Andrew Cuomo; A Drag Queen; And Dragging New York State Bankruptcy And NY Bond Devaluation Out Of The Closet

In God's schekels we trust, all others' schekels we weigh.  From a sign in an ancient Babylon Bazaar

   Welcome to the NY Finance Bazaar 

 This is your self check-out page where you weigh the future value of NY Bonds.   Will NY go bankrupt? You check which way the balance tips. 


     We'll take NY bondholders and NY residents to some of the stalls in the NY Finance Bazaar.

      Stall 1. The Supreme Court stall.  You may have thought bondholders were protected under US Law and Constitution?   But the US Supreme Court refused to follow the Constitution for Bondholders in these two recent offerings:

a. Supreme Court refused to hear a plea from bondholders and Indiana pension funds, representing $42.5 million of Chrysler's $6.9 billion in secured debt, who contended that their compensation was unfair at just 29 cents on every dollar of their bond value.
b .General Motors' (GM) bondholders asked to take 30 cents on the dollar in new bonds and GM shares in exchange for the their cash or their bonds lost 70% of their dollar value.

      Stall 2. The Illinois stall,  where, Illinois comptroller, Daniel W. Hynes, faces a figure in red of $5.01 billion.   “This is not some esoteric budget issue; we are not paying bills for absolutely essential services,” he says.  Illinois' dysfunctional political class refuses to pay the state’s bills of at least $12 billion (compare this to NY's $18 Billion projected deficit in NY).  There's a spectacularly underfunded Illinois pension system (compare this to NY's Comptroller claiming a unrealistic 7.5% Safe Pension Return on Investments),

      In re: Illinois; "States cannot go bankrupt, technically.  Legislators left the capital this month without deciding how to pay 26 percent of the state budget.  The governor proposes to borrow $3.5 billion to cover a year’s worth of pension payments, a step that would cost about $1 billion in interest."  We can see the future for NY in Illinois.

      Stall 3.  Historical bond trends are for sale:
"For two centuries, the bond market has reminded states that interest rates rise when they, like the  Greeks, the Spanish, and the Italians, spend many more dollars than they collect in tax revenues."
   If NY bond interest rates rise, the added yearly due interest will deplete NY's spending ability.

     Stall 4.  All the sackcloth and ashes you'll need:   Four states are likely to go bankrupt: California, New York, Illinois and Michigan

     Stall 5.  A Prophet is offering: Although there is no mechanism for states to go bankrupt, Congress could change that: This means we can expect a major push for federal funds to prop up insolvent state governments in 2011. This is where a legal mechanism for a State's bankruptcy needs to be created by Congress.

     Stall 6. Throw the ball in the right hole and win a prize:  Where will the new Republican House in the US Congress throw the ball?
 Hole a. Bailout four states to begin with,
or Hole b. Pass the bankruptcy law suggested in the article above in Stall 5?

     Stall 7. The Hope and More Hope stall with hallucinogenics for sale:  Do you believe Comptroller DiNapoli can get 7.5% Safe Return on NY pension investments?  (or Madoff has a bridge for Sale)

     Stall 8. Here are foreign bonds available with great yields:   The average yield for 10-year debt from Greece, Ireland, Portugal, Spain and Italy reached 7.57 percent today and that's for debt backed by Germany and not Geithner/Obama deficit spending.

     Stall 9.  Another Branch of the Hope and More Hope stall with stronger hallucinogenics for sale: Do you think NY's interest rate on bond offerings will stay at 3.357%?

     Stall 10. Strong espresso coffee served with tough love talk:  Knowing what the US Supreme Court did with GM bondholders, do you believe the Supreme Court will force NY to honor NY bonds at their full value or force NY State to honor pledges to pay certain bondholders before using the money for other purposes, or just offer pennies on the dollar value of existing NY bonds?  We can read the analysis of the NY Budget and Bond offering.

      Stall 11. This stall has snake-oil for sale and a "sexy" snake-charmer with a drag queen: 
The drag queen wasn't there, but her "sexiest male" snake-charmer, Andrew Cuomo, was.
"We like to imagine this is sort of how it happened with Andrew Cuomo. We've always imagined he was a, uh, dance man." 
  Well the dance man, Andrew, was still promising to charm at least one snake out of the Albany basket.
   Maybe, if we drop a schekel in his pot, at least one snake will come out of the basket.  Or maybe,  the basket is a closet and we ought check the sexual orientation of the snakes. (read the reports of Andrew's prior M.O. and snake-oil sales)

  Leaving the stink of the snake oil behind, we find the balance scale to check the weight of the schekels NY State is offering. 
Does the scale balance or tip?

      NY goes bankrupt?(Y)(N)

      NY Bondholders will lose over 50% of their bond value? (Y)(N)
      NY Pension Funds can earn 7.5% Safe return on their investments? (Y)(N) 
      Will Andrew Cuomo's "charm" fix NY Finances? (Y)(N)
      How will Fitch's, Moody's and Standard & Poor's finally valuate NY Bonds?

