more fake reform

Citing Waste, Albany Seeks to Rein in Public Authorities
By NICHOLAS CONFESSORE

For almost a century, public authorities have been the universal solvent of New York politics, burning through legislative or bureaucratic gridlock to build ambitious public works projects, from subways to hospitals to public housing.

But over the years, their broad powers to borrow money and grant tax breaks, and their relative freedom from oversight, have also allowed hundreds of public authorities to be put to other, more creative and not always legal uses.
....
The legislation being considered would impose sweeping financial disclosure requirements on the hundreds of local and state-level authorities and grant state officials new powers to monitor and enforce their compliance. It would also require public authorities’ board members, most of whom are appointed by the governor for fixed terms, to swear an oath to uphold fiduciary responsibilities similar to the ones assumed by directors of public corporations.

---

MORE regulation is going to help? doubtful. Why not just eliminate them? Do we really need a state agency to help a billionaire developer build luxury condos in the heart of one of the hottest real estate markets in the country?

as no land grab points out:
Why bother with public authorities and why do the politically connected class love them?

Armed with the power to issue tax-free debt, the authorities were designed to perform some of the duties of public agencies with the nimbleness of private corporations. But that strength, critics say, has also been a weakness: Public authorities face neither the accountability of elected officials nor the market pressures of truly private enterprises.

I would hate to sound pessimistic, but the United States is on an unsustainable course to failure. The first states to show this pattern are California - which has become more like a third world country or corrupt Latin American regime than a US one - (with a large underclass, super-elite and vanishing middle class ) and New York which is hot on its tails.

Where are Americans going? as this humorous graphic in the WSJ points out to middle america - despite its poorer climate, topography and cultural resources:
Why? Lower taxes, more affordable housing. Why these 'fiddling while Rome burns" moves by people like Spitzer? Because they are oblivious about the underlying problems or unwilling to fix them. It should be common sense, but let me reiterate- if NYS has a high tax burden because of agencies like the ESDC and then, in turn gives breaks to people like Ratner it is doubly bad for the businesses and people who have to support the state since the Ratner's can then compete on an uneven playing field. In other words, people who actually competent businessmen become unwilling supporters of people who aren't like our friend Bruce.