In 2002 MTA hid Half A Billion to create a deficit in its 2003 Budget thus creating “Moral” Causality for Increased Fares.
In 2008 careless investing in the variable rate bonds /fixed rate conversion / derivatives market caused the millions per month losses. See “Lehman’s Bankruptcy put the freeze on your train wreck.”
And yet, this week we are told that sadly, the cause of “our” MTA’s dive into the unrescueable demise of debt is rising fuel costs and rapidly falling property tax revenue.
How sadly sucky we don’t have one straight story and sucky service is our only constant. A straight stretch of 8 miles in Manhattan takes one and a half hours getting down to work and crawling back up home, an unwholesome 2 hours of super sucky, crowded, pushed and all of its torture taken standing up. Yet we must throw another 20% into the stenchy MTA pond so that it will gain confidence as have the defaulting banks before it that “we” have most recently granted infinite bailout.