Â Cranbury Forum | Bulletin | Info Sharing Â

Post a reply

Username

Subject

Message body

Emoticons

Font colour: Font size:

Close Tags

[quote="Star Ledger"]Corzine, business execs brainstorm on financial crisis
by Beth Fitzerald/The Star-Ledger 
Monday September 22, 2008, 3:15 PM

While Congress considers adding foreclosure-prevention measures to the Bush administration's $700 billion bailout of the stumbling U.S. financial sector, Gov. Jon Corzine is convening a forum in Newark with 27 business executives and state government officials to "hear ideas from people who are living and working every day in the world of our real economy."

Jerry McCrea/The Star-Ledger
Governor Jon Corzine of New Jersey (center); speaks during an economic forum with NJ business leaders held at the NJIT campus in Newark.  Corzine, speaking briefly to the press just before a 2 p.m. closed-door meeting at New Jersey Institute of Technology, said he's looking for ideas to "help us ease some of the dislocations that are pretty obvious: Main Street's got problems just as much as Wall Street does."

More coverage in the Star-Ledger Business blog. 
The governor said he wants to know what steps government can take to ease the impact of the credit market crisis on New Jersey; what steps government and business can take together, "and how we can facilitate steps you might need to take on your own."

Corzine said he will make the case to Washington that the states "are going to be a negative factor in the economic well-being of the country if we are not part of the solution."

New Jersey's unemployment rate is rising, and Corzine said the state's Medicaid expenses rise $1.1 billion for each 1 percent rise in the jobless rate.

Over the weekend, Treasury Secretary Henry Paulson asked Congress for authority to spend $700 billion over the next two years to buy the mortgage-related securities now weighing down the books of banks and investment firms. These securities are plummeting in value as housing foreclosure and default rates rise and home prices sink, igniting a crisis of confidence in the U.S. financial system. Congress is expected to vote on a bailout plan this week.

According to a Corzine spokesperson, those attending the two-hour economic conference included Ralph Izzo, chief executive of Public Service Enterprise Group; Joseph Riggs, group president of the homebuilder K. Hovnanian Homes; Gus Milano, executive vice president of the commercial real estate firm Hartz Mountain Industries; Gil Medina, executive managing director of Cushman & Wakefield and a former New Jersey commerce secretary, and Caren Franzini, chief executive of the New Jersey Economic Development Authority.

http://www.nj.com/news/index.ssf/2008/09/corzine_asks_business_leaders.html[/quote]

Options
HTML is ON
BBCode is ON
Smilies are ON

	Disable HTML in this post
	Disable BBCode in this post
	Disable Smilies in this post