Saturday, September 27, 2008
Don't Blame This On Gothamites!
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Power Shifts From N.Y. to D.C.
For those of you outside of the city, here's how it really works:In fact, while New York City has for years enjoyed the fruits of Wall Street's decade of dizzying success—an estimated 10 percent of all tax revenue comes from the Street—the high-flying traders and financiers are far from loved in this city. For many, who didn't share in the spoils, there is a certain sense of schadenfreude—enjoying the new misery of the formerly wealthy.
"I do have a vengeful streak in me," said Rachelle Pachtman, a public relations consultant who lives in an Upper West Side building heavily populated by some of the rich and privileged financial titans.
"I know that there's going to be a glut of apartments that are going to be dumped in the multimillion-dollar range," Pachtman said. "They pay a lot for their mortgages. They've all got their children in private schools. They all have a lifestyle. How are they going to keep this up?
"It's going to take their breath away, because they're going to have to deal with the reality that all the rest of us do," she added. "I think there's going to be a lot of people on the therapist's couch—a very typical New York thing. People are going to start drinking a lot."
Douglas Muzzio, a professor of political science at the City University of New York's Baruch College, agreed that the fall from grace is likely to be hard for the formerly well-heeled.
"This mythology of the swashbuckling capitalist entrepreneur and trader, that may be damaged," he said. "They screwed up. And they're asking us to pay for their mistakes."
Screw 'em. They've screwed up this city horribly.
posted by Gotham 3:56 PM
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