>New Jersey Fiscal Crisis: New Jersey Credit rating dropped to among the lowest in the country
Drop in N.J. bond rating could add to state’s borrowing costs, financial problems Published: Thursday, February 10, 2011, 6:00 AM
TRENTON — New Jersey’s bond rating was downgraded Wednesday by Standard & Poor’s, a move that could add significantly to the state’s borrowing costs and focuses even more attention on public-employee pension and health care payments.
The agency dropped New Jersey to a rating that is among the lowest in the country. According to S&P, the only states with worse credit ratings are California and Illinois, widely considered to be in the steepest financial trouble.
With S&P citing pension and post-retirement-benefits costs as a key reason for the downgrade, Republican Gov. Chris Christie and Democrats pointed fingers at each other. At a town hall meeting in Union City, Christie said the downgrade could have been avoided if Democratic lawmakers approved his pension overhaul.
“The sky started to fall in today,” said Christie. “You’ve already seen this morning what the Legislature’s inaction has cost the state of New Jersey.”
>Garrett Calls to Order First Hearing to Examine GSE Reform
WASHINGTON, February 9, 2011 – Rep. Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following opening statement today at a hearing to examine GSE reform and the steps that can be taken to end the bailout and protect taxpayers:
“On September 7, 2008, Fannie Mae and Freddie Mac were put into conservatorship by the federal government. Over $150 billion and 885 days later – the government-backed mortgage twins remain in conservatorship, the federal government now underwrites 95% of the housing market, and the American taxpayer continues to hemorrhage billions of dollars every quarter to keep them afloat.
“I am pleased to hear that the Department of Treasury is getting closer to unveiling their much-anticipated reform proposal, which I understand could come by the end of this week. If I had known that simply scheduling a GSE reform hearing would facilitate such a swift response, we would have held one sooner.
“While a lot of recent attention has been given to the impending Treasury proposal and what the future of U.S. housing finance will look like, I believe there are other areas of this debate we can focus on right now. In particular, I believe the question we all need to be asking ourselves is: What immediate steps can Congress take right now – this instant – to protect taxpayers, end the bailout, get private capital off the sidelines, and reduce the government’s exposure to the housing market?
“I believe these four objectives should be the driving force behind our immediate reform efforts, and I look forward to discussing a number of reform proposals in greater detail with our esteemed panel. As I can see from their written testimony, there is no lack of ways to protect taxpayers and begin to end this bailout.
“It’s unfortunate that my colleagues across the aisle resisted any attempt last Congress to address the most expensive component of the federal government’s intervention during the financial crisis. I assure you it will be a top priority of mine as chairman of this panel.
“Federal government housing policy has been a monumental disaster and we must find a new way forward. Secretary Geithner said the other day that the new policy should, ‘leave us with a system that will not be vulnerable to the really tragic colossal failures of the past.’ I couldn’t agree more.
“Even the Washington Post is on board with wholesale changes to Fannie and Freddie. In an editorial Monday, the Post wrote: ‘Homeownership does help instill thrifty habits and solidify communities, but it can be taken too far. … The national homeownership rate today has slipped back to its 1998 level, according to the Census Bureau. In terms of building community, etc., it’s as if the past 13 years never happened, except for the catastrophic losses to taxpayers – and home buyers. It might be more accurate to say that federal housing policy has helped destroy communities.’
“It will be the goal of this subcommittee to ensure that we put an end to this destructive and costly housing finance policy and replace it with a system going forward that protects taxpayers and actually strengthens communities instead of destroying them.
“I thank the witnesses for being here with us today and I look forward to their testimony.”
>The Citizen’s Convention: The Second Battle for Trenton Begins History in the Making: April 16, 2011 New Jersey’s First Tea Party Convention
On April 16, 2011, a consortium of New Jersey Tea Party organizations will conduct an historic statewide convention for all New Jersey citizens concerned about an out of control government that continues to operate at odds to the best interests and common good of all of its citizens.