Junk?(Y)(N) or _____? 

At Thanksgiving Fest, NY Bondholders And Cuomo See The Hand Writing On The NY Capital Walls

The words, Mene, Mene, Tekel, u-Pharsin, written by a God of Justice Disrupt the Albany Victory Celebration (King Cuomo, Silver and Sampson in their blue uniforms with their new committees behind them)
  *picture described in note #1 below

  CuomoTARP has obtained two translations for the handwriting "Mene, Mene, Tekel, u-Pharsin" on the walls of the NY Capital Buildings. It was the same Aramaic words the Babylonian King Belshazzar saw on the wall in Babylon around 539 B.C., *See historical note #2 below

        Translation #1: Mene, Mene, Tekel, u-Pharsin translates to Number, number, weigh, divide in two."   And the meaning is the same, for both King Andrew and King Belshazzar, "God has numbered your remaining days in power; your number is up; you've been weighed and found deficient; and your State will be divided up financially and given to its creditors."

 A Creditor: One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions.
~ from Ambrose Bierce's Dictionary

Chinese creditors crack their whip on the Bernanke/Obama money printing scheme.  

Follow the economic reality trickle down below:
    China and Russia have decided to renounce the US dollar

    US Federal Reserve will slash its growth forecasts and predict higher unemployment


     Fears of Domino Effect Pervade Europe: Loss of Confidence Extends From Ireland to Spain, Portugal; Bond Spreads Widen as Euro Tumbles


     Belgium's debts to record levels in situation made worse by broken political system

    Now, see the world economic reality trickle down into NY on this blog: 
    another $6.8 Billion missing from the Cuomo Budget Plan.  

    NY Comptroller, DiNapoli, now promises safe returns of 7.5%  (or Madoff has a bridge for Sale)


    The Final Prophecy: from the Ghost of NY Yet To Come: the Trophy of Total Fiscal Failure. 
  

Now, the translation #2 for NY Bond Holders:

  Mene:  Count your bond values now
  Mene:  Count your bond values after the credit rate rises, inflation increases and bond desirability decreases  *See notes 3 and 4 below
  Tekel: Same as shekel or watch your money
  U-Pharsin;  Your bond values will be cut in half

The Words of the Prophet to bondholders:
  Sell now and not cry later

*note 1 The hand-writing upon the wall is a print etching and aquatint, hand-colored  by Js. Gillray  and shows  Napoleon, Josephine, French soldiers and women seated at feast with dishes "Bank of England," "St. James," "Tower of London," and "Roast Beef of old England." Napoleon looks in horror at hand of Jehovah pointing to words in sky: "Mene mene, tekel upharsin."  

note 2 from Daniel 5:25–28: "And this is the writing that was inscribed: mina, mina, shekel, half-mina. This is the interpretation of the matter: mina, God has numbered the days of your kingdom and brought it to an end; shekel, you have been weighed on the scales and found wanting; half-mina, your kingdom is divided and given to the Medes and Persians.
That very night King Belshazzar is slain, and Darius the Mede becomes King. (The end of the Babylonian Empire and the beginning of the Persian/Mede Empire)

note 3 short course with graphs showing inverse relationships of bond prices, interest rates, inflation

note 4 simpler explanation of bond value changes

Cuomo Loads Up His Band Wagon With Committees And the Fed Greases The Brakes For The Downhill Race With California

"Jump on the Cuomo Band Wagon and we'll beat California downhill to the Finish!"

With bluster and blandishment,  two large diverse transition committees were announced by Andrew Cuomo.   Then more committees, the Local Government Reform Committee and the Public Safety Committee, allowed more blandishing of more egos.  And Andrew blunted Al Sharpton's, and the NY Times' concerns and filled the committees with women and blacks.
Equal Opportunity responsibility now and Equal Opportunity blame later.
  
    "People who enjoy meetings should not be in charge of anything" ~Thomas Sowell

        Do the committee members believe their input matters?    Wake up.    Cuomo's M.O. requires a someone to switch the blame to when the inevitable failure comes.

Meetings are a symptom of bad organization. The fewer meetings the better. - Peter F. Drucker


      Questions for committee members: You'll have input?  Did it feel good to be appointed?   Are you also on the Cuomo Central Committee? Would Andrew switch blame to you?  Have you read Cuomo's Budget Makes New York The Favorite Over California For "First State Bankrupt" Prize? Do you believe Cuomo's and DiNapoli's lie about getting a 7.5% Safe return on pension investments?

      Hear into the future as Andrew says: "I picked the best people, all vetted by [insert committee member's name]   It's not my fault, the best and brightest, including [insert name]on my committee approved my choices."

The latest news: The Fed greases the bandwagon's brakes, "Federal Reserve will slash its growth forecasts and predict higher unemployment when it releases updated economic projections this week."

