Warnings for MA economy

[0:08] ..." love meeting with all of the economic experts. Well the commonwealth of Massachusetts. We've heard some. Some very. Difficult. News in terms of the present situation in the economy in the in the future situation of the economy. But most importantly. I think what we heard was this was the start. You know in terms of preparing. Ourselves -- only for the final station of this particular fiscal year budget. But what I -- here is the chair of ways and means was the fact boat had a we prepare for next year's fiscal budget. So I thought that. This was a Segway in terms of further meetings with these folks in in the future as we try to keep a very close watch. In terms of what's going on economically both nationally in here in the commonwealth of Massachusetts. Now."...

[1:26] ..." be. Adjusted by this bailout bill in Washington DC. What's happened on Wall Street. All has an effect on Massachusetts. And in the the affect an economy in Massachusetts is obviously not to be good nymex six months two year. And we're hoping. That this stimulus that is there any bill"...

[3:25] ..." Let me just say one thing that the economists -- said that Massachusetts is going to fare better than most of the country. And the last time this happened in 2000 and who. We actually."...

[4:07] ..." Washington. Relative to the federal government in terms of being assistance to Massachusetts and obviously other states around the country. That's we did talk about that if we're going to be talking about some economic"...

[4:41] ..." the economies throughout the country what -- certain particular vote is from Massachusetts. I think what the speaker and I. Our view is right now as we leave. The meeting here today is I think we have to talk to meet some of our. Congressional delegation -- senators. To try to get them on board that -- whoever the new administration may be coming in in January that"...

[0:01]" Yet the only I want to say is. I thought we edit every year from full. Interesting and educational love meeting with all of the economic experts. Well the commonwealth of Massachusetts. We've heard some. Some very. Difficult. News in terms of the present situation in the economy in the in the future situation of the economy. But most importantly. I think what we heard was this was the start. You know in terms of preparing. Ourselves -- only for the final station of this particular fiscal year budget. But what I -- here is the chair of ways and means was the fact boat had a we prepare for next year's fiscal budget. So I thought that. This was a Segway in terms of further meetings with these folks in in the future as we try to keep a very close watch. In terms of what's going on economically both nationally in here in the commonwealth of Massachusetts. Now."

[1:05]" It is going to say it was a very interesting to hear the there was some diverse opinions. Most of the people in the room were concerned about. The unprecedented. A situation happening in -- and media. Financial markets the liquidity of the media. Credit that needs to be. Adjusted by this bailout bill in Washington DC. What's happened on Wall Street. All has an effect on Massachusetts. And in the the affect an economy in Massachusetts is obviously not to be good nymex six months two year. And we're hoping. That this stimulus that is there any bill autos stimulus package income Enron from the federal government. They need to assist the states as well as is to assist the financial markets over there. And I think that's the conclusion that we all came to that particular at the meeting today so we have to prepare ourselves. -- was not going to be as we predicted and going to have to adjust. Well somehow different predictions and everybody has since its -- president and him and and assess situation has never occurred before and I history and in this country we don't know exactly. But obviously were watching as closely as possible we lost. -- down 200 million dollars in revenues in the first quarter. And it doesn't appear that it's going to get any better so when have to address those issues."

[3:05]" If you just -- suffice to say that we we need to adjust -- revenue rose and I think that the US secretary of an emphasis. About to do that on October 15. And now we're waiting in. For the governor's. Reaction to that for a solution and addressing the downturn in revenue as well let me. Let me just say one thing that the economists -- said that Massachusetts is going to fare better than most of the country. And the last time this happened in 2000 and who. We actually. Fifth worst in most of the other states in this country. So that that bad in and of itself is veteran news it's not great news because I think the entire country's going to feel the effects of what's happening here and a downturn and some people of some people -- a recession others did not and the reason why."

[3:57]" What we did talk about was the -- we talked about the -- Package that had just a vote on Washington last week. We talked about most the next step written in Washington. Relative to the federal government in terms of being assistance to Massachusetts and obviously other states around the country. That's we did talk about that if we're going to be talking about some economic recovery. Obviously we have to be judicious about terms about spending. Of our reserves. Our rainy day fund we heard that loudly and clearly as we could be talking about use of reserves for a year. Two years may be three years fiscal year so we've got to be very careful about that and secondly. The issue below the federal government. Maybe stepping up the beginning the year. To infuse some funds into the economies throughout the country what -- certain particular vote is from Massachusetts. I think what the speaker and I. Our view is right now as we leave. The meeting here today is I think we have to talk to meet some of our. Congressional delegation -- senators. To try to get them on board that -- whoever the new administration may be coming in in January that the top item on their agenda. Is to not to forget these states so terms of federal involvement I think that was our major issue that we discussed. In terms of UAE federal economic stimulus package."