Feds start charging interest and penalties on $271 ARC debt owed by NJ
A year after Governor Christie shut down a Hudson River rail tunnel project, New Jersey’s debt to the Federal Transit Administration has grown to nearly $274 million.
NJ Transit had already sunk $271 million in FTA money into the Access to the Region’s Core mass-transit tunnel project when Christie halted construction last October. He said he didn’t want taxpayers saddled with a potential $5 billion in cost overruns.
But the FTA, which had been heavily invested in the $8.7 billion project, demanded its money back. Now it’s charging the state interest and penalties.
Interest began to accrue on the debt on May 14 at a rate of 1 percent a year, while additional penalties began to accrue on Aug. 13 at a rate of 6 percent a year. As a result, New Jersey now owes the FTA more than $958,139 in interest and $1,693,455 in penalties on top of the original $271 million. (Rouse, The Record)
The hard work of leaving behind No Child Left Behind
New Jersey certainly seems to have a good shot at a waiver from the federal No Child Left Behind Act, which would free the state from some of the constraints dictated by the controversial law.
When President Obama last week announced details of the new waiver, acting education commissioner Chris Cerf was at the White House. An hour later, U.S. Education Secretary Arne Duncan hosted a press conference by phone, and Cerf was one of just two state commissioners with him on the call.
But for all the invitations and allegiances, now comes the hard part. In order to qualify for a waiver, Cerf’s and Gov. Chris Christie’s education agenda must be tailored to the evolving — and detailed — guidelines coming out of Washington, D.C. The first round of applications is due November 14.
“It’s not just the writing of the application,” Cerf said yesterday. “It’s the policy we’ll need in place.” (Mooney, NJ Spotlight)
>Occupy Wall Street Protesters Call For Totalitarian Government, Re-Election Of Obama There is something very wrong with this picture Paul Joseph Watson Infowars.com Sunday, October 2, 2011
Despite their honest intentions, many of the Occupy Wall Street protesters are being suckered into a trap and calling for the very “solutions” that are part of the financial elite’s agenda to torpedo the American middle class – higher taxes and more big government. Watch the clip below in which journalist Adam Kokesh talks to Occupy Wall Street protesters.
The ignorance displayed in this interviews knows no bounds. These protesters just don’t get it. They are calling for the government to use force to impose their ideas, all in the name of bringing down corporations who they don’t realize have completely bought off government regulators. Corporations and government enjoy a mutually beneficial relationship – getting one to regulate the other is asinine and only hurts smaller businesses who are legitimately trying to compete in a free market economy that barely exists.
Alton Brown, Monday, October 3rd @ 7:00pm Food Network Star, Alton Brown, will sign his new book: Good Eats 3: The Later Years. Books available Oct. 1st
Duff McKagan, Wednesday, October 5th @ 7:00pm Bassist for Guns N’Roses, Duff McKagan, will sign his new book: It’s So Easy Book available Oct. 4th.
Appearing authors will only autograph books purchased at Bookends and must have valid Bookends Receipt.Availability & pricing for all autographed books subject to change.Bookends cannot guarantee that the books that are Autographed will always be First Printings. Autographed books purchased at Bookends are non-returnable.Please call the store for details.
Bookends, 211 E. Ridgewood Avenue, Ridgewood, NJ 07450 201-445-0726
>No Surprise here Democrats push tax hikes first in deficit talks
(Reuters) – Democrats want tax hikes to be the first item negotiated in “super committee” deficit-reduction talks, trying to force Republicans to confront an issue at the heart of this year’s budget fights, sources told Reuters.
The tough stance by Democratic members of the powerful 12-member congressional panel reflects the party’s wariness that Republicans might try to sideline the issue of revenue increases in the negotiations.
“They’ve raised the idea of doing taxes first,” a Republican aide involved in the discussions said on Friday on condition of anonymity.
The panel has the task of finding ways of cutting the deficit by at least $1.2 trillion over 10 years. If it fails to agree on a plan by November 23, automatic spending cuts will be triggered, beginning in 2013.
>Police Arrest More Than 700 Protesters as Angry Mob blocks Brooklyn Bridge By AL BAKER, COLIN MOYNIHAN and SARAH MASLIN NIR
Updated, 3:35 a.m. Sunday | In a tense showdown above the East River, the police arrested more than 700 demonstrators from the Occupy Wall Street protests who took to the roadway as they tried to cross the Brooklyn Bridge on Saturday afternoon.
The police said it was the marchers’ choice that led to the enforcement action.
“Protesters who used the Brooklyn Bridge walkway were not arrested,” Paul J. Browne, the chief spokesman for the New York Police Department, said. “Those who took over the Brooklyn-bound roadway, and impeded vehicle traffic, were arrested.”
But many protesters said they believed the police had tricked them, allowing them onto the bridge, and even escorting them partway across, only to trap them in orange netting after hundreds had entered.
