Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Job stream from Wall Street turning into a Florida flood
New York Post ^ | 12/09/2013

Posted on 12/10/2013 6:01:26 AM PST by SeekAndFind

The Big Apple’s fabled Wall Street district steadily is becoming more of a tourist hub than a financial hub.

New York’s share of jobs in the securities industry dipped below 20 percent earlier this year to an all-time low, according to government statistics.

Moreover, jobs lost after the financial crisis are being replaced in the city at less than half the rate of the rest of the country. Two decades ago, New York had 30 percent of all such jobs.

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; News/Current Events; US: Florida; US: New York
KEYWORDS: florida; jobs; wallstreet
TRENDS :

1) With high speed computers and telecommunication technology, you DON'T NEED TO BE PHYSICALLY IN WALL STREET.

2) You don't have to hire New Yorkers or PAY New York level salaries.

3) Many investment bankers, analysts and financial advisers can do their job ( and in fact are doing their work ) in places like Tampa and Jacksonville, Fla., and Salt Lake City.

4) Real estate prices are a fraction of Manhattan’s.

TO MAKE A LONG STORY SHORT -- HIGH COST CITIES ARE IN TROUBLE and have to compete with low cost cities.

It's quite similar to the jobs outsourcing theme people moan about -- albeit WITHIN the USA.

1 posted on 12/10/2013 6:01:26 AM PST by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind; Liz

Boom City may soon go bust. Let’s see how the new mayor tackles this dilemma.


2 posted on 12/10/2013 6:06:29 AM PST by NYer ("The wise man is the one who can save his soul. - St. Nimatullah Al-Hardini)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Apparently, NYC didn’t get the message when Limbaugh left.


3 posted on 12/10/2013 6:09:24 AM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NYer

“Boom City may soon go bust. Let’s see how the new mayor tackles this dilemma.”

I’m sure he’ll tackle it head on with tax hikes and a flu shot mandate.


4 posted on 12/10/2013 6:11:16 AM PST by wolfman23601
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

New York City might as well become a Disneyland playground.

After all, it’s governed by children and populated by fairies.


5 posted on 12/10/2013 6:11:18 AM PST by Nervous Tick (Without GOD, men get what they deserve.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: BenLurkin

Or maybe everyone in NYC got the message when Limbaugh left and now they are following him (although they’ll never admit it).


6 posted on 12/10/2013 6:11:24 AM PST by AppyPappy (Obama: What did I not know and when did I not know it?)
[ Post Reply | Private Reply | To 3 | View Replies]

To: SeekAndFind
3) Many investment bankers, analysts and financial advisers can do their job ( and in fact are doing their work ) in places like Tampa and Jacksonville, Fla., and Salt Lake City.

How much longer before they're doing it in places like Mumbai, Mexico City, or Manila?

7 posted on 12/10/2013 6:11:33 AM PST by DoodleDawg
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
“The numbers say there are a lot of Wall Street jobs that don’t need to be in New York,” Barbara Byrne Denham, an economist who tracks the local business scene, told Crain’s New York Business. “That has all sorts of implications for the city’s tax revenues.

True that.

8 posted on 12/10/2013 6:11:33 AM PST by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

New York’s loss is America’s gain. And I say this as a former NY’er. Their easy wealth has made them arrogant. They are in for a very rude awakening under DeBlasio’s coming Marxism. When the dust settles, perhaps they will turn to their sense. If not, they will go the way of Chicago.


9 posted on 12/10/2013 6:12:36 AM PST by montag813 (NO AMNESTY * ENFORCE THE LAW * http://StandWithArizona.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

I grew up in NYC and love it - or I would, if it weren’t for its fruitcake leftist politicians and their insane policies - but there’s no way I’d live there now because the taxes are insane and the intrusiveness of the government is out of control.

I live near Jacksonville now, and it’s actually a very nice city. It’s had its growing pains and still has a horrible black ghetto occupying the headlines with a steady stream of killings, but most of the city is very nice and is near a good airport with easy access to everywhere. It has some new areas inhabited by mostly young people, and its older areas (Avondale, for example) are beautiful. The houses in these areas are expensive but worth it. An investment banker could afford a very nice one!

No state income tax, one-tenth the regulations of New York...hey, why not?


10 posted on 12/10/2013 6:14:53 AM PST by livius
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

New York, New York, a helluva town..

The crime is up and employmnt is down.


11 posted on 12/10/2013 6:15:38 AM PST by Huskrrrr
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
Wait ‘til DeBlasio gets hold of things. The NY Communists have been squeezing the life out of NY for decades. It is a zone of high taxation intolerance and they keep voting for more hardcore leftists. Won't be long before NY starts to mimic Detroit.

Another leftist hole that people flee from. Then the leftist hole wants bailouts and the leftists themselves (like California) start invading other red states only to infect them with their leftists disease. And then the cycle repeats because leftists are too dumb to figure things out.

12 posted on 12/10/2013 6:17:54 AM PST by Obadiah (I Like Ted.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Maybe people are fleeing New York because they like FREEDOM and not have their guns confiscated by the Marxists.


13 posted on 12/10/2013 6:19:42 AM PST by Obadiah (I Like Ted.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NYer

RE: Let’s see how the new mayor tackles this dilemma.

He already told us. HE WANTS TO SOLVE THE INCOME INEQUALITY PROBLEM.

Guess how a Democrat “solves” this problem... (See Detroit and other cities).


14 posted on 12/10/2013 6:20:44 AM PST by SeekAndFind
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

It’s not financial, but Rush moved his operation out of NY, and took his taxes with him.


