Comments on: Economic Declines and State Tax Revenues (1964- 2009) http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 22:06:42 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: FM newswire, 12 November – links to old-fashioned journalism « Fabius Maximus http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/comment-page-1/#comment-234037 FM newswire, 12 November – links to old-fashioned journalism « Fabius Maximus Thu, 12 Nov 2009 10:03:18 +0000 http://www.ritholtz.com/blog/?p=43417#comment-234037 [...] (a)  “State Tax Revenues Show Record Drop, For Second Consecutive Quarter“, Nelson A. Rockefeller Institute of Government, October 2009 — “Fiscal 2009 Also Brought Record Overall Decline of 8.2% , or $63 Billion.”  See the key graphs here. [...] [...] (a)  “State Tax Revenues Show Record Drop, For Second Consecutive Quarter“, Nelson A. Rockefeller Institute of Government, October 2009 — “Fiscal 2009 Also Brought Record Overall Decline of 8.2% , or $63 Billion.”  See the key graphs here. [...]

]]> By: Winston Munn http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/comment-page-1/#comment-233674 Winston Munn Tue, 10 Nov 2009 22:54:11 +0000 http://www.ritholtz.com/blog/?p=43417#comment-233674 Remain calm. All is well! Remain calm. All is well!

]]> By: Pat G. http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/comment-page-1/#comment-233668 Pat G. Tue, 10 Nov 2009 22:33:26 +0000 http://www.ritholtz.com/blog/?p=43417#comment-233668 That's what they refer to as "trickle down economics". That’s what they refer to as “trickle down economics”.

]]> By: call me ahab http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/comment-page-1/#comment-233647 call me ahab Tue, 10 Nov 2009 21:15:08 +0000 http://www.ritholtz.com/blog/?p=43417#comment-233647 "our masters found a way to blow a boubble in the residential housing marked. Some of the fantasy gains in home values were then cashed out by the sheeple for consumption, and that held the GDP values up." exactly what happened “our masters found a way to blow a boubble in the residential housing marked. Some of the fantasy gains in home values were then cashed out by the sheeple for consumption, and that held the GDP values up.”

exactly what happened

]]> By: DeDude http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/comment-page-1/#comment-233644 DeDude Tue, 10 Nov 2009 20:57:48 +0000 http://www.ritholtz.com/blog/?p=43417#comment-233644 Willid3; I agree, the 2001 recession was never over. It’s just that our masters found a way to blow a boubble in the residential housing marked. Some of the fantasy gains in home values were then cashed out by the sheeple for consumption, and that held the GDP values up. That worked long enough that our masters could have their little lapdog elected for a second presidential term. Just enough time to rob the country one last time before it all fell apart. The beauty of it is that the mess left behing is so bad that the new guy will not be able to fix it fast enough to avoid blame (for not fixing it). So at the next election our masters can again get one of their little braindead lapdog elected and reapeat their rape of this country – ya bet ya. Willid3; I agree, the 2001 recession was never over. It’s just that our masters found a way to blow a boubble in the residential housing marked. Some of the fantasy gains in home values were then cashed out by the sheeple for consumption, and that held the GDP values up. That worked long enough that our masters could have their little lapdog elected for a second presidential term. Just enough time to rob the country one last time before it all fell apart. The beauty of it is that the mess left behing is so bad that the new guy will not be able to fix it fast enough to avoid blame (for not fixing it). So at the next election our masters can again get one of their little braindead lapdog elected and reapeat their rape of this country – ya bet ya.

]]> By: Lugnut http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/comment-page-1/#comment-233640 Lugnut Tue, 10 Nov 2009 20:29:14 +0000 http://www.ritholtz.com/blog/?p=43417#comment-233640 At least our new Governor (Christie) in NJ doesn't appear have any preconceptions about the state of our budget/tax situation "N.J. Gov.-elect Chris Christie considers declaring financial state of emergency By Star-Ledger Staff November 09, 2009, 7:34PM As he seeks concessions from state workers to balance his first budget, Gov.-elect Chris Christie is examining the possibility of declaring a financial emergency in the state, according to an official familiar with his plans. Such a declaration — invoking the same law as if New Jersey were hit by a natural disaster — could give Christie broad powers, such as suspending rules governing state worker layoffs. With many state workers due to receive two raises in the next fiscal year and a no-layoff pledge in place through December 2010, Christie’s transition team expects to tackle the issue before he takes office Jan. 19, two of his advisers said today." All hands on deck. This ought to make a few (shorter tenured) state employees a little nervous. At least our new Governor (Christie) in NJ doesn’t appear have any preconceptions about the state of our budget/tax situation

“N.J. Gov.-elect Chris Christie considers declaring financial state of emergency
By Star-Ledger Staff
November 09, 2009, 7:34PM
As he seeks concessions from state workers to balance his first budget, Gov.-elect Chris Christie is examining the possibility of declaring a financial emergency in the state, according to an official familiar with his plans.

