Posts Tagged ‘Governor Paterson’

The New York State Treasury Just Came Up $2 Billion Short, And Is Resorting To An Accounting Move To Avoid Insolvency

The New York State Treasury Just Came Up $2 Billion Short, And Is Resorting To An Accounting Move To Avoid Insolvency

clusterstock, governor PatersonCourtesy of Joe Weisenthal at Clusterstock 

Ok, we got through the financial crisis. We’re getting through the European crisis. Jobs are coming back. Shippers are bringing boats back onto line because they’re seeing increased trade. 

Everything’s great.

BUT there’s one looming crisis, and that is the states.

According to The New York Times, Albany has just learned that state coffers are coming in $2 billion lighter than expected.

As such, in order to avoid default, the state will be delaying $500 million in income tax rebates. Governor Paterson says he "apologizes" for the inconvenience.

A question is: where are the ratings agencies pointing out the obvious, that New York State debt is hardly secure? Are they afraid of the cascade of sales from bullish muni fund managers forced to liquidate non-agency debt? Would they not be downgrading a company that suddently found itself $2 billion in the hole?

Please. 


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Governor Paterson: “New York Runs Like a Payday Loan Operation”

Governor Paterson: "New York Runs Like a Payday Loan Operation"

Courtesy of Mish 

david patersonI rarely applaud politicians but I will gladly give New York governor Patterson a standing ovation for his state of the state address on Wednesday.

Please consider Paterson Speech Chastises Lawmakers

In a strikingly blunt State of the State address, Gov. David A. Paterson chastised the lawmakers seated before him on Wednesday, saying they had spent the state into near-ruin and stood by as a plague of political corruption destroyed New Yorkers’ trust in their government.

“You have left me and other governors no choice,” Mr. Paterson, the former State Senate minority leader, said. “Whether it be by vetoes or delayed spending, I will not write bad checks, and we will not mortgage our children’s future.”

The public scolding drew a cold response from lawmakers. Some sat stony-faced during the speech, while others fidgeted with BlackBerrys.

The governor entered the packed chamber with nary a handshake for the hundreds of lawmakers and other officials who had assembled to hear him speak, and did not crack a single smile during his 30-minute address.

Lawmakers, Mr. Paterson charged, had too often bowed to the wishes of powerful special interests, feeding an “addiction to spending, power and approval” and plunging the state into economic catastrophe.

“No longer are we going to run New York like a payday loan operation,” the governor vowed.

Referring to industry and labor lobbyists in the chamber, he declared, “The moneyed interests — many are here today as guests — have got to understand that their days of influence in this town are numbered.”

Recognition Time

I am glad to see one governor stand up and unequivocally state there is an enormous problem regarding corruption and wasteful spending.

Typically the only time you hear speeches like that is before someone is elected. After election it is business as usual. President Obama is the classic example of "Yes we can" turned into "business as usual".

State by state, business as usual is going to stop. Everything needs to be on the table especially union salaries and defined public benefit pension plans.

Others will follow Paterson, not because they will be willing participants, but because the market will force their hand.

Mike "Mish" Shedlock

 


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Phil's Favorites

Q+A: Boris Johnson tests positive for coronavirus - what happens now?

 

Q+A: Boris Johnson tests positive for coronavirus – what happens now?

He’s felt better. PA.

Courtesy of Nicholas Allen, Royal Holloway

Boris Johnson, the British prime minister, has tested positive for the COVID-19 virus. In a recorded video message, Johnson said he had developed “mild symptoms” and is now in self-isolation. Here are the main issues at play for the UK in this time of crisis.

Will Boris Johnson continue as prime minister?

Johnson has made it clear that he will continue to oversee the government’...



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Zero Hedge

25-Year-Old California Man With No Underlying Conditions Dies Of COVID-19

Courtesy of ZeroHedge View original post here.

While coronavirus deaths have primarily been in those above 50-years-old, the disease has also been sending younger people to the ICU in larger than expected numbers - and in some cases, claiming younger victims.

In France, doctors have reported that 50% of ICU patients are under 60-years-old, while in the Netherlands, half are under 50.

Nearly 50% of c...



