Not to make light of the recent troubles on Wall Street but Megan McArdle echoed today a thought that had been running through my head given the bailouts, conservatorships, or whatever the Paulson and the Fed want to call their actions to keep Americans happy. All of New York's rebound has been paid for by taxes on the financial industry -- a few hundred thousand people in the industry pay the lion's share of taxes for the entire city. Tale them away, and the city will rapidly lurch bak towards bankruptcy.One question. Is Bloomberg going to bailout the City if the Korea Development Bank doesn't bite?
(Photo by Christopher Chan)
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