Monday, February 16, 2009

Oh the city, it is a changin'

Following up from last week's post about the economic crises and how it may impact NYC, I direct you to this article from today's New York Times.

It confirms a lot of what the Atlantic posits -- that our economy is more diverse and dynamic, thus better able to adjust to the new economic realities. This new article is totally NYC-centric, however, and centers around interviews with five city economic experts.

The consensus? While the situation is dire, the city is not by any means doomed. The most important points from this article:

1. As the article title indicates, the chance of permanent economic change in New York is 100%.

2. The city learned from its fiscal irresponsibility of the 1960s and 1970s and won't go down that path again, particularly under Mayor Bloomberg.

3. A large part of what creates so much economic insecurity today is the speed and rapidity of information as opposed to the past. This means bad news -- but also good news -- travels quickly and thus the pace of change -- both positive and negative -- will be much faster than in the past.

This is a must read. Let's keep our collective fingers crossed.

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