Imagine, willfully going on the Titanic, or joining a committee on the overloaded Cuomo Bandwagon with the Fed's greased brakes racing downhill.

Andrew Cuomo's Vision Of New York's New Justice System Appears In Charley Rangel's Tears

"The Government of the United States has been emphatically termed a government of laws, and not of men." Chief Justice Marshall writing in Marbury v. Madison, 5 U.S. (1 Cranch) 137 (1803)

      We can see NY's future from Andrew Cuomo's new vision of Justice in Charlie Rangel's theatrics this week in his "Ethics Trial."  Andrew Cuomo has said he'll not authorize the new Attorney General, Scheiderman, to investigate and prosecute criminally that special class of crooked NY politicians.
 
      Although, Charlie Rangel has admitted, "Rangel's solicitation letters asked for $30 million, or $6 million a year for five years," Andrew Cuomo failed to prosecute Rangel under NY Penal Law §100.05 Criminal solicitation in the fourth degree.  A person is guilty of criminal solicitation in the fourth degree when: 1. with intent that another person engage in conduct constituting a felony, he solicits, requests, commands, importunes or otherwise attempts to cause such other person to engage in such conduct.

      Although, Rangel has admitted, "Failure to pay taxes for 17 years," Andrew Cuomo failed to prosecute Rangel under NY Tax Law §1806. Criminal tax fraud in the first degree. A person commits criminal tax fraud in the first degree when he or she commits a tax fraud act or acts and, with the intent to evade any tax due under this chapter,or to defraud the state or any subdivision of the state, .. Criminal tax fraud in the first degree is a class B felony.

      Did you see the theatric pain that NY's ruling class's Rangel showed while wiping away the tears in his eyes.  Do you now appreciate Andrew's new vision for New York to replace criminal prosecution of crooked politicians with new ethics laws and ethics investigations?

      Thank you, Andrew for your vision that our ruling class needs special treatment, while the lowly we respond best to the full penal weight of the law.  "Tears punish our ruling class better than  jail."

      Andrew, thank you for your more just system where laws are relative to a person's stature and class and do not blindly treat all as equal before the law.    Justice Marshall was the past from 1803 and you are our future.

Cuomo's Budget Makes New York The Favorite Over California For "First State Bankrupt" Prize

        The race is on just as the Ghost of Arnold of California predicted.   California is in the lead, but with Andrew Cuomo driving the band wagon on this downhill leg and with his budget frauds shown on this blog, New York may make it first to the bottom win the First State Bankrupt Prize.

      Here's the latest news:  California Bond Woe Bodes Ill for States  with, "posting its sharpest selloff in nearly two years, as investors demand higher interest rates to buy paper issued by states, cities and counties to finance their operations."

     Look at all the factors for Cuomo winning the downhill race:

1. NY promises to earn 7.5% Safe Return on pension investments

2. Now, tax receipts are down (24.4 points) from manufacturing of non-government source. 

3. Of course, there's the missing $6.8 Billion in the budget.

4. There's the cost of Andrew's ethics instead of criminal prosecution of Albany's crooks. 

5.  There's Andrew's record as shown in the links in the index above.  Jerry Brown is no match for $1.2 trillion and $59 billion stolen.

The odds on favorite: Andrew and his band wagon will make it to the Bottom first and claim the Prize.

Andrew Cuomo Cheered As Swamp King While He Gives A Second Companion Piece Thank You

The Albany Swamp held their Rejoice Party this week and watched  new videos of the Swamp's vermin.

             The King Returns In Triumph


They watched the vermin, Charley Rangel, strut "his striped tie, his red pocket handkerchief bright and cheery enough to attract hummingbirds and on his finger, a glittering ring the size of a butter plate."   The Swamp roared with laughter, "ethics committees, ethics committees, so much better than a jail cage."

And the laughter continued as Andrew Cuomo said, "[I'm]hesitant to empower Eric Schneiderman to investigate public corruption at the attorney general’s office," and "would prefer a comprehensive change of the government through an ethics bill he hopes to pursue in the Legislature next year." And the swamp exploded, "An ethics probe, an ethics probe, just like the Rangel ethics probe."

Then Cuomo pulled out his CuomoTARP again and threw it over a stinking swamp pit saying,"I want to see what happens with the ethics reform with the Legislature, before I lift my CuomoTARP."    And the Swamp chorus roared: "Yeah, yeah, Andrew, Only after Godot returns, next year.

     The Swamp laughed as the new Attorney General, Scheiderman, crawled into the Swamp and threw a tantrum crying "that silver spoon feed brat, Andrew, has taken away my toys."

