Orwell couldn't have phrased it better
May have been.. possibly... who knows... who cares.
Is that not the most amazing use of language ever? Of course Scott is the one who just before the administration thought the parking asset lease was a good idea was consistently saying that even mentioning pension funding problems as akin to "crying fire in a crowded theater". That language changed when they decided to pull the alarm themselves. A phrase they seem to like a lot down there in that it was used again yesterday. Something about seeing every problem as a nail comes to mind. (I feel obliged to point out that tweeting politicians are so common that economists have felt empowered to study polticians who tweet.. and a former colleague of mine is the editor of the Journal of Information Technology and Politics which also obsesses on such topics... might be an article in all of this for the journal??).
I digress. I guess what is most remarkable about the statement is that obviously nobody felt any compunction about saying that out loud, let alone putting it into the public record. Says as much about what reaction (or lack thereof) he expects from the public as much as anything else. Consider the implications. No need to investigate Madoff any longer.. I mean, he resigned as well in a sense. Time to move on.
Anyway.. PWSA problems of the past are far from over. Since their disclosure is so limited, I could not be up on the latest developments, but last I checked they have a credit facility they acquired that allowed them to escape from the penalty interst rates of their variable rate debt was only a temporary solution. That credit facility is due to expire this year and one hopes they have a plan for dealing with that.