The convention will be held at the National Conference Center in East Windsor NJ. While some details are being finalized, this historic first is open to anyone who shares the commitment to conservative and constitutional principles, lower taxes and smaller, smarter government
The up-coming 2011 elections in New Jersey are providing a unique opportunity to change the legislature in our state and restore New Jersey to its once proud conservative roots and common sense foundation. With only 4 states having statewide legislative elections this year, the eyes of the country will be on New Jersey.
In addition to presenting candidates who been vetted by Tea Party groups from all over New Jersey and who have committed themselves to conservative values, we will be conducting workshops for attendees to learn the nuts and bolts of political campaigns from some of the most successful professionals who are also knowledgeable about NJ politics. Attendees will receive precise instructions on how they can get their candidates elected.
One organizer stated, “We have an opportunity to reclaim our state and change the way government is run in New Jersey, but we cannot do it alone. As the first Battle of Trenton turned the tide of the American Revolution, we have a second opportunity to do the same thing: turn the tide on intrusive government and fight to preserve the ideals of life, liberty and the pursuit of happiness, except this time around we won’t be using guns, cannons, or bayonets.”
Said another, “That’s right, this time we have a much more powerful tool at our disposal: The Constitution. But, we need to use that historic document as it was intended to be used to protect our rights and our freedoms.”
The time for change is now. The reason is the same as it was almost 235 years ago: Citizens who have simply had enough of an intrusive bureaucracy and are committed to reclaiming our constitutional rights from a corrupt and abusive political power structure. Join us, April 16th, 2011 and be a part of history.
While cruises from Bayonne, NJ are nothing new, the introduction of a brand new ship, The Celebrity Silhouette, has made cruising more amusing. New to 2011, the Celebrity Silhouette offers the cosmopolitan flare and endless onboard activities usually reserved for cruises departing from southern ports. Contact The Travel Center / American Express and learn how you could be one of the first to explore the Caribbean with style and convenience aboard the Celebrity Silhouette.
The Travel Center/American Express “Ridgewood’s ONLY Travel Agency” 50 E. Ridgewood Ave. Ridgewood, NJ 07450 (201) 447-3311 [email protected] Or visit our NEW website: www.TheTravelCenterAE.com
* American Express® Cardmembers may be eligible to receive exclusive benefits and offers – from earning double Membership Rewards® points to paying with points.
Gov. Chris Christie vetoed a plan Tuesday for a project 16 miles off the coast of Asbury Park to receive vessels transporting liquid natural gas into the United States. (Mooney, PolitickerNJ)
As officials in Gov. Chris Christie’s administration prepare New Jersey’s next state budget, school superintendents and school board members are bracing for another difficult budget year. (Symons, Daily Record)
Gov. Chris Christie called a 5-year-old law designed to help low-income senior citizens and disabled people pay their cable TV bills “a dumb idea,” saying there was no way the state can afford it in such dire economic times. (Livio for The Associated Press)
>NJ state workers no longer have Lincoln’s birthday off
New Jersey state government has long shut down on Lincoln’s Birthday, making this one of only five states to use a holiday to honor the 16th president. (Jordan, Gannett)
Have a Heart Tue, February 01, 2011 – Mon, February 28, 2011
Cupcakes by Carousel, 192 East Ridgewood Avenue, Ridgewood, NJ 07450
During the Month of February, the American Heart Association will receive $1.00 for every Red velvet heart cupcake and $2.00 for every Red velvet cake with hearts sold, to help fight heart disease in America
“It’s Raining Men” ,Thu, February 10, 2011 7:00 PM – 9:00 PM.
Red Velvet Luxe, 59 E. Ridgewood Ave, Ridgewood NJ 07450
All your special someones will be cordially invited to an evening of whiskey tasting, cigars and then some, to make all your wishes come true. Start wishing, hoping and dreaming now!
