A report on Red Bank's "Economic Summit"

By Grace Cangemi

Last night the Borough of Red Bank held its “Economic Summit”. Long on summit and short on economics, the panel, which included Democrat Freeholder Barbara McMorrow, Democrat ex-Mayor Ed McKenna, Democrat appointee Jerry Zaro, and was put together by Democrat Councilman Mike DuPont and hosted by Democrat Mayor Pat Menna, failed to include a single economist.

Toll-Hike DuPont began by exhorting us to “put aside petty political differences” prior to introducing a panel that included all of these Corzine shills. Mayor Menna, as a follow-up, acknowledged all of the Democrat big-wigs in the audience including his buddy Rep. Pallone, while failing to acknowledge a single Republican, although there was at least one state senator and one assemblyman in the audience. Glad to see they’ve put aside their “petty political differences.”

The introductory comments lasted over an hour and were rather telling. Zaro opened, telling us that “there is no better captain in these tough economic waters than Jon Corzine.” I’ve seen a hundred stand-up comics at the Count Basie, but this was the best joke I’ve heard come from that stage – too bad it’s on us.

Zaro, whom Menna referred to as the Czar, touted a half-dozen programs the governor is offering for “economic stimulus.” Apparently, Jon Corzine is going to put us all back to work building bridges and roads. I’ll make sure to tell all my unemployed broker friends. Zaro spoke for over fifteen minutes on money being “put back into New Jersey.” Where the hell is it coming from? And while we’re putting money back into New Jersey, how about asking your old buddy Frank Pallone to bring some money back from D.C.?

Then we heard from Ed McKenna. He told us that landlords need to work with tenants and “be reasonable.” As a 16 year member of the governing body of Red Bank, when asked what should be done to weather this storm on a local level, McKenna failed to offer a single piece of advice about what borough hall could do to keep taxpayers from going under. I’m all for reasonableness, but let’s remember that commercial properties took up to a 30% tax hike in the last reevaluation. What’s reasonable about that? How about reasonable spending practices?

Freeholder McMorrow spoke, mostly introducing county staff members. This was fortunate because when she couldn’t answer the only question she was asked during the latter part of the program, she had someone to answer it for her.

Elaine Sourlis, of Sourlis International, was also a panelist. Ms. Sourlis, widow of Ted Sourlis, talked about how she’d seen this climate before. In fact, “they lost everything in the nineties due to a bankruptcy.” I would have thought that her husband’s fraud conviction played into their misfortune. And I was a little confused as to why the panel included someone who says she “lost everything” in a bad economy. Perhaps hers is a cautionary tale.

Those were just the highlights from a panel that included Peter Reinhart of K. Hovnanian, Timothy Hogan of Riverview Medical Center, President Paul Gaffney of Monmouth University, and Richard Spangler of Investor’s Savings Bank.

I must confess that I asked a question, and I, as always, signed my name. Red Bank is attempting to gain a “transit village” designation for the neighborhood that abuts mine. Given the panel that was seated and their history, I asked about how high-density development will affect property values and if there is any plan to use eminent domain. The mayor was indignant.

He stated that “the transit village won’t necessarily be in the area of the train station.” (A transit village not in the area of the transit hub? Pardon my skepticism.)

He also said that there is no intention to use eminent domain. Excuse my concern, Mr. Mayor. When I look at this esteemed panel, I see that every attorney there has interests in real estate development. Hovnanian had their lawyer in the panel. KHov filed an amicus brief with the Supreme Court supporting the use of eminent domain for private gain in Connecticut. And Jerry Zaro? His law firm worked for the City of Long Branch to take homes away from taxpayers there and has long had its fingers in the eminent domain pie. These people make me nervous. They made me nervous in Long Branch, and I lost a home there. Another cautionary tale.

In support of Trenton, I suppose, Mayor Menna told us that he’s proud that Red Bank isn’t fighting the new COAH rules. I’m humble enough to say that I can’t afford to pay for this unfunded mandate. I’ve seen the Red Bank budget. Red Bank can’t afford it either.

So, I spent an evening listening to another Corzine dream team telling us how to handle the bad economy. And not a single person, not one member of this group, ever used the word “spending.” Not once. I waited. I hoped. I held my breath. There was not a single suggestion that taxpayers could get some relief from government spending.

New Jersey needs to wake up from this bad dream and toss these big spenders out on their heads. We need an administration that uses economists, not real estate developers and lawyers, to guide us through tough economic times. We need leaders who recognize that raising tolls, raising taxes, and growing government spending is breaking the backs of taxpayers. New Jersey needs leaders who will stop spending. When your car’s in a skid, take your foot off the gas.