More Bad News for the Big Apple
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  • Maybe they could convert to an OWS-based economy…

  • a nissen

    “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.”

    Putting this post together with the one yesterday lauding Wall Street as NYC’s savior, are we to deduce that the error was neoliberalism’s failure to purge any and all traces of blue when it had the chance?

    My guess is if that had been the case, there would be no question what type of economy OWS should consider. Even so the WSJ announced yesterday that “America’s Newest Company Type: The Benefit Corporation “is legal in seven states. Re-enter values.

  • Stephen Greer

    I really wish you’d lay off of the criticism of the “Rust Belt” and some of its companies. I need to remind you that Chrysler was the hottest car company last year in the US, beating all other major manufacturers in sales growth; GM has $40B in cash reserves. Say what people will about the bailout, the Volt, and the US government’s stake in the company, but realize they are not only surviving, they both are prospering. These cos. will not die a corporate death by the mechanism you imply. Once they shed most of their legacy costs in bankruptcy, both GM and Chrysler were revealed to be viable and incredibly innovative companies.

    Note to Via Meadia: Detroit is not Michigan. Please don’t judge the state like its largest city. The state itself is reforming at a rate outstripping even the vaunted Mitch Daniels and Chris Christie. And the state is counting down to forcing a long-awaited reckoning on Detroit’s finances. This will be a bankruptcy-like process, but will in the end be a rebirth for the city, not its death.

  • WigWag

    When rents and condo prices on the Upper West Side, Yorktown, Chelsea, Soho, Morningside Heights, Greenwich Village and even Jackson Heights, Queens begin to decline to the rental and condo prices typical for the Inner Harbor in Baltimore or downtown Philadelphia, let me know.

    That’s when I will start to worry.

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