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Title: It’s Too Early for Christie, but Americans Are Yearning for His Style (Found halfway down page at link)
Source: NRO
URL Source: http://www.nationalreview.com/campaign-spot/print
Published: Jun 17, 2010
Author: Jim Geraghty
Post Date: 2010-06-17 10:45:47 by Badeye
Keywords: None
Views: 346
Comments: 9

(found halfway down page at link)

It’s Too Early for Christie, but Americans Are Yearning for His Style

By Jim Geraghty Posted on June 16, 2010 10:39 AM It seems like every week or so, you see blogs and Twitter comments in the vein of, “Hey, did you see this great speech by Chris Christie?”

And they’re not actually great speeches, at least not the way we’ve been conditioned to expect in the Age of Obama — not much flowery language, not much rhetoric that soars — but just him and a group of New Jerseyans, and him laying out the state’s enormous problems in blunt honesty, and a raw, unvarnished pep talk that the path ahead is going to be hard, but will be the responsible and wiser course in the long run. And what makes him seem great is that the audience knows he’s not trying to sell them anything; we know he’s not making an implausibly optimistic promise because what he describes is not all that appealing, or at least not all that easy. He’s leveling with everyone, treating the voters like grown-ups, and they’re appreciating it, recognizing that it is radically different from what politicians usually offer.

It would probably not be best for Chris Christie or New Jersey if he were to run for president in 2012; he’s still got a lot of work to do and a lot of promises to Garden State voters yet to be kept. But right now, the idea of Chris Christie running for president or appearing on the 2012 presidential ticket just stopped being unthinkable, crazy, and implausible.

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#1. To: Badeye (#0)

Christie

When all the left-wing wackos can do is to alter articles about him, you know he's on the right track.

Am I a liberal or a conservative? - Fredo Mertz

Jethro Tull  posted on  2010-06-17   10:49:10 ET  Reply   Trace   Private Reply  


#2. To: Badeye (#0)

Yearning until they get it. NJ homeowners are ready to throw him out on his fat ass.

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-17   10:50:24 ET  Reply   Trace   Private Reply  


#3. To: Badeye (#0)

One of the radio guys picked this article up this morning. He added his own comment that Christie's ideas are what this country really needs.

The government employees are financially distressing the entire economy and I don't think we can afford the pensions and benefits they expect.

Trouble city is not far down the road - baby boomers are just starting to retire.

reaganisright  posted on  2010-06-17   10:57:16 ET  Reply   Trace   Private Reply  


#4. To: Jethro Tull (#1)

When all the left-wing wackos can do is to alter articles about him, you know he's on the right track.

He's doing very very well in a tough situation. Corzine and company really screwed New Jersey for decades to come.

NJ would have been better off if Corzine had died in the car accident a few years back. I know thats a hard thing to say...but there is no denying it.

Just 10 days prior to the explosion, the Obama administration’s regulators gave the oil rig a pass, and last year the Obama administration granted BP a National Environmental Policy Act (NEPA) exemption for its drilling operation.

Badeye  posted on  2010-06-17   10:58:32 ET  Reply   Trace   Private Reply  


#5. To: reaganisright (#3)

The country needs a leader with his kind of spine.

Just 10 days prior to the explosion, the Obama administration’s regulators gave the oil rig a pass, and last year the Obama administration granted BP a National Environmental Policy Act (NEPA) exemption for its drilling operation.

Badeye  posted on  2010-06-17   10:59:14 ET  Reply   Trace   Private Reply  


#6. To: Badeye (#4)

Corzine and company really screwed New Jersey for decades to come.

The screwing actually began with Whitman when she cut taxes and financed it with debt obligations to the pension plan.

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-17   11:08:47 ET  Reply   Trace   Private Reply  


#7. To: Badeye (#5)

Pension Funds in New Jersey Face Shortfall

By: Laura Mansnerus New York Times, July 26, 2002

RENTON, July 25 Just as New Jersey has patched up its worst fiscal mess ever, the state is staring at another: next year an enormous payment for its shrinking pension funds will come due.

The total will approach $1 billion, by the estimates of some state officials and consultants, most of it in new spending. John E. McCormac, the state treasurer, said the shortfall would be "much worse" than he expected just a few months ago, although he said he would not know what new contributions would be needed until the most recent investment returns were analyzed.

Soon, Mr. McCormac said, the state will be able to calculate the damage done so far by a bold plan in the 1990's that borrowed money to finance the funds with stock market profits.

The dismay and blame surrounding the pension funds are directed mostly at former Gov. Christie Whitman, who now more than ever is accused of mortgaging the state's future to pay for the tax cuts that propelled her to national prominence.

"You think what's going on in the business world is bad?" said Judith C. Cambria, a fiscal policy specialist who wrote a report on the state's fiscal trends over the last decade. "The last administration used every trick in the book."

While criticisms of her administration have mounted with New Jersey's escalating budget problems, Mrs. Whitman has continued to defend her fiscal management.

"So much of it has gotten personal," she said in a recent interview with The New York Times.

