Posted on 11/14/2014 8:55:42 AM PST by Oldpuppymax
In 1950 America’s richest city was Detroit. Now it is nip and tuck with Cleveland as the nation’s poorest city.
Today, in order to get into the sixth wealthiest spot on the list, the once wealthy and powerful New York City must be lumped in with Northern New Jersey and Long Island.
By comparison Detroit was clearly better off 65 years ago than New York City is today. In 1950 Detroit relied on the auto manufacturing industry to fuel its economy and “See the USA in your Chevrolet” to keep the cars rolling off the assembly line. Sixty five years ago no one could have conceived of an end to the auto manufacturing industry’s support of Detroit.
Anyone who even thought about it concluded, “It will always be there, right?” Well that didn’t work. The Japanese could not beat us on the battlefield but they sure whipped us in the auto manufacturing war.
Now we see pictures comparing Detroit today with what Hiroshima and Nagasaki looked like in 1945 and Detroit looks worse.
Today New York City is largely fueled by the activities of Wall Street. There are those who insist the brokerage houses will never leave, but their departure would be even easier than the auto industry’s pullout from Detroit.
There are no plants that have to be built...
(Excerpt) Read more at coachisright.com ...
It would take Wall Street going away to turn NYC into Detroit. Liberal New Yorkers are so hypocritical. They constantly rail against capitalism and financial powers but their entire city is completely dependent on Wall Street tax dollars.
As the middle class escapes or are destroyed and all that is left are the poor, the immigrants and the wealthy?
Probably pretty close to that now.
The entitlement state. Liberal compassion = economic disaster.
Detroit, and other cities outside of the eastern sea-board, are different than NYC.
If my job was in downtown Detroit, I could get a house in a very nice suburb, and commute...probably a 20 minute drive. So nothing stops people from leaving the hell-holes that start to form in the older parts of the city.
NYC is different - people can’t move far away and easily commute. This is why you will not find large swaths of residential areas in NYC that are vacant and in decay. Even the lousy parts of town are fairly well maintained.
I know this doesn’t address the point of the article, that the financial industry may leave. But as long as NYC isn’t a hell-hole, other businesses would move in to replace an absent financial industry.
The simple fact is that NY is leaking money to Detroit at an ever faster rate.
Republican control of Michigan has made Michigan and Detroit a much more business friendly climate. Plus, a modest 6 figure salary makes a very wealthy Detroiter.
New York City (and State) are dependent on our the Federal Reserve and our progressive-era financial institutions for their survival. Look at how much money NY City gets from crony-capitalist Wall Street in the form of taxes. One extended bear-market will bring NY City and State into bankruptcy.
I’ve said all along - if you want to kill leftism and progressivism in America, you must fundamentally reform the US financial system. Get rid of the Fed, return to real money, and return control of the money supply and interest rates to the market. The progressive nanny state can not survive in such a system.
In MA, the legislature under Dukakis was going to enact a services tax.
Fidelity Investments moved a large division to TX almost overnight. (Probably been planned as part of a geo-diversity backup contingency, but sped up).
The brilliant solons woke up for a while, any way.
I don’t know. NY is a pretty complicated city. It’s really big, and the boroughs largely function as their own cities with their own income streams. Wall Street going away could really screw up Manhattan (although with the garment and jewelry districts even that effect would probably not be catastrophic) I doubt Brooklyn or Queens would really be that effected.
Wall Street moving to the USA would be a great thing....
Aren’t nearly all American cities just fluff? They’re economies are mostly built around banking, finance and other markets dependent upon paper trading? They can’t feed themselves. They better hope the stock market does not collapse.
How many wealthy/elite NYCers are buying large homes in Floriduh and in the good climate sites in California and leaving NYC?
Watch them leave as the Polar Vortex, aka Gorebull Warming, strikes the East Coast again this winter.
You know those lights were bright on Broadway
That was so many years ago
Before we all lived here in Florida
Before the Mafia took over Mexico
There are not many who remember
They say a handful still survive
To tell the world about
The way the lights went out
And keep the memory alive
-Billy Joel (Miami 2017)
Soon as they elect a black mayor.
Come on guys! Bill de Blasio only been in office a little over a year he’s working as hard as he can to flush NY down the toilet, but you have to give the guy sometime!
Good point. Detroit was essentially a single-industry economy. Once the auto makers left, there was nothing. There is still plenty of economic activity in NYC that is not related to Wall St.
You a lot of great trivia. Thanks for this:
You know those lights were bright on Broadway
That was so many years ago
Before we all lived here in Florida
Before the Mafia took over Mexico
There are not many who remember
They say a handful still survive
To tell the world about
The way the lights went out
And keep the memory alive
-Billy Joel (Miami 2017)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.