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News stories tagged with "wall-street"

There's a confidence deficit. There's a trust deficit.

Cuomo: New York will move forward despite Supercommittee failure

The congressional supercommittee announced Monday that they'd failed to make a plan for reducing the federal deficit. This means that automatic cuts to a whole range of programs will go into effect starting in 2013.

National lawmakers may reach agreements that avoid some of those cuts ...but the supercommittee's failure could make a huge difference for states. New York's budget division estimates losses of $5 billion in federal funding over the next decade. That's on top of the impact on Wall Street, which provides about 20% of state revenues.

The state is already running a $3.25 billion deficit for next year's budget. Governor Cuomo is working with his Council of Economic and Fiscal advisors, 19 executives, politicians and labor leaders Cuomo put together as part of his transition team last year, to come up with a plan for how the state will handle the additional losses.

Cuomo spoke yesterday on the WCNY's Capitol Pressroom host Susan Arbetter. She asked him how the supercommittee's failure will affect individual New Yorkers:  Go to full article
Cash revenues have been falling short of expectations ...And economic activity has been very volatile.

New York's budget gap even bigger than expected

Governor Cuomo's budget office released some bad news yesterday. The state's budget gap is even bigger than expected, with a $350 million dollar shortfall for the current year and a $3.5 billion dollar gap next year.  Go to full article

DiNapoli: Wall Street woes could affect whole state

State Comptroller Thomas DiNapoli says Wall Street is having another bad year--and he's saying that could have a negative impact on New York State's budget. In Albany, Karen DeWitt has the details.  Go to full article
New York City's "Occupy Wall Street" protests
New York City's "Occupy Wall Street" protests

Cuomo on Occupy Wall Street protestors: Mixed emotions

Talking to reporters Thursday, Governor Andrew Cuomo expressed admiration and concern about the "occupy wall street" protests. He said he understands the "frustration" of the demonstrators--but admits the state depends on revenues from the financial industry to balance its budget. In Albany, Karen DeWitt has more:  Go to full article
We didnít rejoice at the slight increase. We're not going to cry at a slight downturn.

Governor "optimistic" about Wall Street's future

Governor Cuomo says he's staying optimistic about Wall Street and the financial sector's future right now. Karen DeWitt reports the governor's saying he hopes the downturn will be just a "blip" on the screen.  Go to full article
NYS Comptroller Thomas DiNapoli.
NYS Comptroller Thomas DiNapoli.

Comptroller DiNapoli confident about state pension fund after Wall Street plunge

State comptroller Tom DiNapoli says even after the big drop on Wall Street yesterday, he believes the state's massive pension fund can withstand market swings. Karen DeWitt has more from Albany.  Go to full article
John Bogle
John Bogle

A Fresh Start for Wall Street: "Wall Street owes Main Street an apology"

We've been hearing a lot about President-elect Barack Obama's economic team. They face some huge hurdles this winter, as they work to steady America's wobbly economy. As part of our series, A Fresh Start, we checked in with John Bogle, who spends much of each year in Lake Placid. In the 1970s, Bogle launched the Vanguard Group of investment funds. In recent years, he's emerged as one of the country's leading investment ethicists, authoring books that include The Battle for the Soul of Capitalism. Bogle told Brian Mann that Obama's first challenge will be speaking honestly with the American people and restoring consumer confidence.  Go to full article

Clinton says government must do more to fix economy (full interview)

Federal Reserve chief Ben Bernanke said the financial crisis could prolong the difficulty that the economy is facing. Bernanke said he was confident the central bank's purchase of debt and the $700 billion bailout, approved by Congress last Friday, would help revive the nation's moribund economy. New York Senator Hillary Clinton voted for the bailout. Talking with Jonathan Brown, she explained why. Here's their full conversation.  Go to full article
Rep. John McHugh (R-Pierrepont Manor)
Rep. John McHugh (R-Pierrepont Manor)

McHugh: Bailout "ugly" but necessary

Lawmakers on both sides of the aisle reacted angrily and skeptically to the Bush Administration's $700-billion financial bailout plan yesterday. Democratic Senator Chris Dodd, who chairs the Senate Banking Committee that held yesterday's hearing, called the proposal "stunning and unprecedented in its scope and lack of detail." Republican Senator Jim Bunning of Kentucky called it "financial socialism." North Country Congressman John McHugh says he shares those concerns. But he says the bailout is necessary. The Republican told David Sommerstein many of the financial executives don't deserve saving.  Go to full article

On Saranac Lake's Main Street, fear and anger

On a day when Wall Street was in free fall and politicians were debating bailout plans in Albany and Washington, Brian Mann headed to Main Street in Saranac Lake. He wanted to find out how real business-people are reacting to the financial crisis. He sent this audio postcard.  Go to full article

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