Founding Director, Gary Sasse, shares his bi-monthly blog post from GoLocalProv:
Gary Sasse: Rhode Island’s Tale of Two Crises
Wednesday, October 09, 2013
Gary Sasse, GoLocalProv MINDSETTER
On New Year’s Day, 1991, Rhode Islanders awoke to one of the most painful economic and political scandals in the State’s history. The crisis was the closing of 45 financial institutions. This action by Governor Bruce Sundlun immediately froze the bank accounts of nearly one-third of the state’s population, cutting them off from $1.7 billion of their money. Twenty –two years later we are trying to address the disastrous investment made in 38 Studios which could cost taxpayers over $100 million.
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| Photo from WPRI Gallery and Posted by Ted Nesi of Nesi's Notes |
The economic magnitude of the potential 38 Studios liability is not remotely comparable to the banking crisis. Nevertheless, how elected officials responded may tell something about both the quality of their leadership and approach to open government. As the philosopher George Santayana said, “Those who cannot remember the past are condemned to repeat it.”
For the rest of the post visit:
http://www.golocalprov.com/business/gary-sasse-rhode-islands-tale-of-two-crises/
Photo Posting from Ted Nesi of Nesi's Notes:
http://blogs.wpri.com/2011/07/26/will-retirees-greet-the-pension-session-with-street-protests/
