The New York State Legislature finally passed a budget two weeks ago, which it balanced by taking on extra debt without the approval of voters to fund a 6% increase in spending as revenues continue to shrink. State Comptroller Thomas DiNapoli says New York is heading for trouble, especially since revenue projections are so uncertain and vulnerable to further economic downturn. The $121.7 billion budget grew 6% despite entreaties from Gov. Paterson to actually cut......

The Federal Reserve Board may be sending distress signals about a “prolonged and severe economic downturn,” but ultrarich individuals like hedge fund manager Lee Tachman aren’t sweating it; the 38-year-old Tachman just spent $50,000 on a four day vacation to Miami with three of his bros. According to a ‘Happy Monday’ article in the Times, Tachman’s crew rolled with a “private jet, helicopter, Hummer limousine, Ferraris and Lamborghinis; stayed in V.I.P. rooms at Casa Casuarina,......

Last month, New York City kicked off a big global advertising campaign to attract more tourists to the Big Apple. The ads appear in a number of venues, and the Post notes that media space has been bought in Out magazine and on the LOGO network, as well as LGBT websites. A Bloomberg administration official explains that gay and lesbians have more disposable income, as they are usually dual-income without kids, "What we're saying......

With the MTA's vote whether to raise subway and bus fares coming in less than three weeks, speculation is running high about what will happen. Even though Governor Spitzer said that the base subway and bus fare will remain $2, unlimited Metrocard fares - which 85% of riders use - will rise. The MTA has insisted the fare hikes are necessary, given projected deficits and upcoming capital construction, but many elected officials believe that the......