Today’s Headlines

  • Bank Settlements Bailed Out Cuomo’s Tappan Zee Bridge Vanity Project (News, WSJ, Politico)
  • Related: Cuomo Drove Over the Tappan Zee All the Way Back to the 1950s (SoP)
  • Edouard Menuau, 59, Dies From Injuries Inflicted By Cabbie on Canal Street; NYPD Blames Victim (DNA)
  • Daily News Goes Off on de Blasio for Dismissing Toll Reform; Post Says MTA Doesn’t Deserve the Revenue
  • Albany, Don’t Listen to Former DOT Chief Lou Riccio, Just Pass Move MY (News)
  • 2010 MTA Service Cuts Strained the Bus Network and Bus Drivers Still Feel It (WNYC)
  • Amtrak: Penn Station Track Repairs Will Be Done By Labor Day (AMNYGothamist)
  • DOT’s On-Street Car-Share Pilot Set to Launch in the Fall (DNA)
  • The Times Discovers Parklets

More headlines at Streetsblog USA

  • Larry Littlefield

    “Yet it’s saddled with debt because of bad decisions.”

    Supported by those with the same ideology as the Post. Robbing future generations via tax cuts (or cutting off tax-based funding for the MTA) and fees for short run popularity was the Republican playbook since Reagan, and in Washington they are planning another round.

    Now the Democrats would do it differently. They would have wrecked NYCT exclusively with the retroactive 20/50 pension, followed by reduction in pay and benefits for new hires, offset by allowing them (and those with the enriched pensions) to not do their job.

    Except that in New York Generation Greed Democrats are also in favor of running of huge debts, just with different special interest beneficiaries. And Republicans are also in favor or retroactive pension increases, and more and more tax deals for TODAY’s seniors.

    And both are against actual elections. Get the picture. This whole argument about who runs the subway, and how to put in more money that would just go to more pension increases and debts, is a fraud. They keep playing us.

    How about refusing to pay those triple-tax-free bonds, Post?

    https://en.wikipedia.org/wiki/Odious_debt

  • stairbob

    Should be fun when there are cars with placards in the on-street car-sharing spots.

  • Larry Littlefield

    So that’s where all those teachers with placards will park. I wonder if that wasn’t the idea behind this all along.

  • AMH

    “But my bus driver is driving in traffic. There’s no way for him to get around that traffic…”

    Is the union advocating for bus lanes?

    “Before five years ago, we never saw skateboards.” Yeah, right.

  • ItsEasyBeingGreen

    Yeah in a lot of locations I’m not sure how they could possibly make this work if they have to rely on NYPD enforcement. There’s not a design fix for this one.

  • bolwerk

    Using that bank settlement on the Tappan Zee Bridge is literally theft from the rest of the state.

  • bolwerk

    It’s all the neoliberal playbook, and the details just differ a little. Everything is a crisis, and crisis is an excuse to do this dumb thing we really want to do. The scope is always the short term. Debt was a crisis until the GOP took over and realized debt makes it possible to pay for stuff the GOP wants. Shitty public schools are a crisis, so consultants can be paid to open shittier charter schools. Crime is a crisis, so we need private prisons.

    Reagan, the Bushes, the Clintons, A. Cuomo, Bill de Blasio, and Mike Bloomberg all in some way thought/think that way. Their need for returns is as urgent and impulsive, maybe uncontrollable, as a teenage boy ejaculation. That’s why many neoliberals hate rail so much. The benefits are inter-generational, and there’s no profit today.

  • Joe R.

    Same story with the business world. All they look at is next quarter’s profits. They’ll screw the viability of the company 5 or 10 years down the road just for higher immediate returns. Look at all the cuts to R&D in corporate America because the potential benefits were likely intergenerational, not during the present CEO’s tenure. Same reason the freight RRs don’t want to electrify. Higher profits in the long term, but a big expense in the current CEO’s tenure.

  • bolwerk

    That’s because the business world is largely made up of the same people. They run for office promising business-like efficiency, but often can’t even run businesses efficiently either.

    And hell, they don’t care about profits one iota. They just say they do. They care about revenue. Profits don’t need to be there for them to compensate themselves, and then use that high compensation as evidence of their success in life.

  • Fool

    Debt service is such a convenient bogey man for additional revenue. Never mind the fact that the debt is still at serviceable levels and is not what sucked up all the additional revenue from the last bailout.

  • Larry Littlefield

    I’m pretty sure debt and pensions are what sucked up all the money from the past bailout.

    Every time they get a new revenue source they bond against it for 30 years, and everyone says “hallelujah!” Except Lhota, who said he is in favor of 100 year bonds (to keep costs lower while he’s around).

  • bolwerk

    Did he really say that? That’s completely nuts. Especially as interest rates go up, there is virtually no savings even on monthly payments for doing that. That’s ignoring the interest that would accumulate.

    But he’s a competent businessman.

  • Larry Littlefield

    Yes he did. It was in response to complaints about the soaring MTA debt. He said he had no problem with it, because it was for “capital expenditures” (including “reimbursable operating costs), and since some of the improvements are good for 100 years, it would be responsible to float 100-year bonds to pay for them.

    (With all the MTA revenues going to those bonds for the next 100 years, one wonders where the money to pay for additional maintenance would come from. But we seem to have reached the same point with 30-year bonds, some of which were refinanced into 50-year bonds).