EDITORIAL: Don’t bug the bull: Wall Street and New York City 10 years after the financial crisis
In a death spiral just a decade ago, its giants toppled one by one by their own greed and hubris and leverage piled atop the homes where a nation of little guys struggled to keep the American dream alive.
Now, 10 years after the collapse of Lehman Brothers, the government buyout of insurer AIG, the banks' rescue by
This is a revival for Gotham to celebrate. And it has a strong supporting role played by federal regulation assailed by the likes of
The latest report on the financial sector from state Controller
To employment, where every one of the 197,300 jobs on
To prosperity, with the average industry salary reaching
To state and city tax collections, contributing a record
All this while the sector evolved to comply with the Dodd-Frank reform law, designed to stop reckless risk-taking with other people's money and end lending practices that set mortgage borrowers up to fail.
Meantime, the city and state's economies have diversified, so even as
Yes, super-earners bid up the price of housing and exacerbate nagging economic inequality.
But the alternative -- the collapse of
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