IS CHRISTIE FOR REAL? ECONOMIC REALITY AND THE WAY OUT

From Gov. Christie's speech to the League of Municipalities:

"There's no time left. We have no room left to borrow. We have no room left to tax. So we merely have room left now, to do this. We are all reaching the edge of a cliff. And it reminds me a bit of that part of Butch Cassidy and the Sundance Kid where the had a seminal decision to make. So what did they do? They held hands and they jumped off the cliff.

We have to hold hands at every level of government, state county, municipal, school board. We have to hold hands and jump off the cliff.

I firmly believe we will land and we will be fine. It does not mean it will not be a scary ride on the way down. And it does not mean there won't be moments of fear and moments of apprehension.

But for certain, the troops of the decades of overspending and overborrowing and overtaxing have gained on us. So the ruination of New Jersey's economy, and of the quality of life we want all our citizens to have, is certain if we do not take this course.

It's time for us to hold hands and jump off the cliff. It's time for us to do the difficult things that need to be done and to stop playing the petty politics of yesterday, of lying to the people telling them they do not have to pay for it because someone else will.

We are going to make the leap because that's what people elected me to do. We are going to make the leap because it is the responsible thing to do. We are going to make the leap and we are going to do it together because that is what leadership demands for us. That is what the responsibility of the offices we hold requires of us.

Forget about the next election. Forget about the next editorial in the newspaper, and forget about the next angry letter or phone call you are going to get from someone who wants something for nothing.

One thing is certain. The alternative will lead to certain defeat. And so it is time for us to show courage, and resolve. And we can do it because we are from New Jersey. And I have never, in all my travels around the country, met a group of tougher people than we all have the opportunity to lead."
Mish's Global Economic Analysis