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Andrew Cuomo on Budget & Economy

Democratic Governor


Economic Blueprint: growth via development projects

Today, I am laying out a three-part plan:
  1. The next phase in our economic blueprint for growth
  2. A reimagined government that can make our plans a reality
  3. And a New York vision for a progressive future
Our economic blueprint: How does government spur job creation in a down economy while limiting spending and maintaining fiscal discipline? The answer: Creative public/private partnerships that leverage state resources to generate billions of dollars in economic growth.
Source: 2012 New York State of the State Address , Jan 4, 2012

1990s HUD: Sued banks to make more mortgage loans

The federal government sued banks to force them to make risky mortgage loans. Andrew Cuomo, then secretary of Housing & Urban Development, bragged at a 1998 press conference about reaching a settlement with a major lender worth billions of dollars. Cuomo even admitted he knew some of these loans would not be paid back. Nice thing to do with other people's money.

Some of the blame belongs to consumers, who borrowed money they knew they couldn't repay. They traded up & borrowed more than they could handl because, well, we all deserve a big house, don't we? Owning a home is part of the American Dream. But getting it through an interest-only adjustable rate mortgage is more like a nightmare.

Predictably, after the meltdown the liberals called on the government to adopt strict new regulations to ensure it will not happen again. (Good luck with that.) But more regulations can't solve what is largely an ethical problem within the culture. Unchecked avarice at every level has taken a toll on our economy

Source: Leadership and Crisis, by Bobby Jindal, p.266 , Nov 15, 2010

OpEd: 2001 HUD Fannie/Freddie policy led to mortgage crisis

Many of the policies that led to the current mortgage crisis were actually implemented at HUD under Cuomo. As the Wall Street Journal noted:

"A HUD website archive, 'Highlights of HUD Accomplishments 1997-1999,' chronicles that Secretary Cuomo established new Affordable Housing goals requiring Fannie Mae and Freddie Mac--two government-sponsored enterprises--to buy $2.4 trillion in mortgages in the next 10 years. This will mean new affordable housing for about 28.1 million low-and-moderate- income families. The historic action [changed the rules for] mortgage loans for low- and moderate-income families from the current 42% of their total purchases to a new high of 50%--a 19% increase--in the year 2001."

The "Village Voice" accuses Cuomo of making a series of decisions that "gave birth to the mortgage crisis" and resulted in 3 to 4 million people facing foreclosure. And many commentators believe that the subprime mortgage crisis fueled the global financial crisis that began in late 2008.

Source: Take Back America, by Dick Morris, p.193 , Apr 13, 2010

Upstate economy will be a priority, not “caboose”

Cuomo delivered energetic speeches in which he lambasted Pataki for failing to improve the upstate economy. The governor has “taken the Empire State and made it the caboose on the economic train,” said Cuomo, who promised, if elected, to make 2003 the year “the Empire State strikes back.”
Source: Elizabeth Benjamin, The Times Union , Mar 24, 2002

Other governors on Budget & Economy: Andrew Cuomo on other issues:
NY Gubernatorial:
Bill de Blasio
Mike Bloomberg
NY Senatorial:
Charles Schumer
Kirsten Gillibrand

Election 2013:
NJ-R: Chris Christie (won)
NJ-D: Barbara Buono (lost)
VA-R: Bob McDonnell(Retiring)
VA-R: Ken Cuccinelli (lost)
VA-D: Terry McAuliffe (won)

Gubernatorial Debates 2014:
AR: Ross(D) vs.Hutchinson(R)
CA: Brown(D) vs.Solis(D) vs.Villaraigosa(D)
CO: Hickenlooper(D) vs.Tancredo(R) vs.Hess(L)
CT: Malloy(D) vs.Foley(R)
FL: Scott(R) vs.Crist(D)
HI: Abercrombie(D) vs.Djou(R)
IA: Branstad(R) vs.Hoefling(R) vs.Culver(D)
MA: Coakley(D) vs.Grossman(D) vs.Baker(R)
ME: LePage(R) vs.Michaud(D) vs.Cutler(I)
MI: Snyder(R) vs.Schauer(D)
NM: Martinez(R) vs.Johnson(L)
OK: Fallin(R) vs.Boren(D)
PA: Corbett(R) vs.Schwartz(D) vs.Critz(D)
Up for re-election 2014:
AK-R: Sean Parnell
AL-R: Robert Bentley
CA-D: Jerry Brown
CO-D: John Hickenlooper
CT-D: Dan Malloy
FL-R: Rick Scott
GA-R: Nathan Deal
HI-D: Neil Abercrombie
IA-R: Terry Branstad
ID-R: Butch Otter
IL-D: Pat Quinn
KS-R: Sam Brownback
ME-R: Paul LePage
MI-R: Rick Snyder
MN-D: Mark Dayton
NH-D: Maggie Hassan
NM-R: Susana Martinez
NV-R: Brian Sandoval
NY-D: Andrew Cuomo
OH-R: John Kasich
OK-R: Mary Fallin
OR-D: John Kitzhaber
PA-R: Tom Corbett
SC-R: Nikki Haley
SD-R: Dennis Daugaard
TN-R: Bill Haslam
VT-D: Peter Shumlin
WI-R: Scott Walker
WY-R: Matt Mead
Abortion
Budget/Economy
Civil Rights
Corporations
Crime
Drugs
Education
Energy/Oil
Environment
Families/Children
Foreign Policy
Free Trade
Govt. Reform
Gun Control
Health Care
Homeland Security
Immigration
Infrastructure/Technology
Jobs
Principles/Values
Social Security
Tax Reform
War/Iraq/Mideast
Welfare/Poverty

Term-Limited or Retiring 2014:
AR-D: Mike Beebe
AZ-R: Jan Brewer
MA-D: Deval Patrick
MD-D: Martin O'Malley
RI-I: Linc Chafee
TX-R: Rick Perry

 

Page last updated: Jan 09, 2014