Wall Street has been shaken to its foundations, state and city revenues are plummeting, the long term fiscal outlook grows grimmer every week -- and Mayor Bloomberg today announced with a municipal labor union. The 8,300 members of the Correction Read More
Forecasters at the Centre for Economics and Business Research in London think that securities-industry bonuses there will plummet 60 percent this winter. London bankers reaped the equivalent of $17 billion in bonuses in 2006, the peak year; in New Read More
In a press conference Q&A today, Mayor Bloomberg said of state spending that cuts to Medicaid and education are "politically very difficult." Read More
In the of his congressional testimony yesterday, Governor David Paterson made this pointed reference to what the late Sen. Daniel Patrick Moynihan used to call the "balance of payments deficit" between New York State and the federal government: Read More
New York AG Andrew Cuomo has written a to nine financial institutions inquiring whether those institutions' receipt of emergency federal money has changed those firms' expected bonus payouts for "top management" for the winter of 2008-2009. Cuomo' Read More
Nearly 8,000 full-time equivalent (FTE) employees—including more than 4,800 in the past year—have been added to New York’s state government payroll since the fall of 2006, according to data from the state comptroller’s office. Read More
Governor Paterson went before a congressional committee today to a federal stimulus package to aid financially troubled states--including this pitch for added funding for infrastructure repair: We in New York have many programs involving Read More
On the heels of Governor Paterson's gloomy budget update, state Comptroller Thomas DiNapoli the state's Common Retirement Fund has lost 20 percent of its value since April 1. That would translate into a drop of $31 billion from the March 31 level Read More
Governor David Paterson is right on the money in calling for "bold and aggressive action to reduce state spending" to deal with the severe and worsening fiscal crisis detailed in today's . At this point, after months of dire warnings, there's hardl Read More
The city has released on the New York City residential condominium market, while analysts at the private firm Portfolio and Property Research (via and ) have released some projections for the metro-area office-building market. Taken together, the ne Read More
Harvard's Ed Glaeser, also a Manhattan Institute senior fellow, and Wharton's Joseph Gyourko have an (free registration required) of the likely futility of proposed government efforts to stop the slide in housing prices. The profs specifically Read More
Even as states and municipalities face unprecedented capital-markets pressure as they try to issue new debt, Standard and Poor's currenty has no states on ratings-watch negative, or even with a negative outlook. Read More