After the record jump in Wall Street bonuses early this year, a slowdown in personal-income growth in New York and other finance-intensive states was inevitable in the second quarter. Read More
Tag: Economy
Moving vans are continuing to carry more households out of New York than they are bringing in, according to new data from a major national moving company. reports that it handled 3,646 moves out of New York and 2,369 moves into the state during Read More
Energy prices are a major factor in New York’s high cost of living and doing business, contributing to what Governor Eliot Spitzer has called a "perfect storm of unaffordability" driving people and firms out of the state. Read More
When Eliot Spitzer's entanglement with a high-priced prostitution ring was first revealed Monday afternoon, stock indexes were getting pummeled in the latest manifestation of credit market turmoil. On Tuesday, as the market was enjoying a Fed-induced bounce, The Wall Street Journal reported that "big, painful firings are coming" at investment banks - with as many as 40,000 New York-based jobs potentially on the chopping block. Read More
After fending off a federal tax hike last year, private equity and hedge funds have been mostly immune from the ongoing carnage on Wall Street. That makes them a bigger target than ever for revenue-hungry politicians and interest groups on the state and local level. Read More
Earlier in this decade, the last major change in federal tax policy helped bail New York out of its last Wall Street downturn. Will Washington help or hurt the city this time around? Read More
The collapse of Lehman Brothers, the sale of Merrill Lynch and yesterday's 500- point drop in the Dow may yet prove to be the turning point in a long-overdue shakeout. If the optimists are right, a stronger and smarter securities industry will eventually emerge from the ruins of the last few months. Read More
The financial-market implosion and the coming transformation of the securities industry pose a risk to the national economy. But they especially imperil New York State, which for decades has built its budgets on the expectation of raising ever-greater revenues from a Wall Street that now no longer exists. Read More