I'm glad Dusty hooked up with Bloomberg after he took the retirement package from the Star Ledger. No one reports on the state debt issue better than him. Keep looking at the state Transportation Trust Fund Authority, Dusty, and the hacks who have been on it forever. Steve Hanson's fingerprints are all over this one.

the bankruptcy of Orange Co. CA when they played with the big boys in shifty instruments.

agree on hansen - dont know why democrats even kept the republicna hack around - he is already probably handing up people that helped him as he tries to save his job with incoming admin

Great, we have a new incoming governor, who is here to "change the face of Trenton", change "Business as usual".  But he has a guy who helped make this deal happen as his advisor.  How do you make McCormack an advisor on your transition team when he was the Treasurer who implimented this plan under McGreevey????  I thought we were getting change, but I find out now that we are losing everything, including the change in our pockets.  Guess that's what Christie meant. 

and the rest disappointed. Take your pick.

Coming Collapse of Municipal Bonds; States, Cities Dig Deeper Holes

New Jersey has $36.5 billion of gross tax-supported debt.
California has $75.2 billion of gross tax-supported debt.
New Jersey has a population of 8,682,661.
California has a population of 36,756,666.

Let's do the math.
New Jersey has 23.6% of the population of California and 48.5% of the tax supported debt
In New Jersey, governor-elect Christie opposes (and rightfully so), the state going deeper in debt but that is not stopping the current administration of Jon Corzine.

Please consider N.J. to Borrow $200 Million Amid Incoming Governor’s Opposition.

New Jersey, the third-most indebted U.S. state, will sell more than $200 million in bonds today to finance voter-approved capital projects a week after Governor- elect Christopher Christie said he opposed borrowing more money.

The state will issue $209.1 million of bonds, including $205 million of tax-exempt securities, the largest such competitively bid offering in the market today, according to Bloomberg data. Christie, a Republican who defeated Democratic incumbent Jon Corzine last month, said he opposed new bond sales after the state last week detailed $2.7 billion in borrowing it plans for the remainder of the fiscal year, which ends in June.

So- The Governor elect thinks John McCormack is the best person to lead the transition team on economic and development growth. Does the gov-elect know that McCormack was the mastermind behind the increase bonding in Woodbridge when he was the CFO. Does he know that McCormack ws the mastermind behind the then record increases in state spending and debt as state treasurer. Both jobs under a McGreevey administration.

Now Christie will rely on this guy to lead the team that will craft a New Jersewy recovery plan. Sounds like we will get four more of John Corzine.

I guess when Christie was in Woodbridge the day after the election covorting with Democrats he forgot to look at the recent Woodbridge budget which increases taxes on the middle class families that got him elected.

So much for change.