Hey JB, What Would New York Look Like With a Smaller Financial Sector?

What Would New York Look Like With a Smaller Financial Sector? »

Post-Guiliani, New York has been a very good place to be rich, a very good place to be poor, and a very difficult place to be in between. If the financial industry really did slim down to size, that might well reverse. That might make it a more middle class city. But it would be very difficult for a more middle class city to support New York City’s cost structure. Since it would be pretty hard to rip out the subways and bridges, and it’s illegal to renege on your pension promises, I suspect that the welfare state would take most of the burden. But not quietly