Wall Street’s Winter: Grim news for NYC’s budget
Last Updated: 10:20 AM, October 7, 2011
Posted: 9:45 PM, October 6, 2011
By: Nicole Gelinas
Tick-tock. Thanks to Washington’s support for big banks, New York City has been a cocoon of prosperity compared to the rest of the nation over the last three years.
But banks can’t stay on the dole forever -- and the city’s done nothing in the 37 months since Lehman Bros. collapsed to prepare for a leaner Wall Street.
Without endless financial-industry profits, New York can’t afford to make good on the promises it’s made to workers and pick up the trash and keep criminals off streets.