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Wall Street Blues |
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While most New Yorkers are worried about being nickeled and dimed by the MTA and The Port Authority, it will be the Wall Street firms that will take the biggest toll on the City. The sub-prime mortgage crisis has produced a downturn in the economy — the big question is will this downturn become a total meltdown. The New Year's forecast includes economic worries that can have an effect on consumer spending, the real estate market, taxes and services. The New York City economy is almost totally dependent on a thriving financial sector and when Wall St. takes a nose dive, it takes the city with it.
Have we passed the bumpy part of the road or is the worst still ahead of us? Steve Malanga, formally of Crain's New York Business and now with The Manhattan Institute, looks at what has happened and predicts what might occur.
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Wall Street Blues:
Will the Sub-Prime mortgage crisis drag New York City down?
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