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Insider Scoop

'Psyched': Hawaii Considers Resolution For Shrooms, Champignon Eyes Ketamine Products

Courtesy of Benzinga

Psyched is a bi-monthly column covering the most important developments in the industry of medicinal psychedelics. We hope you follow us periodically as we report on the growth of this exciting new industry.

Champignon Brands Buys IP Company and Adds Ketamine and New Formulations To Its Portfolio

On March 19, Champignon Brands Inc. (CSE: SHRM) (OTC: SHRMF), a Canadian healt...



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The Technical Traders

These Index Charts Will Calm You Down

Courtesy of Technical Traders

I put together this video that will calm you down, because knowing where are within the stock market cycles, and the economy makes all the difference.

This is the worst time to be starting a business that’s for sure. I have talked about this is past videos and events I attended that bear markets are fantastic opportunities if you can retain your capital until late in the bear market cycle. If you can do this, you will find countless opportunities to invest money. From buying businesses, franchises, real estate, equipment, and stocks at a considerable discount that would make today’s prices look ridiculous (which they are).

Take a quick watch of this video because it shows you ...



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Kimble Charting Solutions

Broadest Of All Stock Indices Testing Critical Support, Says Joe Friday!

Courtesy of Chris Kimble

One of the broadest indices in the states remains in a long-term bullish trend, where a critical support test is in play.

The chart looks at the Wilshire 5000 on a monthly basis over the past 35-years.

The index has spent the majority of the past three decades inside of rising channel (1). It hit the top of this multi-decade channel to start off the year, where it created a monthly bearish reversal pattern.

Weakness the past 2-months has the index testing rising support and the December 2018 lows at (2).

Joe...



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Biotech/COVID-19

Coronavirus treatments and vaccines - research on 3 types of antivirals and 10 different vaccines is being fast-tracked

 

Coronavirus treatments and vaccines – research on 3 types of antivirals and 10 different vaccines is being fast-tracked

Scientific research on the novel coronavirus has progressed at unprecedented speed. Mongkolchon Akesin / Shutterstock

Courtesy of Ignacio López-Goñi, Universidad de Navarra

Just three months after China first notified the World Health Organization about a deadly new coronavirus, studies of numerous antiviral t...



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Chart School

Cycle Trading - Funny when it comes due

Courtesy of Read the Ticker

Non believers of cycles become fast believers when the heat of the moment is upon them.

Just has we have birthdays, so does the market, regular cycles of time and price. The market news of the cycle turn may change each time, but the time is regular. Markets are not a random walk.


Success comes from strategy and the execution of a plan.















Changes in the world is the source of all market moves, to catch an...

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Digital Currencies

Bitcoin Tested As A Safe Haven After Biggest Stock Crash Since 2009

Courtesy of ZeroHedge View original post here.

Authored by Horus Hughes via CoinTelegraph.com,

Gold and Bitcoin react to global panic

Amid all of yesterday's chaos in bond, commodity, and stock markets, with the yield on the 10-year US Treasury note dropping below 0.5% for the first time in history - a strong indicator that investors are desperately looking for safe harbors - two supposed safe-havens in 'alternative currencies' behaved qui...



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Members' Corner

Bloody Mob Sh*t: An Interview with Lincoln's Bible

 

Bloody Mob Sh*t: An Interview with Lincoln's Bible

We talk Trump, Mogilevich, Epstein, Giuliani, Fred Trump, Roy Cohn, and more.

Courtesy of Greg Olear at PREVAIL, author of Dirty Rubles: An Introduction to Trump/Russia

(Originally published on Feb. 21, 20.)

...

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ValueWalk

Entrepreneurial activity and business ownership on the rise

By Jacob Wolinsky. Originally published at ValueWalk.

Indicating strong health of entrepreneurship, both entrepreneurial activity and established business ownership in the United States have trended upwards over the past 19 years, according to the 2019/2020 Global Entrepreneurship Monitor Global Report, released March 3rd in Miami at the GEM Annual Meeting.

Q4 2019 hedge fund letters, conferences and more

The Benefit Of Entrepreneurial Activity ...

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Promotions

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TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

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Mike will show off the TradeExchange's new platform which you can try for free.  

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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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