Era of ‘buy now and pay later, and later over’: NY Governor

States declare Fiscal Emergency: NY and California

Mish's Global Economic Trend Analysis: New York Governor Warns Of Economic Crisis: "Era of ‘buy now and pay later, and later’ is over

New York is the second state in five days to declare a fiscal emergency. See Schwarzenegger Announced Intention To Slash State Workers' Pay Till Budget Passes for more on the crisis in California"