Monday, June 25, 2007

421a Veto - the Spitzer Litmus Test.

My guess. He won't do it. Ratner, rather ingeniously stuck his pork into a pork reform bill so either way the governer looks bad - veto it and he lets wealthy developers continue to be subsidized by middle class homeowners, let it pass and Ratner gets his special break. Spitzer comes from real estate money and has never shown much enthusiasm for reform as he has with Wall Street, which in my opion makes him grossly hypocritical.

In addition this was a raw, naked display of just how much power Ratner has - no other developer was able to get a special provision. How and why remains the question - a massive kick back scheme? Is there a "black swan' in the offing?

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