Time to Vacate Wall Street

[Valin]

Via Meadia:

 

Walter Russell Mead

7/2/12

 

Wall Street as we know it may not be long for this world—though the movement that occupied its parks has little to do with it. The New York Times reports that, despite good years for America’s investment bankers, the number of mid-level financial positions on the Street is slowly dropping as banks escape the city’s regulations, high taxes, and high labor costs to open offices in friendlier states like Utah, North Carolina, and Florida.

 

New York city is looking more and more like a Potemkin Village these days. The middle levels of the city’s private sector are hollowing out, with fewer positions between the high wage titans and the low wage service-sector workers. Wall Street’s CEOs may still keep their high-rent digs in Lower Manhattan, but the cohort of well-paid but not super-rich employees that forms the middle class of any investment bank is quietly moving out of the city for cheaper rents elsewhere.

 

This is a textbook case of how the blue social model creates exactly those conditions that Americans deplore. New York’s complicated regulatory structure, high rents and high welfare costs make it almost impossible for even wealthy companies to maintain mass middle-class employment.

 

(Snip)

[logicnreason]

"Back in the day", NYC was "hog butcher of the world" so to speak. Live pigs were sent to NYC to be penned, then slaughtered for food. Pigs....begin pigs of course, did a lot of "rooting" about....dug up gardens, plots, and other city areas.

 

Folks became upset with the little piggys, and put up a wall.

 

Hence "Wall Street"....

 

Maybe it's time to get rid of the "little piggies".....?

[Valin]

@logicnreason

 

We learn something new every day.