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Money

Local officials advised not to panic over downgrade of U.S. government credit rating

Local officials advised not to panic over downgrade of U.S. government credit rating

But it could raise the cost of borrowing for schools, public works projects

BY TOM HESTER SR.
NEWJERSEYNEWSROOM.COM

Advisers to officials of New Jersey’s cities and towns are urging them not to panic over Standard and Poor’s decision to downgrade the federal government’s credit rating by one notch from AAA to AA+ and instead let events unfold in the market over the next few weeks before drawing any conclusions.

Collingswood Mayor James Maley and New Jersey State League of Municipalities Director Bill Dressel on Tuesday sent an advisory to mayors after some of them raised concerns.

Maley and Dressel said they talked with the League’s Special Counsel on Bond and Redevelopment issues, Ed McManimon of McManimon & Scotland, to determine what impact the downgrade would have on municipalities.

“The reaction to the S&P downgrade is somewhat an overreaction that may be fueled, to some extent, by politics,” Maley and Dressel wrote. “It is not that the S&P rating is not significant. It certainly is and it may lead to significant consequences, but the credit markets are used to split ratings among the national credit rating agencies involving state and local government credits without consequences -- at this time both Moody’s and Fitch have retained the AAA rating for the U.S. credit. The reaction to the S&P downgrade should be the same but there is more at stake and more ‘experts‘ giving their opinions in addition to a political reaction not usually associated with credit rating issues, which is more intent on casting blame than focusing on the problems that led to the downgrade.”

 

N.J. gaming regulators give MGM Resorts another 18 months to get out of Atlantic City

N.J. gaming regulators give MGM Resorts another 18 months to get out of Atlantic City

Having trouble selling its 50 percent of Borgata casino

BY TOM HESTER SR.
NEWJERSEYNEWSROOM.COM

New Jersey casino regulators want MGM Resorts International to unload its 50 percent of the Borgata Hotel C...

Powerball drawing will be for historic jackpot

Powerball drawing will be for historic jackpot
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

Since no one hit all of the Powerball numbers in Saturday night’s drawing, the jackpot for Wednesday will be its second biggest winning prize in over a year. On Wednesd...

Tax Tip: Home office can make ‘commuting’ costs deductible

Tax Tip: Home office can make ‘commuting’ costs deductible
BY GERALD J. ROBINSON
NEWJERSEYNEWSROOM.COM

Commuting costs are usually nondeductible. For example, if you live in the suburbs and drive or take the bus or train to your job in the city, no deduction i...

State has $450,000 to invest in New Jersey technology community

State has $450,000 to invest in New Jersey technology community

Looking for interested entrepreneurs with new ideas

The state Economic Development Authority is seeking interest and ideas from the New Jersey’s technology community to help advance what it describes a...

Verizon workers face costlier health care benefits

Verizon workers face costlier health care benefits
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

Picketing began around 6 a.m. on Sunday in a strike against Verizon by the Communications Workers of America and the International Brotherhood of Electrical Workers uni...

What to do (and not to do) in the stock market

What to do (and not to do) in the stock market
BY WARREN BOROSON
NEWJERSEYNEWSROOM.COM
BOROSON ON MONEY

My best advice whenever the stock market tumbles:

1. Don’t go crazy and go on a buying spree. That’s for amateurs. Just because a stock was once $2...

Powerball winning numbers worth $180 million

Powerball winning numbers worth $180 million
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

Mega Millions had a winner of $99 million in its Friday night drawing, but the multi-state Powerball lottery is continuing to rise for Saturday night, currently standin...

New Budweiser can redesign tied to the bow (PHOTO)

New Budweiser can redesign tied to the bow (PHOTO)
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

Anheuser-Busch does not know the origin of the Budweiser bow tie, but some say it was created to encourage drinkers to use the beer's full name, as the word Budweiser i...

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