More recently, as the stock market has stagnated, pension funds all over the nation have lost money. But in New Jersey, said Tom Vincz, a spokesman for the Treasury Department, "a perfect storm is coming up now."

The market plunge has cost New Jersey's funds $22 billion over the last two years. The state will have to resume regular contributions, to the tune of hundreds of millions of dollars, after skipping payments for several years. And pension costs were bumped up after the State Legislature granted 9 percent increases to teachers and retired state workers before last year's elections.

What's more, the state must pay $160 million in the current fiscal year, which began July 1, on the $2.75 billion in bonds that the state issued to replenish the funds in 1997. The payment schedule was set up to start with small amounts and balloon later.

The idea five years ago was to wipe out a pension-fund deficit by floating bonds, invest the assets in a galloping stock market and make more on the investments than it cost to pay off the bonds. The plan was purposely overfunded so that the state could skip payments for several years.

The returns, however, have not covered the 7.64 percent annual interest on the bonds although they might over the life of the bonds.

"I believe it was in essence arbitrage, and I don't think the government should engage in arbitrage," said State Senator Leonard Lance, who as a member of the General Assembly was one of the few Republicans to oppose Governor Whitman's proposal. "Unfortunately, I believe I've been proved right on this."

Even before Gov. James E. McGreevey took office in January, he blamed his Republican predecessors for the growing budget gap. But the pension funds were not even a factor for the 2003 fiscal year, because by law no contribution was scheduled until 2004.

While the pension funds have lost value, there was no way to anticipate the market losses of the spring and summer.

When Moody's Investors Service downgraded New Jersey's bonds in March, it predicted that in 2004 the state would have to start making pension payments of "several hundred million dollars per year." Tim Blake, the author of the report, said he had since heard estimates of $1 billion.

Over the last two years, the state's investment portfolio, most of which is pension funds, declined from $94 billion to $72 billion. About 60 percent of the portfolio is invested in stocks.

Ms. Cambria, the fiscal policy specialist, said that while the recent losses were alarming, "It's absolutely essential that we realize we are seeing the consequences of irresponsible action over a long period of years."

In the 1990's, the state's long-term debt rose to $15.7 billion from $4 billion. Of that, $2.75 billion came from the 1997 pension bond sale, the state's largest debt offering ever.

The bond issue allowed Mrs. Whitman to balance her election-year budget by drastically cutting the state's required contribution to the pension funds. The problem was "unfunded liabilities" that is, money that was supposed to be in the pension funds and was not dating to 1994, when the state started deferring its payments.

When the governor proposed borrowing to raise the funds and investing the money, the idea was wildly unpopular. No state had ever issued bonds to cover pension costs, and even the Republican chairman of the Senate Appropriations Committee, Robert E. Littell, pronounced it a "wacko idea."

But Mrs. Whitman prevailed, and critics were shushed when the bonds sold in an eager market at an average interest rate of 7.64 percent, instead of the 7.78 percent that the state had expected.

Over the next two years, the pension system's returns averaged 19.3 percent. But by Jan. 1, 2002, the total return had dropped to 7 percent, and losses since then have depressed returns further.

McGreevey administration officials acknowledge that the funds have performed worse than most public pension plans in recent months. Mr. McCormac, the state treasurer, said New Jersey was one of just two states that use in-house employees to manage all investments. But he dismissed reports that some administration officials were considering hiring private brokerage firms to manage the funds.

"That's not even on our radar screen," Mr. McCormac said.

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-17   11:16:47 ET  Reply   Trace   Private Reply  


#8. To: Badeye (#4)

Jersey was screwed before Corzine. Real estate values were unreal, a co-worker sold a small rancher back in the late 80's for I think 845K, give or take 100K. Same house in Ariz = 60K+ and an inground pool to boot. Probably 150K tops in MD for a similar house w/o pool.

Mom did real well selling houses in PA in the early 80s to Jersey people working in Princeton, an easy commute.

Taxes and everything were cheaper in PA. The only redeeming value of Jersey was no Blue laws like PA had (no shopping on Sunday). The Blue laws were shitcanned long ago.

reaganisright  posted on  2010-06-17   11:17:24 ET  Reply   Trace   Private Reply  


#9. To: reaganisright (#8)

Jersey was screwed before Corzine. Real estate values were unreal, a co-worker sold a small rancher back in the late 80's for I think 845K, give or take 100K. Same house in Ariz = 60K+ and an inground pool to boot. Probably 150K tops in MD for a similar house w/o pool.

I know, my brother in law (formerly a uber liberal transformed by 9/11) has lived there for the last three decades. He couldn't wait to vote for Christie.

He's gotten his ass kicked quite a few times on property there as they transitioned over the years from couple, to couple with a kid, to couple with three kids. Every time they moved up to a large home, they got CREAMED on the sale of the previous home.

Then there are the insane taxes.

Just 10 days prior to the explosion, the Obama administration’s regulators gave the oil rig a pass, and last year the Obama administration granted BP a National Environmental Policy Act (NEPA) exemption for its drilling operation.

Badeye  posted on  2010-06-17   11:23:40 ET  Reply   Trace   Private Reply  


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