Tuesday, January 22, 2008

Just down the block ...

Wall Street is roiling, as are many overseas markets, today. It's a bit odd to live near the world's financial epicenter. That may sound strange, but for those of us who used to live in rural California, it's an eye opener to be interacting with people who spin the world's financial wheels.

And of course, everyone is buzzing about the "R" word. If it wasn't obvious before, certainly the Fed's gigantic rate cut should tell everyone that yes, indeed, we are in a recession.

If we were to venture down to Wall Street today, certainly we would see some bedraggled folks (actually, they look bedraggled most of the time!).

Meanwhile, the MTA is raising rates for the subway, and Gov. Spitzer is proposing new taxes and fees to help the state cope with the economic downturn. Favorite comment on this situation: they are not raising taxes, just closing loopholes. Whatever.

Surprisingly, Republicans have spoken out loudly against the governor's plan. From the NY Times: “This budget once again is an assault on suburban families, in terms of education, in terms of property tax relief, in terms of health care and in terms of economic development and job creation,” said Tom Dunham, a spokesman for Senator Dean Skelos, a Long Island Republican and the deputy majority leader of the Senate. “He obviously didn’t learn his lesson last year.”

Looks like 2008 will be a year marked by additional (but hopefully not catastrophic) economic problems, continuing war and a newly elected president. Would YOU want to be running for president at this point in time? They must be crazy!

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