Such a declaration — invoking the same law as if New Jersey were hit by a natural disaster — could give Christie broad powers, such as suspending rules governing state worker layoffs. With many state workers due to receive two raises in the next fiscal year and a no-layoff pledge in place through December 2010, Christie’s transition team expects to tackle the issue before he takes office Jan. 19, two of his advisers said today.”

All hands on deck. This ought to make a few (shorter tenured) state employees a little nervous.

]]> By: Bruce in Tn http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/comment-page-1/#comment-233637 Bruce in Tn Tue, 10 Nov 2009 20:08:40 +0000 http://www.ritholtz.com/blog/?p=43417#comment-233637 http://www.foreclosuredataonline.com/blog/foreclosure/more-california-hotels-fall-foreclosure/ More California Hotels Fall into Foreclosure "The amount of hotels in California that have been involved in actions of foreclosure or default has risen incredibly by 125% within just the past sixty days. So far, 31 hotels have already been foreclosed and 175 properties of hotels are currently in default. Properties that have already been lost to foreclosure can mostly been found in the counties of Riverside, San Diego and San Bernardino." ...I noticed Jane Wells on CNBC stating today that this was an absolutely marvelous time to see the USA...I wonder if anyone suggested to her to use that storyline today.. ..Yes, I am skeptical...of much of what I see lately..... http://www.foreclosuredataonline.com/blog/foreclosure/more-california-hotels-fall-foreclosure/

More California Hotels Fall into Foreclosure

“The amount of hotels in California that have been involved in actions of foreclosure or default has risen incredibly by 125% within just the past sixty days.

So far, 31 hotels have already been foreclosed and 175 properties of hotels are currently in default. Properties that have already been lost to foreclosure can mostly been found in the counties of Riverside, San Diego and San Bernardino.”

…I noticed Jane Wells on CNBC stating today that this was an absolutely marvelous time to see the USA…I wonder if anyone suggested to her to use that storyline today..

..Yes, I am skeptical…of much of what I see lately…..

]]> By: willid3 http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/comment-page-1/#comment-233636 willid3 Tue, 10 Nov 2009 20:07:26 +0000 http://www.ritholtz.com/blog/?p=43417#comment-233636 states are broke http://econompicdata.blogspot.com/2009/11/state-of-states-theyre-broke.html states are broke
http://econompicdata.blogspot.com/2009/11/state-of-states-theyre-broke.html

]]> By: willid3 http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/comment-page-1/#comment-233631 willid3 Tue, 10 Nov 2009 19:55:02 +0000 http://www.ritholtz.com/blog/?p=43417#comment-233631 hcf, debt has driven the economy for almost 100 years now. our problem was that incomes weren't increasing and wall street figured out how to make money on bad loans, replacing the incomes that didn't increase. had they not figured out that and gamed it so that incomes would keep collapsing, the 2001 recession would never have been over, in a way i don't think it ever was. we just had a credit band-aid on it. but without you have a very small economy, and we have lots of people, and they all need jobs. hcf, debt has driven the economy for almost 100 years now. our problem was that incomes weren’t increasing and wall street figured out how to make money on bad loans, replacing the incomes that didn’t increase. had they not figured out that and gamed it so that incomes would keep collapsing, the 2001 recession would never have been over, in a way i don’t think it ever was. we just had a credit band-aid on it. but without you have a very small economy, and we have lots of people, and they all need jobs.

]]> By: willid3 http://www.ritholtz.com/blog/2009/11/economy-state-tax-revenues-1964-2009/comment-page-1/#comment-233630 willid3 Tue, 10 Nov 2009 19:49:09 +0000 http://www.ritholtz.com/blog/?p=43417#comment-233630 ashpelham2, nothing really new about sports there. even in the depth of the GD, that 'party' never stopped. it may have had some cut backs (probably like now). but it didn't stop ashpelham2, nothing really new about sports there. even in the depth of the GD, that ‘party’ never stopped. it may have had some cut backs (probably like now). but it didn’t stop

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