The Wall Street Journal has run my op-ed on the risks New York City faces in its approach to fiscal and economic problems. The thesis is that the city’s main economic engine — Wall Street and the financial-services industry — cold be at the beginning of a structural decline rather than in the middle of a cyclical slump. If so, the decisions Mayor Bloomberg is making today will cause us to look back in two years’ time and find that we haven’t prepared well.
Nobody can know how big this risk is, but it is real. Please read the whole thing here.
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