    Then Swamp King Andrew's, new Cleaning Up Albany Together video played where Andrew promises at 2:03 minutes to lift the CuomoTARP he's kept over NY corruption for the last four years.  When the video concluded, Andrew told the swamp, "Remember in 2008, when I promised in my 'CAP' (Cuomo's Amnesty Program) that 'Heads will role once the Amnesty Program ends,' well, I scored a  thousand percent (1000%), because after my last 4 years on the job, absolutely nothing happened."   And the Swamp chorus, "Lift the TARP; lift the TARP, Andrew,  but only after Godot returns next year.



     Then Andrew gave his Second Thank You (The Swamp Version of Cleaning Up Albany) Address to the faithful in the Swamp.

The text of his Second Thank You:

I'm King thanks to your money; your lies; your cheating; you did whatever to make me King.

My loyalty is to this swamp; regardless of what I say outside.

You know my record; the indictments not obtained; the cases settled without restitution or jail time.

You're my extended family. 

This Swamp has drainage in all 62 Counties where you knew I would protect you.

Ethics Boards and Commission Investigations weren't jail or restitution. 

My game, nothing happens until the legislature creates ethics probes;  then I blame them and wait another year for a Commission Investigation.

This Swamp has been around a long time and I'll keep it thriving.


Now, Laugh at an earlier swamp gathering; link with Ashley Dupre
Then, cry at a snare in the Swamp:  link

From Ponzi to Madoff to Hevesi to DiNapoli; New York Learns Anew About Bond Losses And A Phony Safe 7.5% Pension Return

      Madoff had promised safe returns of 10% before the economic recession began.

The SEC warns in its Ponzi Schemes – Frequently Asked Questions that Ponzi schemes share common characteristics:
          High investment returns with little or no risk
          Overly consistent returns.

     NY Comptroller, DiNapoli now promises safe returns of 7.5%, when the NY pension plan for the prior ten years, when higher safe returns were possible, never earned over 4%.  DiNapoli had claimed the NY Pension Funds were getting 8% expected returns for his first three and one half years in office.


     Now look at Greece, where, "Greek bond yields, a measure of investor confidence in the country's finances, rose on Monday, with the rate on 10-year paper up to 11.280 percent from 11.184 percent on Friday."
and "The Greek economy shrank 4.5 percent in the last 12 months, official data showed on Friday. Gross domestic product contracted by 1.1 percent in the third quarter."

      Now back to NY, where "The Federal Reserve Bank of New York reported its manufacturing activity index dropped to minus -11.1 points in November, from a positive +15.7 points in the previous month.  The Empire State Manufacturing Survey index is considered a bellwether of the manufacturing sector which has been a key strength in the economic recovery.  It was the first time the index fell below zero since July 2009, the month after the worst recession in decades was officially declared over.  The sharp 27-point decline surprised analysts, who had forecast on average a slip to a positive 11.7-point reading.  The new orders index plummeted to minus 24.4 points, from positive 12.9 points in October."

        Now, tax receipts are down (24.4 points) from manufacturing (a bellweather) of non-government sources; there's a 420% increase in the taxpayer share of pension costs; NY's borrowing costs for next year which earlier were predicted at $5.6 Billion with the TIC (True Interest Cost) of recent offering:  3.357% will quickly move up to paying the Greek rate of 11.28%.  Thus NY's borrowing costs will move up from $5.6 Billion to $18.8 Billion.  ($5.6 Billion times 11.28% divided by 3.357% = $18.8 Billion)


    Did you think public corruption would be rooted out?   Not yet as,  "Cuomo Hedges On Signing Over New Investigatory Powers To Schneiderman For Public Corruption Cases."

     But alas, as Ponzi and Madoff learned, economic reality (interest rates, revenues and spending) is a harsh task master, irregardless of your protectors. 
    Follow the money, Comptroller DiNapoli!   Oops, the money's disappeared!
    Hoping for the Tooth Fairy, an understanding Congress, iou's for bond holders or State workers?
    Quick sell your NY Bonds.  Greek bonds pay 11.28% guaranteed by the EU.   Who's guaranteeing NY Bonds?

Economic Laws, Pensions And Gravity Lead Andrew Cuomo To A Hard Fall

From Arithmetic for the Economically Challenged Idiots:

First, the rose colored government accounting system: 
     A report in the August issue of Governing, called New York State, the nationwide pension leader with Pension liability: $141 billion; Percent funded: 107.38%; Employees in Pension Plans: 1,343,524.
Compared to California's  Pension liability: $454 billion; Percent funded: 86.89%; Employees in Pension Plans: 1,995,169   But, Government Accounting Rules allow state pension plans to calculate their obligations using an assumed long-term yield of 8%.

