Pancake Eaters Recommend Municipal Bonds???
December 13, 2009
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Gov. David A. Paterson announced on Sunday that he would unilaterally withhold $750 million in scheduled payments to schools and local governments, saying that strong action was necessary to prevent New York State from becoming insolvent.
The reductions of 10 to 19 percent in aid will affect schools and social service providers, health insurance payments, cities and counties. Mr. Paterson said the withheld funds were not “a cut” or an “impoundment” — perhaps drawing a legal distinction because only the Legislature is empowered to make permanent budget cuts.
He acknowledged that the move was likely to be contested in court.
The governor did not indicate when he would restore the funds, except to say, “as sufficient revenues become available.”
http://www.nytimes.com/2009/12/14/nyregion/14budget.html?hp
Who coulda foreseen that cities, counties and states would run out of money????? Who coulda warned CAPS players over a year ago???
Remember, Alstrynomics is about investors helping investors......
Welcome to the devastation of Zombulation as it affects our nation.........
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