Waves of Financial Crisis

Jessica Haverson of MF Global sees the financial crisis as ongoing.The analyst says she believes we can always go lower.It is a crisis that comes in waves.The first wave was the financial freezing of credit;the second wave was the economic expression of the credit freeze;the third and current wave is a sovereign debt problem.
The sovereign debt issue is a rolling crisis.It has rolled from Southern Europe to the U.K.Eventually,it will roll to the U.S. as America faces a day of reckoning with its own debt.
MF Global is now headed by former New Jersey Governor Jon Corzine.Mr.Corzine was also CEO at Goldman Sachs before he served in the U.S. Senate and as Governor.

New Jersey in the Red

New Jersey has one of the worst budget deficits in the nation,according to Governor Jon Corzine.Although the state is a center of the pharmaceutical,chemical and shipping industries,it is still plagued by red ink.This is because of twenty years of structural mismanagement,coupled with a recession,Mr.Corzine said.Mr.Corzine,a former chairman of Goldman Sachs(GS),is displeased by the risky attempt to close the state pension funding gap by taking on more debt in the form of pension bonds.That's the way he used to operate at Goldman Sachs,the governor observed.

Jon Corzine

The governor of New Jersey,Jon Corzine,believes we are in a recession.The former Goldman Sachs(GS) executive isn't sure the the federal Govrnment's stimulus plan gives us the most bang for the buck.There's a real risk of getting into a deeper recession.He's afraid people will walk away from their homes.They're being squeezed by the cost of living.Governor Corzine feels that Paulson and Bernanke are taking steps in the right direction,but haven't gone far enough.Recession talk isn't helpful to the folks getting pinched.We're in the heart of a consumer economy.New Jersey's revenues are not coming in.There will have to be more budget cuts.We need a system that will help people lower their debt level,that will target homeowners with mortgages,Governor Corzine said.