Posts Tagged Ohio governor

Will Sunken Lehman Bros. Sink Republican Kasich?

Posted by Roldo Bartimole in Economic Development, Politicians on May 13, 2010

May 13, 2010… It looks as if Republican John Kasich’s desire to make money on Wall Street after leaving political office will haunt his candidacy for Ohio Governor. The Columbus Dispatch Thursday reports that Kasich tried to sell two Ohio pension funds some Lehman Bros. investments.

The Dispatch also reported that former Democratic Ohio Treasurer Richard Cordray dumped $800 million in toxic investments when he took office in 2008. Some of the state’s savings by Cordray had been invested with Lehman Brothers.

A worker in Cordray’s department noticed what the Dispatch described as “risky short term investments” made by the previous state administration. Cordray quickly got rid of the investments within weeks. Cordray is now the Ohio Attorney General.

While many believe Republican “outsiders” have good chances of defeating Democratic office-holders this election year, it looks as if Kasich’s work on Wall Street could trump the voters desire to get rid of “insiders.” Gov. Ted Strickland has been quick to paint his Republican opponent as a Wall Street money-maker.

The Dispatch article can be found here:

http://www.dispatchpolitics.com/live/content/local_news/stories/2010/05/13/copy/pensions-held-risky-assets-for-too-long.html?adsec=politics&sid=101

, , , , , , , , , , , , , ,

No Comments

Ohio is Sinking, Where are You Gov. Strickland?

Posted by Roldo Bartimole in Economic Development, Politicians on July 9, 2009

July 09, 2009… No wonder President Barack Obama’s and Governor Ted Strickland’s popularity in Ohio is sinking like a lead weight in water. New job figures for the start of July stink. Again.

George Zeller, research analyst, reports today on the economic outlook and he’s quite blunt. Alarmingly bad, he reports again.

The new data, writes Zeller, “…are important since they will be the first indication that is available when the ongoing Ohio recession finally ends. That did not happen in the new data. INSTEAD, THE RATE OF LAYOFFS IN OHIO CONTINUES TO INCREASE VERY SHARPLY AT AN ALARMING RATE THROUGH EARLY JULY 2009.” (My emphasis.)

He goes on: “The new data indicate that Ohio is still rapidly losing jobs, not gaining them, even during the first week of July. This makes it highly unlikely that there will be a rebound in the tax revenue collections of the state of Ohio during the forthcoming 2009 months.

At this time of year, Zeller reports, the number of weekly claims in Cuyahoga County, for example, should be fewer than 1,000. However, he reports them at 2,225, “a level more than double the normal 1,000 rule of thumb that measures a recession” here.

Further, “It also exceeded last year’s very high figure by 79 percent.”

Ohio had 21,435 new unemployment claims for the first week of July, 170 percent higher level for this time. Our seven-county region is at 178 percent higher than the pre-recession 1999 level and triple what is should be at this time of year, reports Zeller.

Here is his data report: http://www.nacs.net/~georgez/newclaims070409.pdf

This all means the state revenue will continue to be a serious problem. What’s the answer?

Gov. Strickland proposes slots. Our Cuyahoga leaders want to spend a billion on a convention center. Does that give you confidence? No?

Dems are afraid of raising taxes on the rich even though Republicans rewarded our most wealthy extra tax relief on the national and state level.

It’s making it very hard to be a Democrat these days.

Remember that old saying: “Pray for Cleveland.”

Start again if you ever stopped.

, , , , , , , , , , , , , , , , ,

No Comments