New Year but No Relief for Strapped States
1/9/2010
New Year but No Relief for Strapped States
It is one of the bleakest new years that states have seen in over a decade.
On Wednesday, governors in California, Kentucky and New York kick off the season of addresses to state lawmakers as at least 36 states struggle to close budget shortfalls and also begin confronting the next fiscal year’s woes.
With the economy growing again — but unemployment stuck at double-digit levels — states and municipalities across the U.S. are scrambling to woo anyone with hiring plans — even if that means going, hat in hand, to the same bunch that have been responsible for hundreds of thousands of jobs going overseas.
Deflation is back in the headlines. On December 29th the Nikkei stood at 10,638, 73% below its peak, though an expansionary budget drafted on December 25th has given it a recent lift. Urban property prices have fallen by almost two-thirds. Some ski apartments are worth just one-tenth of what the “bubble generation” paid for them.
NYSE Euronext and BATS Global Markets said Tuesday that they have reduced order-execution times on their electronic stock-trading platforms, as exchanges battle for the business of high-speed traders. Kansas City, Mo.-based BATS reported Tuesday its U.S. BATS Exchange platform has reduced its average order latency to 250 microseconds from 400 microseconds.
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