Dreams have a way of coming true in New York and this week it looks like it is time for some OWS protesters to have their hopes fulfilled. The Wall Street Journal reports that Wall Street firms are drastically cutting bonus packages for their top earners, citing:
lower trading revenue, languid deal-making, new regulations and anxiety about the global economy. Other pressures include weak financial-company stock prices and sour public sentiment that culminated in the Occupy Wall Street encampment in New York.
The more well-to-do among the protestors will no doubt feel warmed by the fact that the rapacious fat cats on Wall Street are finally being cut down to size, but this moral victory for ego-tripping upper middle class students and career hacktivists is bad news for New York’s poor.New Yorkers have long gloated about their city’s ability to stay vital as nearby Philadelphia, Baltimore and Pittsburgh have faded to shadows of their former glory, but this vitality has been financed by high taxes on the extremely profitable financial sector. Lower profits and payrolls on Wall Street means lower revenue for the city, which in turn means layoffs, service cuts and pay freezes across the New York economy, especially in the public sector, which provides the services many poor New Yorkers depend on, and whose jobs keep many other New Yorkers in the middle class. A decidedly chill wind is in the air.North Korea, one can’t help observing, is by some measures the most equal country in the world.