NY Goes Down the Tube...

[bcassill]

The title of the article says it all...:eek:

Gov: Budget failure could cause NY depression

[thriftyandboringinohio]

Re: NY Goes Down the Tube...

The title of the article says it all...:eek:

Gov: Budget failure could cause NY depression

My favorite bit is where the governor is quoted saying:

"What I think we should do is talk to Wall Street, which is the engine of our economy,...."

Sad; New York was once led the world in manufacturing and agriculture. Now it's reduced to begging the CEOs of FIRE to stop ducking taxes.

[MulaMan]

Re: NY Goes Down the Tube...

New York is run by the Teachers Union and Wall Street / Banking.

They are desperate to get Patterson out before he cuts public union salary and benefits. Hence the current personal attacks paying private investigators to find some dirt on him.

The Teachers Union rolls out commercials using children for their personal gain - the kids will not get books, class sizes will increase, ...

One school district had 10 year old kids all write letters that ask government not to cut education spending - basically scared young kids into writing letters - and then the school district called the media to cover it - outrageous

On the other-hand Mayor Bloomberg is out in public protecting wall-street corruption. He says wall-street pays an enormous amount of taxes in New York and so implies that we should allow the criminal behavior to continue "for the sake of New York City" - outrageous.

[wayiwalk]

Re: NY Goes Down the Tube...

I was disappointed to see Gov. Patterson fairing badly; he had the guts in his first public speech upon taking office to let everyone know, including the unions, that the path NY was on was not sustainable.

That was much more than I expected coming from a son of a union lawyer.

Things have not gone well for him. I guess he pissed of the powers that be in the educational-industrial complex.....

(PS - I'm an ex NYer until 4 years ago. I have siblings in the state and they are leaving as soon as their youngest finish high school....and these parents are engineers in the high tech field.....oh well, maybe wall street can rescue things....:rolleyes

[BigBagel]

Re: NY Goes Down the Tube...

New York government is like a tapeworm that has drained the life out of it's host and now can't draw enough sustenance.

In New Jersey the governor cannot furlough unionized state workers because it would trigger pay raises for the remaining state workers.

“I cannot lay off one state worker, I cannot furlough one state worker,” “It’s an exquisite set of handcuffs.” sez Gov. Christie.

"an exquisite set of handcuffs.” Nice.

In Florida (with their economy rots in the sun) there's a move to eliminate tax breaks for films with gay characters. It's a great idea as long as they include straight, bisexual and celebate characters.

[mmr]

Re: NY Goes Down the Tube...

Don't worry - if the NY state government can't tax the rest of the country indirectly through FIRE industry profits, they will just find some way to finance their deficits with US Treasury / Federal Reserve support (especially since IL, CA, NJ, etc. are in the same position or worse).

You won't be able to escape NY taxes by moving to, for example, Tennessee - those taxes will just show up on your Federal tax bill instead.

[c1ue]

Re: NY Goes Down the Tube...

You won't be able to escape NY taxes by moving to, for example, Tennessee - those taxes will just show up on your Federal tax bill instead.

Yes, this is a dynamic I am wondering what to do about.

I'm forming up a new corporation; originally planning to do it in Florida due to its previously lenient tax policies (corporation will serve customers in multiple states).

But in this present environment, it may not matter anywhere in the US.

As the service is internet based, I'm considering an offshore incorporation in say the British Virgin Islands or perhaps some other Caribbean nationlet.

[ThePythonicCow]

Re: NY Goes Down the Tube...

As the service is internet based, I'm considering an offshore incorporation in say the British Virgin Islands or perhaps some other Caribbean nationlet.

I hear Iceland is "warming up" to such ventures.