Well well well. What do we have here. The worlds finest in financial engineering and intellectually super smart and savvy are now finally realising that they do not have any more money to play with. The casino has just run short of change.

Gov. David A. Paterson took the rare step on Monday of addressing a joint session of the Legislature during its traditional off-season and used the speech to underscore New York’s deepening financial crisis.

Addressing the lawmakers, Paterson used rather grim language to describe the situation. “…I will mortgage my political career on this plan”.

New York spends $2,283 per capita on Medicaid, far more than any other state and twice the national average, according to statistics compiled by the state budget division. Second is Rhode Island, which spends $1,659. The state also spends $14,884 per pupil on school aid, more than any other state and well above the national average of $9,138.

Mr. Paterson’s speech came a day before lawmakers will reconvene for an extraordinary session called by the governor to take up his proposed budget cuts and potentially other issues, including legislation to legalize same-sex unions and overhaul the state’s public authorities. A growing number of budget experts believe that New York can no longer afford to spend so much in the wake of the economic crisis, rising unemployment, the collapse of the stock market and the travails on Wall Street — the state’s main fiscal engine. While the state faces a deficit of more than $3 billion for the remaining four and a half months of this fiscal year, the greater worries among state officials are the unprecedented deficits the state faces in 2011 and 2012, after the expiration of federal stimulus financing and a temporary tax increase on the wealthy.

Well someone got to tell the guy: Buddy your state has far outlived its means. There will be violent jerking back to reality and US states across will have to cut back on your well fare benefits if you need to survive in a changing world, a world where the true power now lies in the EAST (Read India and China) and epicenter at the Rothschild head quarters in ECB. The rope which the world lent you for the last 70 years has now reached its stretch limit and it is ready to snap back. Sorry New Yorkers …Every city has its time and your has just run out !!!

Am not biased but a realist who has seen this coming for some while and made the changes in my life to reflect those realities.