Since the recession began, New Yorkers (most notably Mayor Bloomberg) have touted their city as an example for the rest of the country to follow, citing a quick rebound from the financial crash of 2008 and respectable job growth while the rest of the country was still mired in the depths of the recession. Indeed, for the past few years it appeared that New York had somehow managed to avoid the fate that has befallen other big blue cities. Now the tables are turning. A recent jobs report cited in the New York Times states that the Big Apple is once again bucking the national trend, with unemployment rising in the boroughs even as it falls elsewhere.With a private sector shedding jobs and unemployment nearing nine percent, New York’s vaunted “luxury city” model that enabled it to escape the worst of the recession is looking more tenuous by the day. As the cutbacks on Wall Street are beginning to take their toll on New York’s economy, they are exposing the underlying weakness of the city. The high profits and tax revenues of Wall Street were the primary factor in the city’s recovery; without them, New York is afflicted by the same problems as other, less successful blue cities. As these cuts wind their way through to the economy, things will get worse before they get better.