Month: July 2012

Reader says Time to privatize Ridgewood Water

It is time to privatize this or make into a public-private partnership, and let the other towns it serves have a stake in owning it (if they want to) as well as in sharing in all of the costs of running it if they become co-owners. There’s a lot of murk in Ridgewood Water, it sure does seem, and it’s been going on for ages, getting murkier all the time.

I bet that either United Water or Aqua America would have great interest in something like that. United currently charges much more than Rwd Water per m/gallons, but so does HHK for that matter. I don’t know Aqua’s current rates in the NJ markets it serves, but I think they are less than United’s.

Point is that it’s time to make the water utility fully supported only by its customers – the ratepayers – and nothing else. Village finances, bonding, and many other things should not be so intertwined with Rwd Water, since fact is the utility has always served many customers outside of the Village anyway.

If other towns it serves want to own a stake, they can put up the money and do so under such an arrangement. If not, they could continue to be just customers -but of a new entity that is fully financed, administered etc etc on its own – based totally on its ratepayers, just like many other utilities work.

Aren’t we already doing pub/priv partnership on wastewater? So why not on the water utility?

RECESSION : Manufacturing In U.S. “Unexpectedly” Contracted In June
By Shobhana Chandra – Jul 2, 2012 4:21 PM ET

Manufacturing in the U.S. unexpectedly shrank in June for the first time since the economy emerged from the recession three years ago, indicating a mainstay of the expansion may be faltering.

The Institute for Supply Management’s index fell to 49.7, worse than the most-pessimistic forecast in a Bloomberg News survey, from 53.5 in May, the Tempe, Arizona-based group’s report showed today. Figures less than 50 signal contraction. Measures of orders, production and export demand dropped to three-year lows.

https://www.bloomberg.com/news/2012-07-02/manufacturing-in-u-s-unexpectedly-contracted-in-june-economy.html

Financial Giants Are Moving Jobs Off Wall Street
By NELSON D. SCHWARTZ
Published: July 1, 2012

New York’s biggest investment houses are shifting jobs out of the area and expanding in cheaper locales in the United States, threatening the vast middle tier of positions that form the backbone of employment on Wall Street.

The shift comes even as banks consider deeper staff cuts here, which could undermine the state and city tax base long term.

“Places like New York or London will remain financial centers, but most of the players are taking a much harder look and asking whether they can move large numbers of jobs,” said James Malick, a partner at the Boston Consulting Group who advises banks on relocation. In addition to higher taxes in the New York region, employers face real estate and labor costs significantly above the national average.

Consultants say they have seen a sharp pickup in this trend, known as near-shoring, as opposed to offshoring overseas. Goldman Sachs, during a presentation to investors in late May, even boasted of the cost savings that relocating jobs can bring.

https://www.nytimes.com/2012/07/02/business/finance-jobs-leave-wall-street-as-firms-cut-costs.html?pagewanted=all

Judge: Twitter Must Turn Over Occupy Wall Street Protester’s Tweets

Prosecutors say the messages could show whether Malcom Harris was aware of police orders he’s charged with disregarding
Monday, Jul 2, 2012

Twitter has been ordered to give a New York City judge almost three months’ worth of an Occupy Wall Street protester’s tweets despite the social-networking company’s efforts to fight prosecutors’ demand for the messages.

Manhattan Criminal Court Judge Matthew Sciarrino Jr. also ruled Monday that prosecutors would need a search warrant — not just a subpoena — to get the final day’s worth of tweets they seek from Malcolm Harris. That’s because of a time frame set by federal law.

https://www.nbcnewyork.com/news/local/Occupy-Wall-Street-Protester-Malcolm-Harris-Tweet-Ruling-Judge-Subpoena-Prosecutor-161089825.html

As state ramps up reliance on solar, it looks at new ways to meet goals

With the state ramping up its reliance on solar energy, there is now a push to overhaul how New Jersey goes about meeting its aggressive goals to increase its dependence on renewable energy.

The proposal, first floated by the New Jersey Division of Rate Counsel, would no longer require power suppliers to meet mandates, known as Renewable Portfolio Standards (RPS), in the electricity they supply to utilities in an annual auction conducted each February.  (Johnson, NJ Spotlight)

www.njspotlight.com/stories/12/0701/2020/

Norcross: Rutgers-Rowan partnership ‘most important thing’ for Camden in 50 years

When both houses of the Legislature passed a complex bit of legislation to merge parts of New Jersey’s three largest universities, it was a proud moment for George E. Norcross III, for whom the announcement represented the culmination of a decade’s worth of work.

