New Jersey Governor Chris Christie has learned that talking about state insolvency may have a cost.
About 20 minutes after Christie, 48, told a town-hall meeting in Paramus today that health-care costs “will bankrupt” the state, the New Jersey Economic Development Authority cut its tax-exempt school-related bond offering by more than half to $712.3 million.
“It doesn’t help to try and sell a $1 billion deal on the same day the governor is talking about the state going bankrupt due to health-care costs,” said Mike Pietronico, who oversees $360 million as chief executive officer of Miller Tabak Asset Management in New York.
I’m sure everyone will be making a big deal out of this for the usual partisan reasons, and hey, why not. If the roles were reversed, the Republicans would (and have) done the same thing.
But a more important thing to me is that it really, really bothers me that our Galtian overlords on Wall Street can’t simply base their financial decisions on empirical evidence, but instead jump like my cat when I turn on the vacuum when someone employs some pretty boilerplate political rhetoric.