NOT TRUE. New York lost population from 1960-1980, but gained population in the 1990 and 2000 census due to immigration (population is now at an all time high of approx. 8 million people). The high point of business flight occurred from 1950-1980, when the city lost its industrial base. New York still remains the financial capital of the world, although most banks are now in Midtown instead of Wall Street, with back offices located in New Jersey and Connecticut. It may not be as central in terms of industry as it used to be, but (at least for my industry) it still is "where its at."