Second, the law of economic reality, which like law of gravity cannot be ignored:

Economic reality:
     1. what safe investments earn 8% return in  our present economy?
     2. Pension plans -- including California, New York and Florida -- invest some of their pension funds in BP stock,
     3. Guess what?    NY Comptroller Di Napoli will reduce his hope to earn 8% percent a year to 7.5%.  Except for  Madoff, who guarantees a 7.5 percent rate of return?  Or 7 percent?  Or 6 percent?  No junk bonds allowed.   NY's real rate of return was less than 4% for ten years.
     4.  Comptroller Thomas DiNapoli proposes for the state government and local governments a  pension “amortization” (i.e., borrowing) plan where the 7.5% rate won’t necessarily affect annual pension fund contributions, because they can borrow their higher payments from the pension fund. Only the Government could imagine being able to use your credit card to charge your credit card payment.
     5. And it gets better, "after a decade in which the New York State pension fund’s annual return on assets averaged less than half its [8%]target rate, the fund will need to jack up its taxpayer-funded contribution rates next year, Comptroller Thomas DiNapoli announced today."  That's you, the taxpayer, paying a 42% rise in your share (11.5% to 16.3%)  See * below for changing the rate from 7.5% to 2.5% that would need a 420% increase in the taxpayer share.


 Third, a Cuomo cheerleader, the NY Times, agrees and had  "How to Cheat a Retirement Fund", an "approach that assumes, as economists generally do, that even corporate accounting standards in this area are too lenient, public pension underfunding is about $3.5 trillion, or one-quarter of gross domestic product."


  Fourth, from Arithmetic for the Economically Challenged Idiots,  here's the advice a parent must give a child who believes in a 7.5% safe return on investments, in maintaining the value of his BP stock investments, and asks whether you should make your credit card payment with your credit card.    The answer: Tough love; First, No; then a good Cry; then Stop Spending.

  Fifth,  Economic real world thinking: "Private pension plans must discount their liabilities based on a market rate—typically, a corporate or U.S. government bond rate—which is often much lower than the plans’ projected returns." 
*Return US Treasury: 10-MONTH NOTE 10-15-2010 2.475%
  There appears to be a large difference between 2.475% and 7.5% and DiNapoli's assumed drop from 8% to 7.5%.


  Finally, "New York’s state budget gap for 2011-12, the first year of the next gubernatorial administration, is now projected at nearly $8.2 billion[up from $5.4 predicted earlier]" and that doesn't include the corrections reported above. 
   Sorry, Andrew and Thomas (DiNapoli), using the laws of Economic Arithmetic or the law of gravity equals a hard fall.
You're Bankrupt, your game is over.

NY Debt Devaluation, Budget Collapse; Not If, But When

First,  from Arithmetic for the Economically Challenged Idiots:

Present Federal Debt : $13.7 Trillion
The Federal Reserve plans to print:  $0.6 Trillion
Net devaluation of US dollars: $0.6/$13.7 = 4.4%
If the Chinese don't want to lose money:  4.4% must be added to any NY interest rates 
 
Second, from Alan Greenspan:   Greenspan warns over weaker dollar   (see 4.4 % devaluation above)

Now, hear Timmy Geithner. "saying it [US Government] would never deliberately devalue its currency to boost exports."

Now think: Qui s'Excuse, s'Accuse  Or, Geitner, your excusing, accuses you.  Is the Government not deliberately devaluing, only undeliberately devaluing?

Quo Vadis, NY?  Quo Vadis, Cuomo?   Read the two earlier posts below

Andrew Cuomo Meets "The Ghost Of NY Yet To Come"; Was It Thomas Dewey?

Last night, Andrew was visited by the Ghost of NY Yet To Come.

 

      Last night, a Ghostly figure, who looked like a groom figurine with a mustache on a wedding cake, appeared to Andrew and showed him 2011 Newspaper clippings where all the NY Budget predictions in a prior post had come true.  Andrew then was carried to Seoul, South Korea, where he read the next day's headline in Financial Times, "China tees up G20 showdown with US."   Andrew heard China's Cui Tiankai say, "that the US plan for limiting current account surpluses and deficits to 4 per cent of gross domestic product harked back “to the days of planned economies”.

        Now the Ghost of NY Yet To Come carried Andrew into many varied homes of rich and not-so-rich NYer's.   Andrew saw each cringing at finding their tax- free NY municipal bonds had diminished in value because of the interest rate increase of  231% due to Obama/Federal Reserve printing money.   He saw the calculations were written on all their walls, 100% divided by 231% = 43% and saw they were crying at the new 57% ( 100% -43% = 57%) lower value of their tax-free bonds.  He saw all these angry tax-free bond holders packing up to leave NY, while cursing Andrew who destroyed their income protection.  "A pox on Andrew and them all. Where will Andrew get any money when we leave," they snickered. 

         Then, another ghostly figure appeared.   He heard that apparition say I'm the Ghost of Arnold of California Past.    And grinning, the ghost picked from the mantle top a large vessel inscribed Trophy of Total Fiscal Failure  and handed it to Andrew.  The Ghost of Arnold of California Past  then gave Andrew a  Bill in the the ghost's name for $40 million dollars a day borrowed to pay unemployment insurance, and said to Andrew, "this too will haunt you."
         The Ghost of Arnold of California  laughingly said, "I had only $80 billion in General Obligation Debt and you had $120 billion and a whole lot less people to spread it among."   The ghost kept laughing and said, "my State was described as the Lindsay Lohan of States, but yours will fare worse as the John Belushi of States."

