Red Headlines For July 28, 2008

THAT ’70S WOE IN RERUN
GOV WARNING OF WORST ECONOMY IN DECADES

ALBANY – Gov. Paterson, convinced the state faces its worst fiscal crisis since the mid-1970s, will deliver the grim news in an unprecedented special address to New Yorkers as soon as tomorrow night, The Post has learned.

Emphasis added by me.

And:

“The situation is worse than anyone realizes,” said a source close to Paterson.

Emphasis added by me.

And:

Paterson warned last week that Wall Street bonuses – a major source of state tax revenue – will likely drop by 20 percent or more this year.

A day later the state Financial Control Board said New York City’s projected two-year deficit had grown by a whopping $4 billion because of Wall Street losses and the economy’s overall decline.

Emphasis added by me.

It’s just the beginning.

Explore posts in the same categories: C.O.A.T. - Health, C.O.A.T. - Politics, Depression 2.0, Red Headlines

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