Posted on 11/25/2023 7:14:40 AM PST by Salman
Let’s face it. Anyone who works in, or just visits, the Wall Street area of Manhattan can’t deny the aura of power and money isn’t what it was 20, 30 or 50 years ago.
The vibrancy, the financial dominance, the gusto seems to have gone missing — so have many of the Gordon Gekko high rollers. Today, Wall Street is less crowded. It’s sleepier. There aren’t exactly tumbleweeds blowing down Broad Street past the New York Stock Exchange, but it’s not the bustling place where the financial titans and the world’s money changers hang out anymore.
To borrow a line from Austin Powers: Wall Street has lost its mojo.
...
In years past, there was a worry that London or Tokyo or even Beijing would knock Manhattan off its exalted pedestal as the financial center of the universe.
Fortunately, that never happened. But now the latest threat is clear and present. And it’s coming from … South Florida!
...
(Excerpt) Read more at takimag.com ...
Please note: The NYSE already have developed contingency plans for moving. Created back during the Cold War just in case.
Nah, Wall Street is the engine of the Deep State, they will never kill the Golden Goose.
No, just down to Miami, perhaps.
Which is why they deserve to be taxed out of existence.
Nah, Wall Street is the engine of the Deep State, they will never kill the Golden Goose.
https://cdn.mises.org/the_vampire_economy_20201022.pdf
THE Berlin Stock Exchange still exists-as a building,
as an institution with large offices, with brokers and
bankers, with a huge organization for daily announcement of stock and bond quotations. But it is only a
pale imitation of its former self and of what a stock
exchange is supposed to be. For the Stock Exchange
cannot function if and when the State regulates the flow
of capital and destroys the confidence of investors in
the sanctity of their property rights.
....................................
for the totalitarian State does not allow the private
investor to judge for himself the kind of investment he
wants to make, the reliability of the debtor and the
prospect of the debtor’s willingness to fulfill his financial obligations. This is the outcome of State dictatorship on the capital market.
Take a look at the movie "Margin Call" sometime. That's a perfect example of how senior management is in the dark about its own operations.
My own boss sometimes told me laughingly, I don't know what you do and I don't want to (as long as you generate a big cash flow legally and in ways that don't damage the firm).
it’s coming from … South Florida!
~~~~~~~~~~~~~~~~~~~~~~~~~~
Hurricanes, hellacious heat and humidity in the summer months, tornados, alligators, pythons, invasive and dangerous species. Low taxes.
New York, hellacious winters, high crime, high taxes.
Do they even consider any of the “flyover” country?
If the NYSE leaves Wall Street for Miami, the CME may not be far behind leaving Chicago for Dallas.
It’s not farfetched to think Miami and Dallas could be replacing Chicago and New York as the financial centers of the USA, throw in Atlanta and its infrastructure and transportation hubs and it’s clear where the power is headed.
Here’s an article I found about the CME leaving Chicago.
“Will New York Politicians Tax Wall Street Out of Existence?”
Nah. Just out of New York.
Half of “Wall Street” moved across the river to New Jersey years ago - The rest of anything of value is going to Miami-
In the beginning:
there was New York’s protected deep harbor.
Then access to the Hudson gave natural resources and military advantages.
Erie Canal gave the whole of America access too Old Europe.
Old Europe flooded into America through East Coast cities like NY.
Manufacturing bloomed upstate and followed down through NYC.
WWII used NY as a launching point.
UN brought the Globalists
The Village gave the artists space
Then it all started to crumble.
America turned to the Far East
Manufacturing left
New immigration rules turned off the European Spigot
Low-Rent warehouses were now High Priced “Lofts”
Crime, corruption, unsafe neighborhoods, bad school, union strangle holds.
The High Tax High Wage model doesn’t work anymore.
so the crumble continues - and it ain’t coming back because there is no reason for NYC anymore.
Let it all burn.
Interesting, thanks.
There are numerous “pits” on Wall Street. Natural place for the illegals to take over. Problem solved
The exchanges are now run by computer algorithms and the people on the exchange floors are mere tokens. Brokerage back offices have long since moved out of the City (mostly into New Jersey). And the investment banking firms can and will do business in the most hospitable places.
If you look at the addresses of many of the private equity firms, you will notice that they are based in Greenwich or elsewhere in Fairfield County.
BTTT
“No, just down to Miami, perhaps.”
According to a plan in the Dallas Morning News two or three years ago the plan is to move to Dallas.
Good post. Bump for later.
Texas has big everything, including plans!
Charlotte was positioned to be the Wall Street replacement until the 2008 financial crisis. Charlotte was home of Bank of America and at the time BOA was the largest bank in the US. Wachovia Bank, the bank with the largest number of retail branches in the country, was also headquartered in Charlotte. Ally bank (formerly GMAC bank) had major operations there as did a number of other financial institutions. Charlotte was a booming city, with an international airport and is centrally located on the East Coast between Miami and New York. Charlotte is also a short flight from Atlanta and DC. North Carolina has a moderate climate and the state business friendly. The cost of living in Charlotte is significantly lower than in New York or Miami. There is a Federal Reserve branch in Charlotte.
The New York banks, the Federal Reserve, and the federal government used the 2008 financial crisis to slow down Charlotte’s growth as a major financial center. First they forced Bank of America to acquire New York based Merrill Lynch, which was collapsing. It was a shotgun merger which the BOA CEO initially refused. The CEO lost his job as a result and the merger was approved by the board. Of note the BOA CEO was replaced by an executive from Boston based Fleet Bank which BOA had earlier acquired. The new CEO, Brian Moynihan, has never moved to Charlotte. He lives in Wellesley, Mass where he operates the bank with a staff, and occasionally jets down to Charlotte. However, he is very close to New York!
During the financial crisis the Federal Reserve bank of New York first tried to force a merger between Charlotte based Wachovia and Citibank instead of bailing out Wachovia like it did the big New York banks. Citi coveted Wachovia’s nationwide retail branch network. However, when San Francisco based Wells Fargo got a whiff of the sweetheart deal the Federal Reserve and US Treasury were giving Citibank, Wells proposed a better deal than Citi was offering and ended up with Wachovia’s national retail footprint.
Truist, formed by the 2019 merger of BB&T and Sun Trust Banks, is now headquartered in Charlotte. It is the 9th largest bank in the US and 7th largest insurance broker in the world. Bank of America, still headquartered in Charlotte, is the second largest bank in the US, and second largest in the world by capitalization. There are over 20 banks and credit unions headquartered in Charlotte. Wells Fargo has a major regional headquarters in Charlotte as does Ally Bank. Vanguard, the large mutual fund company, has a large and growing operation in Charlotte.
They might tax them out of Manhattan - but many of the bankers might actually appreciate a move to Miami. :)
New immigration rules turned off the European Spigot
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