Posted on 09/16/2008 5:23:15 AM PDT by TigerLikesRooster
NY WILL TAKE $1B HIT: GOV
By SALLY GOLDENBERG in NY and FREDRIC U. DICKER in Albany
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September 16, 2008 --
Gov. Paterson warned yesterday that the crisis on Wall Street could cost the state $1 billion in revenue over the next six months and wipe out as many as 30,000 jobs, while Mayor Bloomberg insisted the city would weather the storm.
"While the full impact of these events may not be known for months or even years, the fact that financial-services firms that were able to survive the Great Depression, world wars and the Sept. 11 attacks collapsed under the weight of the current fiscal crisis is cause for grave concern," Paterson said during a press conference at his New York City offices.
MORE: The New York Shock Exchange
By contrast, Bloomberg, who canceled a trip to California in the wake of Lehman Brothers' meltdown, tried to galvanize New Yorkers and put the best possible face on the crisis.
"The world is not coming to an end here," Bloomberg said later during a press conference at City Hall.
(Excerpt) Read more at nypost.com ...
Ping!
Sweeeeeet...
What we're seeing is a massive failure of government to conserve and administer its resources.
Michigan failed to protect its natural resource, the auto industry. California failed to protect its natural resources.
New York failed to protect Wall Street.
Which state IS protecting its natural wealth?
Let's see - oh, yeah - that would have to be: ALASKA!
This kind of stuff is what he and Dems hope will enable Obama Nation's rise to power.
Raise taxes, invent new fees, find more surcharges, beg the Fed for money.
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