This is the problem that NYS has because they have evicted (via high taxes and regulations) all other businesses from the state. Now the state is too reliant on Wall Street. If Wall Street must cut back then it negatively impacts state revenues.
I wonder what happens when all of the trading on Wall Street is done via computer and the best traders can stay at home and do their trading from low-tax states. Then, New York will have ‘killed the goose who lays the golden egg’.
Oh, by the way...hydraulic fracturing is still banned in New York State. Does that make any sense??? Meanwhile we buy our natural gas from the folks Pennsyltucky and provide those nice folks with some revenue.
I was going to mention that. I think Cuomo understands very well that the gusher of revenues from natural gas would save him the trouble of pretending to fight with the unions. But he also knows that his NYC supporters want to maintain upstate as a big, empty park for their weekends in the country.
Dodd-Frank will dramatically change the financial services industry. Obama has delayed many of the coming regulations until after the election. One of the little known parts of Dodd-Frank is the new racial preferences imposed on the financial services industry. The combination of the draconinan regulations and racial prefernces will be more than enough impetus to convince the industry to move lots of work to other countries. The northeastern states will take a major hit after the election.