Includes FREE Ballroom dance lesson with
Dance Master Lestat from 5:00pm-5:30pm.
Continued dancing 5:30pm-7:30pm
Singles and couples are welcome.
The cost to attend is $15pp or $25 per couple and includes a 20% discount coupon for a pre or post dance dinner at local Ridgewood restaurants Smith Brothers or The Office.Contact Carol Livingstone at 201-444-5600 ext 330 or email [email protected]
Valentine’s Day Dinner Dance
Sun, February 13, 2011
Time: 6:30 PM – 9:30 PM
Location: Arthur Murray Dance Studio, 257 E. Ridgewood Ave. (entrance on N. Maple Ave.)
Event Description
Valentine’s Day Dinner Dance -Join Arthur Murray Dance Studio and Mediterraneo Restaurant make your Valentine’s Day one to remember, with elegant dancing and a romantic sit down candle-lit dinner.
$90 per person, BYOB
Reservation and deposit required
Sunday, February 13, 2011
rsvp 201-389-6980 – 201-447-0022
>(Reuters) – The U.S. House of Representatives is likely to vote to block funding for President Barack Obama’s signature healthcare overhaul when it takes up a budget plan next week, House Republican Leader Eric Cantor said on Tuesday.
“I expect to see one way or other the product coming out of the House to speak to that and to preclude any funding to be used for that,” Cantor said at a news conference, referring to an effort to block implementation of the health-care law.
House Republicans aim to pass a spending measure next week that would immediately cut at least $32 billion from the government’s $3.7 trillion budget in an effort to trim budget deficits that could hit an estimated $1.5 trillion this year.
Ridgewood NJ- The Cooperative Nursery School of Ridgewood held its annual Dads Day on Saturday, February 5, 2011. This special day gives dads, or other special people, a chance to see what a day at the co-op is like. The children get chance to show off their school and introduce their dads to their friends and teachers. The day is an abbreviated school day. The kids also work on a Valentine themed craft and finish off the day with a special snack.
Dads Day is just one of the many events held throughout the year that give parents an opportunity to share in their children’s education. Please call the school at (201) 447-6232 for more information or to schedule a visit to the school. The school is located at 100 Dayton Street in the center of Ridgewood.
>New Jersey coastal waters designated wind energy area
With the aim of expediting development of offshore wind farms, the federal government yesterday designated 417 miles of coastal waters in New Jersey as Wind Energy Areas, a move that should tighten the timeframe for approval of projects. (Johnson, NJ Spotlight)
New Jersey’s high school scores are improving. Middle school scores took a dip. And take your pick on the direction of elementary school achievement, which often depended on the grade. (Mooney, NJ Spotlight)
Gov. Chris Christie said Monday a proposed countywide police and fire service in Camden County was not ideal, but indicated intransigent unions were forcing government’s hand. (Roh, Courier-Post)
>AOL buys Huffington Post for $315 million one small voice
Huffington Post founder Arianna Huffington announced late Sunday that the site agreed to a $315 million buyout offer from AOL. This deal guarantees AOL will be closely watched not only by media observers but also by Silicon Valley companies.
The very liberal-leaning Huffington Post online news site has been one of the few internet content start-up success stories with over 1000 contributors and sizable ad revenue. AOL is the elder statesman of online access and digital content. It is also the owner of the “Patch ” local blog network which our own local Ridgewood Patch is part of.
It was less than a week ago that a document called “The AOL Way” was leaked showing how serious AOL is about its latest incarnation of the strategy to shift from a “technology” company to media company. Many industry insiders were caught unaware that people were still refereed to AOL as a “technology” company .
Its seems like only yesterday when we heard all this the first time with the much ballyhooed AOL/Time Warner merger. The merger marked the begging of the end of AOL network dominance and some would also suggest the the beginning of the end of the of the dot com boom turning AOL.com into the first dot bomb . https://onesmallvoice.blogspot.com/2011/02/aol-buys-huffington-post-for-315.html
