Thursday, February 25, 2010

Jon Corzine on Toyota, deficit, Goldman Sachs

In a Bloomberg Television interview yesterday, former New Jersey Governor Jon Corzine fielded questions on a range of topics, from Toyota's crisis and the federal deficit, to the proposed tax on banks, and his old firm, Goldman Sachs.

On the current economic crisis, Corzine said that "states bear an incredible brunt" and, because of constitutionally required balanced budgets, must consider "all types" of cost reductions, including
" headcounts, furloughs, wage cuts, wage give-backs, pensions and benefits and cuts in programs--including some that people find most valuable."

Corzine said that his administration made a number of those cuts during his four years in office, "which doesn't make you very popular," and added that the new governor (Chris Christie) "is taking even stronger steps to cut."

"And it's got to be done," he said, "and it's going to be done in every state."

Check out the full interview below:



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