Cuomo's Silver Spoon Removed With Hard Knocks Behind The Finance Woodshed

The Cuomo apologists have dismissed the smoking gun of Cuomo's HUD press release with "he was well intentioned."  Some advice for Cuomo:  1. payday loans are not wise things; 2. you and who else expects income tax revenue to go up this year in NY;  and what happens if anticipated income tax revenue decreases?  So,now, what are Cuomo's well intentions for the following anticipated borrowings based only on anticipated income or to fund current outlays by NY State for the remainder of this year listed below:?

5/20/10       Local Government Assistance Bonds  $ 1/4 billion     borrow money for present outlays
5/26/10       Service contract Revenue                  $ 1/2+ billion    borrow money from future income
5/26/10       Personal Income Tax Revenue           $ 1/2- billion     borrow money expecting tax receipts
June 2010    Personal Income Tax Bonds              $ 1.2 billion      borrow money expecting tax receipts
Aug 2010     Personal Income Tax Bonds             $ 1/2- billion     borrow money expecting tax receipts
Aug 2010      Dormitory Revenue Bonds              $ 77.1 million    those students will cough it up
Sept 2010      Personal Income Tax Bonds          $ 1/2- billion     borrow money expecting tax receipts
Nov 2010      Personal Income Tax Bonds          $ 1.7 billion     after the election, so the suckers won't know

Does Cuomo expect income tax revenues to rise or remain constant to cover this projected borrowing or will the difference be made up by more General Obligation borrowing, which wasn't described in the above NY State Borrowings this year, but which is huge.

How is Cuomo responding to Sheldon Silver's millionaire's tax to cover shortfalls when that idea resulted in reduced tax revenues in Maryland and New Jersey . 

Did Cuomo fail in Federal Court to defend Gov. Paterson's one day furlough for State workers out of his incompetence or should we give him credit for a clever subterfuge to fool the voters that he and Paterson wanted to reduce expenses and stand up to the unions, but the Federal Court wouldn't let them.  (The subject of future blog and a definite problem for Cuomo if elected; is Cuomo going to ask the new AG to correct his earlier error and its resulting federal court precedent?)

Here's the finance lesson that was not included in Andrew's silver spoon childhood and his entitlement training;  and, that is painfully learned by many young people.

  Look at your credit card statement.   While your balance rises, you ignore the rising interest charged each month.  But, your income is decreasing and your expenditures are increasing.  This was no problem, because you just paid the minimum amount due each month, but, now, your interest charged approaches your minimum payment.  You've reached your credit limit and the bank wants a higher minimum payment and won't advance you more money for present expenditures.    You cry out to your parents, why is this happening to me; the bank's mean; help me; how can I live without my needed purchases; and you whine on.

The painful welcome behind the Finance Woodshed is received by Andrew and other such children to the "Brave New World of Responsible Finances."  Neither your parents nor the Chinese want to loan us money; they want a lot more for a bad risk.  And forget about the Greeks and Spaniards; they are looking for money also.   


Andrew, putting on the garb of a fiscal conservative to fool the suckers won't help.  Are going to ridicule Sheldon Silver's fiscal stupidity?   And, Andrew, what about the Working Family's nomination; are going to embrace the unions and Acorn and then tell us you're for reform and ending corruption?

And Andrew, brace yourself,  maybe, go home to your parents,  the bond rating agencies* will wise up to your (and Silver's) words and deeds; maybe before the election. 

Andrew, do you think, as governor, you can pull your TARP to cover up even more corruption and mishandled money?

*Standard & Poor’s,	Fitch,	Moody’s