The Grass Isn't Always Greener

Think you have issues? Imagine being the governor of the New Jersey at a time when consumers like you and I are feeling pain at the pump,  grocery store and in our home as our number one asset declines!

This morning Governor Jon Corzine joined me on Money for Breakfast to talk about New Jersey's housing, gasoline and economic issues as well as the presidential election, state of the U.S. economy and what happens next for the financial institutions. As you may recall, the Governor was Chairman and CEO of Goldman Sachs before he made a career switch and become a senator. Today he has a lot on his plate.

His state, New Jersey, is the 16th highest state in foreclosures, Atlantic City a big revenue generator for the state has seen its first quarter revenues decline by 4.8% and first quarter operating profits decline by 17.7% as increased competition from neighboring states have eaten at margins and more consumers have decided to stay home and tax receipts are declining because of job losses (note NJ's unemployment rate mirrors that of the rest of the country at 5%) and increased foreclosures. Don't envy that position!

He's a very bright, articulate and matter of fact interview. I worked for Goldman Sachs while he ran it in 1994 and 1995. He knows Wall Street just as well as anybody I know and talks about future oversight, how well the credit markets are faring and the depth of what he calls a recession even though the data may not fully support it.

Take a look.