“The cops watched and did nothing, indeed, seemed to guide us onto the roadway,” said Jesse A. Myerson, a media coordinator for Occupy Wall Street who marched but was not arrested.
“Smash & Grab” Vehicle Break-Ins Increase Near County Bike Path by Boyd Loving
A recent increase of “smash and grab” vehicle break-ins near the Saddle River County Bike Path has thus far baffled members of the Ridgewood and Bergen County Police Departments.
The most recent occurrence was reported at approximately 6:00 PM on Saturday when vehicle owner returned to her car and found the front passenger side window smashed out, and her purse missing.
Responding Ridgewood PD personnel Sgt. Brian Pullman, Patrol Officer Kyle Finch, and Patrol Officer Ricky Thomas found several discarded purses in a nearby trash dumpster during the subsequent investigation. It is unknown what, if any, personal contents were recovered with the purses.
When leaving your vehicle unattended, purses, wallets, computers, cell phones, GPS devices, etc. should be removed from plain sight and locked securely in the vehicle’s trunk or hidden storage compartment. Vehicles should always be locked when left unattended.
>Young artist explores family roots with his craft
FRIDAY, SEPTEMBER 30, 2011 BY EILEEN LA FORGIA STAFF WRITER THE RIDGEWOOD NEWS
“The majority of my recent work was inspired by a trip to my mother’s home country of Cuba,” said Nicolas Garcia White. “I learned about my heritage and met a large extension of my family that was lost to me until then. While in this isolated land I saw many incredible, contradictory, beautiful and heart-wrenching sights out in the country, in the jungles, in the complex city of Havana and in our family’s city of Santa Clara.”
His exhibit at the West Side Gallery, located at the West Side Presbyterian Church, 6 South Monroe St. in Ridgewood is taking place during the month of September. He described the exhibit as an explanation of techniques he learned this year.
Many of his oils are on wood panels: “Cobblestones of Cuba” shows a stone road between stucco buildings; “Nostalgic Roadways” features a really old car on a dirt road; “Revolutionary Countryside” is the Cuban landscape; “La Trinidad” shows the town from rooftops; and “Topes de Collantes” shows the lovely meadows and hills in the countryside. Other oils included: The Frog” and “Misu Misu” on wood panels; “Osprey” and “Oil and Bones” are oils on heavy paper.
FRIDAY, SEPTEMBER 30, 2011 BY BETSY MURPHY CORRESPONDENT THE RIDGEWOOD NEWS
Talking with David Turner is entertainment. He has a captivating manner: his attitude toward life, his choice of words.
This versatile actor, who can trace his training back to New Players, is about to go into rehearsals for “On a Clear Day You Can See Forever.”
The revival of the musical previews Nov. 12 and opens Dec. 11, starring Harry Connick Jr. and with Turner as third lead. It’s an exciting time for this former village resident.
At Ridgewood High School (RHS), Turner was very active in New Players but confides, “I had the acting bug from a young age.” Along with his Latin teachers (Dr. Rose at George Washington Middle School and Mr. Doogan at RHS), he remembers Lori Barnett, “my English teacher at RHS, who probably directed me in five shows. I think she told me in ninth grade, ‘You’re going to make it.’ It’s one of those things that makes you not quit.”
Housing Prices Unlikely to Recover Before 2020, FICO Survey Finds
73% of bankers surveyed see elevated level of mortgage foreclosures for at least five years
MINNEAPOLIS—September 30, 2011—FICO’s latest quarterly survey of bank risk professionals offered a decidedly pessimistic outlook, reversing the growing optimism seen in late 2010 and early 2011. The survey, conducted for FICO by the Professional Risk Managers’ International Association (PRMIA), shows that bankers expect delinquencies on consumer loans to rise, underwriting standards to become stricter, and the housing sector to continue struggling far into the future.
No recovery in sight for beleaguered housing sector When asked if housing prices nationally would climb back to 2007 levels before the year 2020, 49 percent of respondents said no. By comparison, 21 percent said yes. And the negative sentiment extended beyond property values. Among bankers surveyed, 73 percent believed mortgage defaults would remain elevated for at least five more years. Furthermore, 46 percent of respondents expected mortgage delinquencies to increase over the next six months, and only 15 percent of respondents believed mortgage delinquencies will decline during that period.
“Housing has been an enormous drag on the economy for over three years as U.S. households lost trillions of dollars in equity,” said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “While the housing sector will almost certainly gain strength during the next nine years, many bankers clearly believe prices will remain depressed for half a generation. This puts the devastation of the housing crash into perspective.”
Consumer credit health seen declining Bankers expressed concern about consumer credit health beyond mortgages. When asked their opinions about the next six months, a large number of survey respondents indicated that they expect delinquencies to rise on auto loans, credit cards and student loans. Auto lending had been a bright spot in FICO’s previous quarterly surveys, but in the latest survey, 30 percent of respondents indicated that they expect auto delinquencies to rise, while 21 percent expected them to fall. For credit cards, 40 percent expected delinquencies to rise and 23 percent expected them to fall. And for student loans, 48 percent of respondents expected delinquencies to rise and 13 percent expected them to fall.
Small businesses expected to face challenging credit environment By a margin of 36 percent to 17 percent, survey respondents expected delinquencies on small business loans to increase rather than decrease. And while 57 percent of bankers surveyed expected the amount of credit requested by small businesses to increase over the next six months, only 34 percent expected the amount of credit that is actually extended to small business to increase. This “credit gap” between supply and demand has been persistent over the past six quarters.“Small businesses have traditionally been providers of much-needed jobs during economic recoveries,” said Jennings. “But the tight credit conditions facing small businesses today make it difficult for them to invest and expand. Rather than something to be counted on, the notion of small-business job creation seems, for the moment at least, aspirational.”
Credit usage expected to rise slowly A large plurality of survey respondents (50 percent) expected credit card balances to increase over the next six months. The increases are likely to be driven by higher spending among some consumers and smaller monthly payments from others. However, in a sign that bankers aren’t optimistic about the ability of consumers to power the economic recovery, 64 percent of respondents expected credit card usage to remain below pre-recession levels for at least five more years.
>Due to the weather The Cooperative Nursery School of Ridgewood moved its 34th Annual Fabulous Fall Festival at the Graydon Pool parking lot in Ridgewood, NJ to Saturday Oct. 8th, 2011, from 10am to 4:30pm.
Come out and support this Ridgewood tradition. There is sure to be something for everyone: games, pony rides, a petting zoo, inflatables, face painting, the Fun Bus and crafts for the kids including sand art and pumpkin painting. There will be musical acts all day including a local band, some of whom are co-op alumni. There will be over 50 vendors selling jewelry, toys, handmade items and holiday gifts. Food will be on hand and there will also be a bake sale. Come join us for a great day with family and friends. Don’t miss it!
At 3:30 pm on 9/30/11, 10/1/11, 10/3/11 3:30 PM a non-low impact pesticide will be sprayed directly outside Ridgewood high School near entrance to turret clock tower at Little Theater. This is being done to dispose of stinging insects that could pose a threat to students and faculty.
The pesticide is considered harmful if absorbed through skin, and/or may cause moderate eye irritation. Avoid contact with skin, eyes, or clothing. Wash thoroughly with soap and water after handling. The pesticide is considered toxic to insects and fish.
For more information refer to the RBOE IPM Emergency Notification: https://tinyurl.com/
The Village Tannery: No business like shoe business the staff of theridgewoodblog
(RIDGEWOOD- NJ) The Village Tannery – Ecco of Ridgewood are two shops rolled into one. Half of the store is dedicated to footwear for the whole family including a huge selection of footwear for infants, toddlers, children, teens and adults. The other half is New Jersey’s first and only Ecco Concept Store.
I needed to pick up a new pair of comfort shoes for my daily trek into New York and I had heard good things about Ecco but never seemed to get the chance to try a pair ,, but today the time ,willingness and budget all came together. The sales people were attentive ,not pushy and made suggestions based on my needs.The shoes were amazingly comfortable with both the properties of a soft sole shoe yet the arch support of a stiffer soled dress shoe. If you are on your feet all day or need comfort in the urban hustle at a reasonable price this may be the shoe for you . The selection of styles is amazing running the gamut from the casual running shoe style to more formal footwear.
The Village Tannery has the largest selection of Ecco for men, women & children in the New York metropolitan area. And as if that wasn’t enough…just around the corner are two of their sister stores Just Our Shoes and Mephisto of Ridgewood which carry a large selection of luxury comfort footwear and New Jersey’s largest selection of Mephisto.
The Village Tannery – Ecco of Ridgewood 125 East Ridgewood Avenue Ridgewood, NJ 07450 (201) 444-2885 Store Hours: Monday, Tuesday, Wednesday – 10:00 am to 7:00 pm Thursday, Friday, Saturday – 10:00 am to 8:30 pm Sunday – Closed (Hours are subject to change without notice…please call first!)
>DOE Pushing On With $5 Billion In Solar Energy Loans By: Eamon Javers
The U.S. Department of Energy said it plans to push ahead with as much as $5.3 billion in potential additional alternative energy loans by Friday, despite Republican complaints the money is going out too quickly to untested firms.
That comes against a backdrop of increasing political controversy overthe ill-fated loan recipient Solyndra, the company whose bankruptcy has prompted questions of who inside the Obama Administration knew of the company’s weak financial position and why they continued to pour taxpayer money into it.
The DOE has made seven conditional commitments for additional funding by the time the loan guarantee legally expires on Sept. 30. So far, it has made 23 loans totaling $11.2 billion, said a spokesman