15 posted on 12/10/2013 6:33:05 AM PST by ChildOfThe60s ((If you can remember the 60s.....you weren't really there)
[ Post Reply | Private Reply | To 1 | View Replies]

To: wolfman23601
tackle it head on with tax hikes and a flu shot mandate

lol

16 posted on 12/10/2013 6:37:50 AM PST by Nervous Tick (Without GOD, men get what they deserve.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: montag813

>> Their easy wealth has made them arrogant.

and their corrupt wealth has made them, well, *corrupt*.

Hmmm... arrogant and corrupt... where ELSE do I see that lately...


17 posted on 12/10/2013 6:40:12 AM PST by Nervous Tick (Without GOD, men get what they deserve.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: Nervous Tick
New York City might as well become a Disneyland playground. After all, it’s governed by children and populated by fairies.

"Who are you calling a fairy?!"

18 posted on 12/10/2013 6:42:51 AM PST by Tonytitan
[ Post Reply | Private Reply | To 5 | View Replies]

To: Tonytitan

Ha, little boy blue


19 posted on 12/10/2013 6:46:10 AM PST by turducken
[ Post Reply | Private Reply | To 18 | View Replies]

To: SeekAndFind

I’m sure DeBlasio will help turn that around.


20 posted on 12/10/2013 6:47:49 AM PST by Trailerpark Badass (There should be a whole lot more going on than throwing bleach, said one woman.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: livius

So New York doesn’t have any horrible black ghettos with a steady stream of killings in them?


21 posted on 12/10/2013 6:50:13 AM PST by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
[ Post Reply | Private Reply | To 10 | View Replies]

To: SeekAndFind

A fair number of financial sector jobs are going to Detroit. Its cheaper to do business than in NY and employees get more bang for their buck. My neighbor’s grandson was transferred to Detroit by Quicken and says it was like doubling his pay.


22 posted on 12/10/2013 6:53:15 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Fidelity Investments moved almost all of their employees out of their downtown Boston building they owned and up to Merrimack, NH about 10 years ago. I think the only ones left in Boston are a few upper management types. They rented out the rest of the building.

All the employees that moved here were pumped because their cost of living dropped dramatically. It was like they all got a 10-20% pay increase.


23 posted on 12/10/2013 7:02:49 AM PST by woodbutcher1963
[ Post Reply | Private Reply | To 1 | View Replies]

To: cripplecreek

RE: My neighbor’s grandson was transferred to Detroit by Quicken and says it was like doubling his pay.

So, where does he live in Detroit? I’m curious.


24 posted on 12/10/2013 7:06:03 AM PST by SeekAndFind
[ Post Reply | Private Reply | To 22 | View Replies]

To: Kartographer

RE: So New York doesn’t have any horrible black ghettos with a steady stream of killings in them?

The city DOES have ghettos ( Just go way North of Manhattan towards the Bronx).

However Killings and Crime have DROPPED precipitously the past 20 years (under Giuliani and Bloomberg) due to aggressive policing (AKA Stop, Question and Frisk ), such that NYC is probably one of the SAFEST big cities in the world.

All that is going to change with Bill De Blasio at the helm.


25 posted on 12/10/2013 7:06:03 AM PST by SeekAndFind
[ Post Reply | Private Reply | To 21 | View Replies]

To: SeekAndFind

Northwest Detroit. He’s within the city limits (He got a sizable bonus for living in town)

He likes it. He’s surrounded by other new arrivals, they have private security to augment police, buying adjacent empty lots to enlarge their yards etc. He says they’re rebuilding neighborhoods one block at a time and the residents who are already there love what they’re doing.


26 posted on 12/10/2013 7:17:23 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
[ Post Reply | Private Reply | To 24 | View Replies]

To: SeekAndFind

Is there a tax difference between NY and FL?


27 posted on 12/10/2013 7:20:40 AM PST by Darteaus94025 (Can't have a Liberal without a Lie)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mears

bfl


28 posted on 12/10/2013 7:26:38 AM PST by Mears
[ Post Reply | Private Reply | To 10 | View Replies]

To: Darteaus94025

“Is there a tax difference between NY and FL?”

Does the sun rise in the east? Do bears still relieve themselves in the woods?

PS NYC even has a city income tax.


29 posted on 12/10/2013 7:37:33 AM PST by GladesGuru (Islam Delenda Est - Because of what Islam is and because of what Muslims do.)
[ Post Reply | Private Reply | To 27 | View Replies]

To: Darteaus94025

RE: Is there a tax difference between NY and FL?

That’s a rhetorical question, right?


30 posted on 12/10/2013 8:11:05 AM PST by SeekAndFind
[ Post Reply | Private Reply | To 27 | View Replies]

To: BenLurkin
> "Apparently, NYC didn’t get the message when Limbaugh left."

More than "didn't get the message". When he left, the Mayor made the statement that he was glad Limbaugh was gone.

31 posted on 12/10/2013 8:36:30 AM PST by jim_trent
[ Post Reply | Private Reply | To 3 | View Replies]

To: SeekAndFind

And so I wonder WHO are the young whites moving into NYC in such numbers that Manhattan real estate has gone off the charts and Brooklyn is following? What do they do for income?


32 posted on 12/10/2013 8:52:14 AM PST by TalBlack (Evil doesn't have a day job.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Huh?


33 posted on 12/10/2013 10:56:50 AM PST by Darteaus94025 (Can't have a Liberal without a Lie)
[ Post Reply | Private Reply | To 30 | View Replies]

To: Darteaus94025

34 posted on 12/10/2013 12:04:01 PM PST by SeekAndFind
[ Post Reply | Private Reply | To 33 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson