Friday, July 24, 2009

Reluctant to Financial Lifestyle

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“New York, London, and other financial centers were heavily dependent on financial-sector profits. Throw in the technology-driven collapse of the publishing and broadcast industries headquartered in such places, and those cities are likely to suffer devastating blows. Capitals of both politics and commerce, such as Paris and Tokyo, will adjust the best in the new state-capitalist world. Purely commercial centers such as New York and Frankfurt will suffer the most. Without the obscenely rich investment bankers and the legions of well-paid retainers who supported their lifestyles, formerly flourishing parts of these former financial capitals may become as derelict as Detroit or the crumbling industrial towns of northern Britain and Germany’s Ruhr region.” Source: Michael Lind, Foreign Policy Well, New York is not only about finances, but also social activities, art, culture and politics, among others. Nevertheless, US people has got enough of Wall Street lifestyle. They are rather reluctant to embrace the path that led them to recession. According to NY Herald "Unemployment hits a 25 year high, and 2 million jobs have been lost in the first three months of this year alone. Since the beginning of 2008, 5.1 million jobs have been lost." Therefore, we can expect the big apple to suffer the consequences. What do you think?

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