“This is the most important thing to happen in the city of Camden for 50 years,” said Norcross, the influential power broker who runs Conner, Strong & Buckelew and chairs the board of Cooper University Hospital. “A lot of people came together and did the impossible by June 30, (which) every talking head predicted would never happen.”  (Waters, NJBIZ)

https://www.njbiz.com/article/20120629/NJBIZ01/120629794/Norcross:-Rutgers-Rowan-partnership-%27most-important-thing%27-for-Camden-in-50-years

Business advocates praise Christie’s line-item vetoes

Gov. Chris Christie’s move to veto $361 million from the state’s $31.7 billion budget drew immediate praise from business advocates on Friday evening.

The line-item vetoes by the governor trimmed spending across a range of services, including medical services in nursing homes. Christie preserved $347.5 million in business tax cuts, including an additional $163.5 million in cuts on top of the $184 million in the fiscal year ending on Saturday.

“It’s a pro-business budget; continues the governor’s quest of job creation and creating a better economic climate; and doesn’t raise taxes,” said Michael Egenton, senior vice president for the New Jersey Chamber of Commerce. He noted that the budget is similar to the one Christie initially proposed. (Kitchenman, NJBIZ)

https://www.njbiz.com/article/20120629/NJBIZ01/120629783/Business-advocates-praise-Christie%E2%80%99s-line-item-vetoes

N.J. Assembly members divided on giving up Sumner Vacation and attending Monday special session called by Christie

Assembly Majority Leader Lou Greenwald said he and other leaders in the lower house haven’t figured out if most Assembly Democrats will voluntarily come to the special session Gov. Chris Christie has called.

“We’re continuing to talk to members. Leadership is right now asking if people will be there,” said Greenwald (D-Camden). “We’re waiting for word back from our members as who can be there so we can guarantee a quorum.”

Christie yesterday summoned the Legislature back to the Statehouse for a special session, upset that they did not pass legislation enabling a tax cut that would take effect in January. Instead, Democrats have said they will enact the cut if Christie meets his optimistic revenue projections. (Friedman, The Star-Ledger)

https://www.nj.com/news/index.ssf/2012/07/nj_assembly_members_speak_out.html

Christie makes good on veto threat for $31.7 billion N.J. budget

Governor Chris Christie, with little more than a day to go to meet a statutory deadline, erased $361 million in Democratic spending initiatives before he signed a $31.7 billion New Jersey budget for fiscal 2013.

The first-term Republican vetoed what he described as measures that “represented a step backward” by Democrats, in a statement sent from his office yesterday. The spending plan includes $347 million in tax relief for businesses and $1.03 billion for state pensions, according to the statement.   (Young and Dopp, Bloomberg)

https://www.bloomberg.com/news/2012-06-30/christie-makes-good-on-veto-threat-for-31-7-billion-n-j-budget.html

Sorry Charlie :Ballot issues arise after Rangel’s apparent primary win
CNN Political Unit

(CNN) – While Rep. Charles Rangel of New York celebrates a major primary victory this week – his toughest challenge in 42 years – the state is stepping in on ballot complaints that could wind up changing the results.

New unofficial numbers released Saturday night by the New York City Board of Elections show Rangel ahead of his main challenger, state Sen. Adriano Espaillat, by only two percentage points – 44% to 42% – with just 802 votes separating them and more than 3,000 votes unaccounted for.

https://politicalticker.blogs.cnn.com/2012/06/30/ballot-issues-arise-after-rangels-apparent-primary-win/

WSJ CHIEF ECONOMIST: 75% OF OBAMACARE COSTS WILL FALL ON BACKS OF THOSE MAKING LESS THAN $120K A YEAR
By: Jim Hoft
6/30/2012 11:44 AM

Take Your Medicine, America…

Stephen Moore, Senior Economics Writer with the Wall Street Journal, told FOX and Friends this morning that nearly 75% of Obamacare costs will fall on the backs of those Americans making less than $120,000 a year.

https://www.humanevents.com/2012/06/30/wsj-chief-economist-75-of-obamacare-costs-will-fall-on-backs-of-those-making-less-than-120k-a-year/