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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: GST who wrote (91853)3/4/2008 2:04:50 PM
From: benwood  Read Replies (2) of 110194
 
It's all relative. It's already a 'global city' and so that benefit has been factored in. But if it costs 2x to live there versus, say, Baltimore, then there's no way that will inflate to 4x if housing costs in Baltimore collapse.

In other words, NYC will suffer, too, and with the curtain pulled back on the hucksters up and down WS, NYC could actually suffer worse because of the very high paying 'jobs' and recent many-billion dollar bonus payouts that vanish into a black hole of collapsing derivatives.

But underneath all that, it always true that a pocket of strength will do better than a sink hole of weakness. Where will the strength and weakness of the future lie? I'd say follow the jobs, manufacturing first, tourism 2nd. NYC will do well with tourism, so long as the decline is contained and crime remains in the background. NYC was a world city in the 70s with terrible crime and a weak tourist industry. It could happen again.
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