

With the city comptroller’s office now projecting a loss of 35,000 jobs in New York-based investment banking and other financial services occupations, what’s the next thing that will drive profits and employment in a Wall Street recovery? In a recent Bloomberg Radio “On the Economy” podcast, private investor David Goldman gave this answer:
There isn’t any next thing. This is the end of a cycle. Wall Street employed some of the brightest people in the world to find clever ways to sneak leverage in under the door, or through the transom, in order to make thin returns look like fat returns. There simply isn’t any demand for that now, so you’re going to have legions of people who were very gainfully employed doing this finding fulfillment in organic farming and other pursuits.
Podcast: Play in new window | Download
Subscribe: RSS
About the Author
E.J. McMahon
Edmund J. McMahon is Empire Center's founder and a senior fellow.
You may also like

As leaves turn, NY’s post-pandemic recovery still has very far to go

More NY job gains in August—but employment needs to rise a lot further

NY Post-Pandemic Employment Tide Stopped Rising At Year’s End

Fewer Workers, Not More Jobs, Explains NY’s September Unemployment Rate Drop

It’s Official: New York State’s Second Quarter Economic Crash Was the Worst on Record

Sluggish Reopening: NY’s Private Job Count Down 1.1 Million From Pre-Pandemic Level

NY’s Slow Job Climb Continued in July, But Unemployment Rate Unchanged

New Data Confirm New York State’s Q1 Economic Plunge
As leaves turn, NY’s post-pandemic recovery still has very far to go
- September 23, 2021
More NY job gains in August—but employment needs to rise a lot further
- September 16, 2021
NY Post-Pandemic Employment Tide Stopped Rising At Year’s End
- January 22, 2021
New Data Confirm New York State’s Q1 Economic Plunge
- July 7, 2020
Enjoying our work? Sign up for email alerts on our latest news and research.
Together, we can make New York a better place to live and work!