The Decline and Fall of New York City

New York's long, slow decline in the world of culture and finance is no lie, more and more people are coming to the realization that New York is losing out to Europe, Asia and even the Middle-East on various fronts. It is not the dominant city it once was, and the events of 9/11, while not directly responsible, due play a role.

Here is an interesting excerpt from an article in the New York Observer about New York's loss of significance in the world of finance:

The big-money people, whose only interest in the arts is how fast their paintings are appreciating, are beginning to worry that New York will be counted out on another score: They are worried that Wall Street is starting to lose out to London. Mayor Bloomberg and Charles Schumer, Wall Street’s personal Senator, issued a joint statement saying: “Unless we improve our corporate climate, we risk allowing New York to lose its pre-eminence in the global financial-services sector.”

The high cost of doing business in New York is drawing the big money away from here, if the Bloomberg-Schumer analysis is correct. For instance, they argue, “there are more than 10 federal, state and industry regulatory bodies in the U.S. The British have only one such body. Industry experts estimate that the gross financial regulatory costs to U.S. companies are 15 times higher than in Britain. Beyond cost savings, the British enjoy another advantage: While our regulatory bodies are often competing to be the toughest cop on the street, the British regulatory body seems to be more collaborative and solutions-oriented.”

SOUCRE: New York Observer: 16 APRIL 2007: Start Spreading the (Bad) News
[They must have figured out how to time travel at the Observer...today is only April 11th, 2007...]

HAT TIP: PajamasMedia