Gov Paterson:New York's economy dependent on big bonusses for banksters; Northeast a vampire on US

online.wsj.com...

In a rare address Monday to a joint session of the legislature, Mr. Paterson underscored the dire straits of the state's economy. "Frankly, we are running out of money," he said. "All of us assembled in this chamber stand at the last defense to our state undergoing a downward economic spiral that threatens to engulf future generations of New Yorkers." Fiscal experts say the state is facing hard choices this fiscal year and next, when the deficit is expected to balloon to $6.8 billion. With an unemployment rate of 9% and sharp job losses on Wall Street, the state has been hit by a steep drop in personal income taxes, garnering $4.4 billion less than last fiscal year. "We're in a period of extraordinary volatility, because New York is so dependent on Wall Street, dependent on variable things like bonuses," said Matt Anderson, a spokesman for the state budget office. In 2007, the last year measured, tax collections from the financial sector represented as much as 20% of state revenues.

www.millersamuel.com...

www.bloomberg.com...

pasadenasubrosa.typepad.com...

money.cnn.com...

So the states of New York, New Jersey, and a couple of others in New England area are basically partners in crime with Wall Street, getting a cut of the monies stolen from the rest of us, while looking down their collective noses at those who support them. The Governor admits that without the "income" from fraudulent bonusses based on mythical profits and federal bailouts, New York is broke.

How long will we continue to allow a has-been state to continue to leech off the part of the country that actually produces tangible products?

Now I wish the 9/11 idiots had used a nuke. New Yorkers are disgusting traitors, selfishly feasting on the body of the US while producing nothing but ever more-sophisticated scams.



[edit on 10-11-2009 by apacheman]

im from new york... upstate new york, the leech the bad guy is new york city, not new york state... usk any upstater, we get screwed over constantly because of the attention NYC garners from politicians, business, etc...

Hey man, i happen to take some offence from that being from new york myself. Its a nice state that happens to have this horrid sector of baddies looking over it. I for one am quite glad that a nuke wasn't dropped on 9/11 cause I live about 45 mins out of the city. I would have died a quite horrid death from radiation poisioning

The country is dying a horrible death from the activities you benefited from and did nothing to stop.

Ok, nuking is a bit extreme...but so is what New York has done and is doing.

I've never known anyone from New York, upstate, city or anywhere else that wasn't arrogant and proud of the "Big Apple's" superiority. New Yorkers tend to insult every other region of the country, and seem to value greed and ruthlessness above all else.

The state can't support itself without sucking off the productive parts of the country; it's a welfare state I'm tired of supporting. From an economic point of view its major industry is financial fraud; its major export, corruption.

You may not fit that profile, if not, I'm sorry for you. But you live there and accept the bennies from doing so. You can have my respect back when you show some humility and respect the rest of us in return, and actively do something about the criminals in your midst that have ruined our country.

Don't you think painting 'the northeast' as vampires because of the souless, scum-sucking, carrion eating pigs on Wall Street is a bit broad? I know the vast majority of us up here in New Englad would take serious offense to this recklessly broad characterization.

Originally posted by TheCoffinman
im from new york... upstate new york, the leech the bad guy is new york city, not new york state... usk any upstater, we get screwed over constantly because of the attention NYC garners from politicians, business, etc...

I've got friends up there and from what I've heard and seen visiting the area, New York State is pretty nice. I would agree that New York City is the problem when it comes to politics and money corruption.

Being a New Yorker the op can go kick rocks New York city eats up so much money it's disgusting. It needs to be treated like it was in Escape from New York! Same with Albany. Once upon a time we had industry here, now a days no one can afford to run one. But our tax dollars pay for squat after the politicians get into it! Hell before some eight years ago a electric bus that could run on train lines was shot down by the then senate majority leader Joe Bruno, because he was not gonna make money off of it! Now the man is on trial for corruption, sheesh go figure.

reply to post by jtma508


If your economy is dependent upon the size of Wall Street bonusses, then yes. If your economy takes in more federal dollars than it pays in taxes, then maybe. If it is dependent upon both bonusses and federal dollars, definitely yes.

The articles I've read cite New Jersey and at least one other New England state as being dependent on the size of the bonusses Wall Street gives out. But all my life New England has been known as the bedroom communities of New York and the wealthy elite, catering to their needs and lifestyles.

It seems New Englanders never have a problem with painting all Californians, Texans, Southerners, or anyone else with a broader brush and less reason, forgive me for not being too sympathetic.

The Northeast part of the country bears a great deal of responsibility for the state the country is in. The values, or lack thereof, espoused in the area have nearly ruined the country.

reply to post by hangedman13


As a Californian, I get tired of being characterized as looney-tunes, a treehugger, being from La-La land, unsophisticated, uncultured, etc, etc, etc, too.

As someone from a state that ranks #1 in the amount of money sent to Washington, and 51(!) in the amount received in return, it enfuriates me to discover that the reason no one in New York is really interested in financial reform or enforcing existing laws on Wall Street's illegal dealings is that the state has a vested interest in their continuance.

If you don't want to be painted with the same brush don't keep passively supporting this crap. You people are THERE. Why aren't you protesting what's being done? Why aren't you demonstrating against these obscene bonusses? Why aren't you defnding the jobs that across the country that support you?