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Re: New York out of cash
there's is no shortage of cash ... anywhere ...wait and see ... (hint: printing press)Originally posted by Mega View Post -
Re: New York out of cash
Only for those with the right connections. For the rest of us, that will be an increasing shortage, as debt deleveraging (Mr. Margin as he's called in the stock trading business) continues to suck up available liquidity. Dollars will become more precious for us ordinary citizens and our businesses, even as those dollars race toward their fate of serious devaluation.Originally posted by vinoveri View PostMost folks are good; a few aren't.Comment
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Re: New York out of cash
Agreed. And NY has the right connections ....Originally posted by ThePythonicCow View PostComment
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Re: New York out of cash
Yeah, I don't think we'll see this this time around:Originally posted by vinoveri View Post
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Re: New York out of cash
They will squeeze the unions first.Originally posted by vinoveri View PostComment
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Re: New York out of cash
No, first they'll kick the can down the road into January when Wall Street bonuses are paid to see if those revenues "fix" the problem.
Then they'll raise the "millionaire" ($250K+) marginal income tax rate to match New Jersey (10.75%) just like they do every time NJ raises rates.
Then they'll appeal to Washington with help from several other near-bankrupt states, and, voila, more treasurys shall be printed and stored at the Fed. Problem solved.
The healthcare and education unions run this state even more so than the big banks, and the rest of us are just their humble servants.Comment
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Re: New York out of cash
More than the big banks, that is quite a statement. A power play that may test it could follow.Originally posted by mmreilly View PostComment
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