new folly presented by Cuomo:
2. Cuomo in his first sentence proposes to "eliminate a $10 billion dollar deficit without raising taxes or borrowing" and then he is borrowing $5.6 Billion dollars.
4. Cuomo has a creative "funds shift [that] would result in the use of state bond proceeds for payment of a portion of debt service on MTA revenue bonds."
New York State Bonds will be rated overall Grade D- and the multiple delusional/incompletes show an impossibility of improvement.
The good News is Moody's acts slowly on bonds. Their downgrade of Egyptian Bonds reported on Monday, many days after any sane person would have.
In further regard of Bond Rating Firms: The Financial Crisis Inquiry Commission established by Congress and signed by the President Obama in May 2009 reported on page: "We conclude the failures of credit rating agencies were essential cogs in the wheel of financial destruction. "You still have time to sell your New York Bonds before they are devalued. "
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