Read the whole thing here.
As money is to New York City, the old analogy goes, so power is to Washington, DC. But these days, the District seems to be faring better on both fronts.
Sure, we're feeling the recession down here, too. We have net job losses, and we see our stores and restaurants going out of business. But compared to New York - well, let's just say that our Big City envy has melted away.
Starting with the Bear Stearns bailout last March, the balance of power has shifted, accelerating through the summer with AIG's collapse and government rescue, peaking with the $700 billion Wall Street bailout, and not really slowing down since. The giants of finance, the heart of New York's economy, have come to the brink of extinction. And the only reason Wall Street still exists is because of Washington.
Saturday, March 14, 2009
Capitol Gains: Living Large in the Taxpayer-Funded Recession Oasis of Washington, DC
My first piece in the New York Post discusses our recession shield in DC and the visible effects of it.