       Andrew turned to the Ghost of NY Yet To Come with his mustache and said, "you look familiar."  The Ghost replied, "I was a former Governor and Prosecutor."   Andrew asked, "why do I dread you so?"  "I'm the harbinger of the your new tormentor, who will rise in my former role."  And the Ghost of NY Yet To Come carried Andrew back to his bed passing over endless angry crowds screaming, "He's impoverished us." .


       Andrew awoke sweating. A Pox? Was that Thomas Dewey? Was he just imagining that he saw pitchforks? Oh, no, there's the Trophy of Total Fiscal Failure.

Fiscal Disaster As Andrew Cuomo And His M.O. Are Slapped Down By Chinese Economic Reality Checks

     "You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time."  Abraham Lincoln

      Drying out in Puerto Rico, Andrew Cuomo, while hanging with his good ole' Swampies, Sampson, Silver, etc.,  replayed his same old M.O.    Andrew Cuomo reset the same old snare and called the same ole' media monkeys to howl to attract sheeple prey.
  
1. Cuomo's same ole' M.O., this time around  : Cuomo's Swamp's clarion trumpeted, "We're not going to buy our way out of these problems;"
and "I'm looking forward to working with the leadership of the Assembly. (these are the same Assembly Swamp vermin Cuomo promised to clean out)"

2. The same Cuomo M.O. in 2008, when Cuomo began as Attorney General:  In 2008, Cuomo promised: "The Amnesty 'window' will be narrow;' Andrew's pretty serious about a real shake up, and he will not give state workers, including judges, more than 60 days to 'come clean.' The plan, dubbed 'CAP' (Cuomo's Amnesty Program)by AG lawyers, is said to specifically include all attorneys admitted to practice in New York, whether or not they are state employed. 'Heads will role once the Amnesty Program ends"
And as Cuomo's term as AG ends: the result is nothing was done.


3. The same ole' M.O. in the Hevesi corruption case:  "Mr. Hevesi's conviction was the seventh and by far the most notable in a long-running investigation by state Attorney General Andrew Cuomo."
The result: no jail time or restitution for Hevesi and sons and minimal sentence for a political operative.


     Now, listen to Governor-elect Cuomo's rhetoric that, "by immediately imposing a cap on state spending and freezing salaries of state public employees as part of a one-year emergency financial plan, committing to no increase in personal or corporate income taxes or sales taxes and imposing a local property tax cap."    Meanwhile, Paterson's has projected a $9 billion deficit for the 2011-2012 fiscal year, which is grossly underestimated and Cuomo neglects to include Medicaid refunds NY State must pay back to the Federal Government.  These Medicaid refunds just begin with $1.6 Billion required in just the small sample reported on this blog.
  Will the new Republican House forgive and forget NY's unprosecuted Medicaid frauds and advance the another $1.6 billion for the same thieves to take again?  Or is Cuomo expecting the tooth fairy to intervene?



     From Arithmetic for the Economically Challenged Idiots, is a lesson for the 'Silver Spoon Fed' Cuomo:      NY in 2011-2012 must give back $1.6 Billion to the federal government and won't get another $1.6 Billion either for that same expense in the coming year.  Or doing the arithmetic:  $9 Billion + $1.6 Billion returned + $1.6 billion (expected but not to be received) = $12.2 Billion Deficit.

     Next economic reality brought to Cuomo by the Chinese: Present Federal Debt : $13.7 Trillion
The Federal Reserve plans to print:  $0.6 Trillion
Net devaluation of US dollars: $0.6/$13.7 = 4.4%
If the Chinese don't want to lose money:  4.4% must be added to any interest rates 


    Now look at NY's Total borrowing:  $120 Billion +"New York's public authorities have over $80 billion in debt that is not backed by state revenues"
NY's borrowing costs for next year: $5.6 Billion  (not including the $80 Billion noted above)

    TIC (True Interest Cost) of recent offering:  3.357%

    Now the reality slap for Cuomo from the Chinese:  they need 4.4% more to cover Fed's inflation or 4.4% + 3.35% = 7.75%  or an increase of 7.75 divided by 3.36 = 231% increase.


    Now the reality for NY state: the $5.6 Billion estimated borrowing costs can (amount depends on when and if Fed prints the money) increase to a maximum 231% or $12.9 Billion and raise the deficit.   Since the Fed's printing is for the next 6 months, a very conservative minimal estimate would be 1/2 of $7.3 Billion borrowing cost increase or a $3.6 Billion increase added to the $5.6 Billion estimated borrowing costs.


    Now the revised minimum 2011-2012 deficit then would be $12.2 Billion  +$3.6 Billion =  $15.8 Billion (2011-2012 deficit)

Or ($15.8 Billion - $9 Billion  =)  another $6.8 Billion missing from the Cuomo Budget Plan.   Will this be replaced with some Hope rhetoric from the Cuomo M.O.?  

"Trust in God, but since by Cuomo thrice fooled, hold tightly to your cash."  And voices among the Sheeple cry out, "Hands off our money!  Why should we trust a lying crook with our economic future, who's allowed  a trillion and then billions of dollars to be absconded to enrich his cronies and while fleecing millions of Sheeple?
      Where's Eric Holder! We need a modern Thomas Dewey in NY!  Where's the Grand Jury?  Where's Justice?  Send him and his good ole' crony buddies to Jail."

With Sheeple Fooled; Wolf One, Andrew Cuomo, Spares Under-Wolf Six, Hank Morris

"Our chosen Shepherd has dressed down and is come among us to teach us about compassion."

        "Andrew within his flock"

     This follows -up an earlier post, "Andrew Cuomo hopes to fool NY sheeple about Wolf 2, Alan Hevesi, going to jail."

Wolf Pack Guide:  Wolf 1 -Andrew Cuomo
           Wolf 2 - Comptroller Alan Hevesi
           Wolf 3 - State Assemblyman Andrew Hevesi
           Wolf 4 - State Senator Daniel Hevesi
           Wolf 5 -Comptroller DiNapoli
Under-Wolf 6 - Hank Morris (Under-Wolf = underdog, can go to jail)


        With the NY Sheeple bamboozled, Wolf 1, Andrew Cuomo, can now show his true compassion for even an Under-Wolf.    And Wolf 1, Andrew Cuomo, thus has minimized his "Show Trial" punishment for Under-Wolf 6.      Under-Wolf 6, Henry “Hank” Morris,  "would plead guilty to “a minor charge” that carries a maximum sentence of 1 1/3 to 4 years.".  

   NY Supreme Court Judge Lewis Stone said, “This case is, in this court’s opinion, one of the most important cases relating to corruption in government in the state of New York and perhaps one of the almost seminal cases involving that in the country. There are enormous considerations on this,”

        And Wolf 1, Andrew Cuomo, said about the  case, "probably the largest political corruption scandal in modern political history."   Wolf 6, Hank Morris, faced "77-count indictment, including one charge that carries a penalty of up to 25 years."   
But Wolf 1, Andrew Cuomo, allowed a plea down to which, "Morris would plead guilty to 'a minor charge' that carries a maximum sentence of 1 1/3 to 4 years."     

      The Daily News let the sheeple know after the election that, "there will be a jarring disconnect between his rhetoric before Election Day and the plea bargain that surfaced shortly after he won the race for governor."


   To those of you vengeful angry Sheeple:  Learn to show compassion; as does your Shepherd, Wolf 1, Andrew Cuomo, who loves his flock; but, also, loves his fellow wolves.  Even for an Under-Wolf , who ran the "largest corruption scandal in modern political history," Wolf 1, Andrew Cuomo, shows his true compassion.

   Sheeple, thus spake your own chosen Shepherd.

This post is being sent by registered mail to Judge Lewis Stone, AG Cuomo, Laura Birger (a lawyer for Morris), as a Vox Populi Wake up for the Court.  The court must also look if any contributions were made by any opposing lawyers in this case to Andrew Cuomo's campaign.

Letter's text:                                                            November 8, 2010
Hon. Judge Lewis Stone, 100 Centre Street, NY, NY 10013
Re: Your reputation squandered to cover for Cuomo
Hon. Judge Lewis Stone:
                  A Vox Populi message about Cuomo's asking for your fig leaf to cover him.  CuomoTARP.blogspot.com post copied below, says it all.
                                 Sincerely, Vox of some Sheeple

cc: AG Cuomo, Laura Birger

The New Word Order, "Nixon/Blogo/Cuomo" Predicates Andrew Cuomo's Fate As Prosecutors Receive New Incriminating Testimony

The New Word Order: Nixon/Blago/Cuomo

    "Run out of town in the good old days"

The present day's first step to run him out of Albany was mailing the following letter:
                                                                    November 3, 2010
To: Eric Holder, U.S. DOJ, 950 Pennsylvania Avenue, NW, Washington, DC 20530-0001
NY County DA, Cyrus Vance, Jr., One Hogan Place, New York, NY 10013
Albany County DA, David Soares, 8 Lodge Street, Albany, NY 12227
Governor Paterson,The Capital, Albany NY 12224


Re: First, Cuomo's cover- ups of crime and now, he's snared in an expanded AEG scandal.    Put Cuomo on the Nixon/Blago road out of Albany.
 
Dear Prosecutors and Hon. Governor:   CuomoTARP.blogspot.com has attached an affidavit from Betsy Combier which connects Cuomo and others to the Aqueduct Bidding scandal of which AEG is only a part. Please note some of the participants, including the former Manhattan DA. This may implicate the Manhattan DA's office in this expanding scandal. A Special Prosecutor is needed at least in the Manhattan DA's office.
        Note the 19 links in the lead-in partial link index to Cuomo's malfeasance and/or worse. Then read about the M.O. Of Andrew Cuomo


         Mimicking Lord Nelson, “[The People] expect everyman will do his duty.” Now, get  going.


For Governor Paterson: direct the AG's office to convene a Grand Jury under a Special Prosecutor.
For Eric Holder: assign prosecutors in all four federal districts in NY State and special phone numbers and website for the People's criminal complaints against NY Government officials. Ask for a Federal monitor for NY courts with all complaints publicly listed.
For the NY DA's: appoint Special Prosecutors and convene Grand Juries.

 The answer for Cuomo's “Quo Vadis” is Via Nixon/Blago           
         Sincerely yours,  T. Finnan

Betsy Combier Affidavit is attached
CuomoTARP.blogspot.com's Blog Post Text follows: (text is from this link in letter)

The New Word Order: Nixon/Blago/Cuomo

Quo Vadis, Cuomo; Is It Via Spitzer or Via Hevesi? Cuomo Snared With Political Whores At A Second Aqueduct Bait Drop

    First, in the Albany Swamp, it's,"Here boys, come and get it"

"

 Then, "Oh no, they've found our trail; the hounds are closing in"            
       The second "Because of Cuomo Victory Party" will be followed similarly to the first with the ignominy of total defeat.   You could admire Andrew Cuomo's skills in the Albany Swamp.    Just a whiff of the scent of money and Andrew is there.  Andrew was connected to the AEG scandal where the money he received from principals in AEG scandal and the fact that a victory party occurred meant Andrew was in the bag.

        Now an affidavit has surfaced showing Andrew, Gov. Paterson, Congressman Meeks, Senators Smith, Sampson and Adams, DA Morgenthau and Sheekey from the Bloomberg Administration were right in the thick of Aqueduct Bidding Process of which AEG was part.  The affidavit says Andrew Cuomo was in more than one meeting over "Capital Play's interest in Aqueduct Raceway."    link to more

      It is now impossible ethically for Cuomo to have any part in the criminal investigation of the AEG scandal, which is a sub-part of the Aqueduct Bidding Process Scandal.

      There is so much for a Grand Jury to support issuing cleansing indictments.
NY Criminal Procedure Law § 190.05...A grand jury is a body consisting of not less than sixteen nor more than twenty-three persons, ...the functions of which are to hear and examine evidence concerning offenses and concerning misconduct, nonfeasance and neglect in public office, whether criminal or otherwise, and to take action 

      And, of course, there is the nasty part of the NY Constitution which requires anyone including a Governor to be removed for taking the fifth amendment.

      NY Constitution Article § 6. .  nor shall he or she be compelled in any criminal case to be a witness against himself or herself, providing, that any public officer who, upon being called before a grand jury to testify concerning the conduct of his or her present office or of any public office held by him or her within five years ..., refuses to sign a waiver of immunity against subsequent criminal prosecution, or to answer any relevant question concerning such matters before such grand jury, shall by virtue of such refusal, be disqualified from holding any other public office or public employment ..., and shall be removed from his or her present office 

       Pleasant Dreams, for tonight; a cleansing is your future; for Andrew, Gov. Paterson, Congressman Meeks, Senators Smith, Sampson and Adams. 
    And,  Quo vadis, Cuomo?    Will you be following Via Spitzer or Via Hevesi?

c.c. (by certified mail with this post and a copy of affidavit):  Eric Holder, US AG;  Manhattan DA; Albany County DA,  Governor Paterson

Sampson and Cuomo Kiss And Make-up In The Albany Swamp To Guard Their Status Quo

         "An election full of Sound and Fury about draining the Albany Swamp was just a tale told for the fools and signified nothing."

      From the center of the swamp, Senator Sampson announced,“If 2008 was about the changing of the guard, then 2010 was about the guarding of the change.  Working with Governor-elect Cuomo, Lieutenant Governor-elect Duffy, we stand ready to continue what we started and build the New York we can be, should be, and will be."   "I look forward to working side-by-side with Andrew Cuomo and Robert Duffy."

       Of course, no word from Senator Sampson who "is among the lawmakers caught up in the scandal over a since-scuttled contract for a lucrative downstate casino. Federal prosecutors and the Manhattan district attorney's office is looking at possible criminal violations," about that AEG corruption or the multiple $50,000 bribes.

       The Albany Swamp's vermin had united to save their Swamp and heeding the words of "Pogo," "We have met the enemy and he is us." did nothing.

And, the Vatican Museum will change "Janus"to the victor's name "Saint Andrew conquers NY"