On the subject, obviously the New Hyde Park Herald Courier has every right to its opinion but a little perspective might be appropriate.
Nassau County’s financial mess didn’t commence with (Nassau County Executive) Ed Mangano’s election. Rather it has been incubating for at least two generations, primarily attributable to venal politicians who are purposefully illiterate in basic economics and voters unable or uninterested in holding them to account.
The inept and irresponsible Gulotta tenure ushered in a major financial shock setting off clanging alarm bells. Next came the beyond reckless Suozzi Administration and a wail of sirens joined those alarm bells.
Yet those selfless public servants at NIFA (Nassau County Interim Finance Authority) uttered nary a discouraging word of warning over the decade past. Perhaps they were in a prolonged coma. So now that the orchestra has stopped playing; all the dancers are throwing sharp elbows as they desperately look for chairs, in order to avoid the camera and the questions. How utterly predictable.
Obviously, Nassau County’s finances are under serious stress. However the number of qualifiers in your editorial, such as likely, maybe, could be, perhaps, possibly etc. are metaphors for doubt rather than certitude.
As such, one prudent option suggests a pause and careful reflection over Mangano’s plan rather than throwing it in the trash bin notwithstanding NIFA.
If we have learned anything during the Great Recession, it’s that the so called experts core competency is always knowing which way the wind is blowing.
Moody’s Investors Service is a case in point. In their opinion, County finances are worthy of a major downgrade, now that the Mangano administration has had the gall to challenge the wise men of NIFA in court.
This coming from a firm whose performance in assessing sub-prime credit risk during the housing market fiasco, was eons beyond abysmal, if not criminally negligent.
As such, their judgment of Nassau County’s creditworthiness should give those, not grinding their ax, extremely deep concern. More importantly, both S&P as well as Fitch have given the county a contrary guarded yet positive opinion.
Like his predecessors, Ed Mangano is ultimately responsible to the voters, not to unelected and connected political appointees. In fairness, he deserves the same opportunity as his predecessors, to make his case and implement his plan.
T. Vincent Coffey
New Hyde Park
