic Young people can’t learn if they can’t get to class. The city, state and transit agency have to make students’ commutes as affordable as possible *** They damned the kids: Teachers' union and its lackeys sank bid for federal funds*** As Schools Stay Open, Space May Become Scarce

Canary Sings No Subway Video Video to Hunt Terrorist Broken It like a canary in the coal mine warning. The city spent billions to put video in the subway. Now we find out 50% of the cameras are broken Lack of Video Slows Hunt for a Killer in the Subway *No station agents at site of fatal Christopher St. knifings** MTA cuts weekend surveillance at vulnerable Verrazano Bridge, Queens-Midtown Tunnel * City crime hits a new soar point *** Subway security has been beefed up in the wake of the Moscow attacks, but weekend security details have been replaced by cameras at the Queens Midtown Tunnel and Verrazano Bridge *** Seven Suffolk County town supervisors plan to sue over the MTA payroll tax * Fatal Subway Stabbing Highlights Lack Of Cameras *** Weekend Vulnerability at City's Bridges & Tunnels? * About half of New York subway security cameras don't work

Dumbing Down Journalism
It no surprise that City Hall New would stoop to the low class April Fools joke or that a young cub reporter for the NY Observer would fall for it. This morning Reid Pillifant of the Observer reported that --"Paterson Prepares Gillibrand Challenge" without realizing it was a City Hall News April Fools childish prank. Not the type of behavior of a serious newspaper. Taking about City Hall News and pranks, who is paying to keep the paper going? This is important to know as pols on Facebook, the blogs and twitter become their own unfiltered journalist. Can someone with a lot of money be a secret backer in City Hall News to further his political economic agenda? Mayor Bloomberg played a hippie at the Inner Circle show, but still opposes medical marijuana.

New York Mob Inside Government
The IG has also found evidence of "extensive contact" with Senate and Assembly staffers by racino bidders. "The Senate and individual senators have woefully failed to meet their burden of demonstrating that the Inspector General's subpoenas seek information that is 'utterly irrelevant' to this investigation and that inquiry would be 'futile'" the IG wrote. "...In fact, such a claim would strain credulity as the Senate and its staff were undeniably involved in the process, actually interacted with executive officials, lobbyists and bidders, and obviously could shed light upon the actions that preceded the contingent selection of AEG." IG To Senate Dems: You Just Don't Get It ** Confidential Aqueduct Ranking Released * The state Lottery Division ranked AEG lower than its competitors *** Lottery document rated Aqueduct also-rans above winner Albany Times Union (blog) * State gaming officials: AEG Aqueduct racino bid stunk New York Post (blog)

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New York Hospitals Under the Knife - Wall Street Journal