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Old 07-21-2013, 05:06 PM
 
23,365 posts, read 16,270,926 times
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Quote:
Originally Posted by wawaweewa View Post
If the NYC corporate sector collapses, it is simply because the US corporate sector is collapsing. Why would that happen exactly?

Immigrants move to NYC because they're a much grater support system here. Where will they move to? Nebraska?
They'd immigrate to wherever they find employment. Some of the US corporate sector is someone independent of NYC. The energy sector. Texas oil companies will still be profitable regardless of a collapse on Wall Street. People will still watch California films . People will still eat. And they will still use Silicon Valley's electronics.

So yes, a banking sector collapse COULD certain do NYC in, depending on how the feds respond. If it hadn't have been for the last federal bail outs, yes, there would have been a lot of damage to the national economy, but it would have been that much worse in NYC, because the economy here is still disproportionately dependent on finance.
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Old 07-21-2013, 05:08 PM
 
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Quote:
Originally Posted by Forest_Hills_Daddy View Post
Most of northern and central Queens has remained solidly wealthy and middle class for generations. Unlike brownstone Brooklyn, Queens did not experience a major dip in affluence for the past 100+ years. Hence there was nothing to gentrify as homes in Bayside Gables and Forest Hills Gardens held their values at the higher end of the range.
Jackson Heights, Elmhurst, Corona, and Flushing are wealthy? No. Middle clas? Hardly. Working class? Yes. And that's central queens.
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Old 07-21-2013, 05:14 PM
 
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Quote:
Originally Posted by wawaweewa View Post
No, anything cannot happen. Basing assumptions on " anything can happen" is foolish. The sun will not fall out of the sky , next summers average temps will not be 150 degrees, etc, etc.

The us corporat sector is doing very well. They're running very lean and profits are at all time highs. Many people look at the unemployment rate and assume that the economy must be doing poorly. It is not. Unemployment is not the same barometer of Economic health as it once was.
Hmmm, not all of the corporate sector is doing so well.

There are big problems at Bank of America and JP Morgan Chase. Dell, once an IT computer company, is having to go private. IBM's revenues are down, and its profits are only up because it fired US workers left and right and expanded in India.

But IBM is being undercut by cheaper rivals from Asia (part of what's killing Dell, aside from the overall shrinking PC industry).

Oh, nationally the real estate industry was doing very well, according to some people, until it totally collapsed. The dotcom collapse was never going to happen, according to some people, until it did.

Once upon a time, Detroit was boom town and people would have laughed at the idea it would become what it is today.

So it is POSSIBLE than NYC could have a totally collapse. Doesn't mean that it WILL, but it CAN happen. Do keep in mind companies have been known to fudge their performance, (Worldcom, Enron, Arthur Anderson, among others of the 90s boom). JP Morgan Chase is under investigation for the very same thing NOW.
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Old 07-21-2013, 05:37 PM
 
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Originally Posted by NyWriterdude View Post
Jackson Heights, Elmhurst, Corona, and Flushing are wealthy? No. Middle clas? Hardly. Working class? Yes. And that's central queens.
Forest Hills, Kew Gardens, Rego Park, Fresh Meadows, Kew Garden Hills, Hillcrest and yes - Elmhurst and Flushing. Check how much it costs to buy a single detached house or townhouse in those neighborhoods. 2BR condo in Sky View (Flushing) sells for $825K. Doesn't sound like a poor area. Then add to that Bayside, Douglaston, Little Neck, Auburndale, Whitestone and Malba. All are either wealthy or middle class, and none suffered the financial blight that plagued today's gentrified Brooklyn in the 50s and 60s.

Parts of Jackson Heights and Corona are still low income but Brooklyn also has its share of poorer neighborhoods as do all boroughs.
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Old 07-21-2013, 05:39 PM
 
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Originally Posted by wawaweewa View Post
Everything is influenced by human behaviour. We live in a world dominated by humans.

If all financial companies in NYC crater tomorrow, I wouldn't be too worried about NYC. I'd be worried about the US.

The top 5 states generate 40% of US GDP. Not coincidentally, they also account for 35% of the US population. Bankruptcy for these states is not an option.
Not everything is influenced by human behavior. You gave one good example - the sun falling out of the sky.

But things that are within the influence of human behavior are very much possible even if we can debate their probabilities.

And yes, oftentimes bankruptcy is not optional but it happens when entities can no longer pay what they owe.
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Old 07-21-2013, 06:04 PM
 
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Originally Posted by Glynn's Ghost View Post
Frankly I'm an independent but I voted for Romney, who I still maintain was by far the best GOP primary candidate and who would have worked wonders with the economy were he able to win the general. But your party has a discipline problem and we will be talking about Saint Hillary, or Hillary d' Arc if you prefer, three years down the road if it isn't fixed. The new wave of GOP legislative candidates has given Obama so many mulligans by distracting from his (terrible, Carteresque) record with their pointless shenanigans part of me thinks some of them are being funded or paid off by the DNC.
My party? I'm a registered independent. Secondly, the republican party is DOA. The country and it's thinking has shifted in it's ideology. Unfortunately we will become a 1 party nation. I blame the media for a lot of the mess. They let this current potus say anything and don't question him with hard questions. Think about it, 1 news staition actually covered the IRS scandal, Benghazi, and the voter intimidation in Philly. Do I agree with Fox news on everything? NO. But every other station is in bed with the DNC and this current potus. Back to the OP's post maybe Detroit's bankruptcy will wake up other cities and irresponsible spending.
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Old 07-21-2013, 06:08 PM
 
2,228 posts, read 2,969,130 times
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Quote:
Originally Posted by Forest_Hills_Daddy View Post
Forest Hills, Kew Gardens, Rego Park, Fresh Meadows, Kew Garden Hills, Hillcrest and yes - Elmhurst and Flushing. Check how much it costs to buy a single detached house or townhouse in those neighborhoods. 2BR condo in Sky View (Flushing) sells for $825K. Doesn't sound like a poor area. Then add to that Bayside, Douglaston, Little Neck, Auburndale, Whitestone and Malba. All are either wealthy or middle class, and none suffered the financial blight that plagued today's gentrified Brooklyn in the 50s and 60s.

Parts of Jackson Heights and Corona are still low income but Brooklyn also has its share of poorer neighborhoods as do all boroughs.
Very excellent points. NYC embraces immigrants which has driven the prices in NE Queens dramatically. All the Russians that flock to southern Brooklyn near the water has driven those prices. Also, Manhattan is it's own animal. Downtown Detroit was and never was anything like manhattan. The big 3 in the country right now that should sustain financially NYC,LA, and Chicago. Real estate never crashed in these areas like the rest of the country.
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Old 07-21-2013, 06:09 PM
 
2,228 posts, read 2,969,130 times
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Originally Posted by NyWriterdude View Post
Jackson Heights, Elmhurst, Corona, and Flushing are wealthy? No. Middle clas? Hardly. Working class? Yes. And that's central queens.
The historic area of JH is expensive. Check out MPC Properties. You would be very surprised.
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Old 07-21-2013, 07:47 PM
 
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Actually, Chicago's real estate was hit. Certainly much harder than New York's. Chicago is much more vulnerable than New York. It has billions in unfunded pension liabilities as well, very similar to Detroit's. I know Detroit, Chicago and New York. You should kiss the pavement of Manhattan. You don't know what serious problems are until you've lived in these other places.
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Old 07-21-2013, 08:33 PM
 
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Originally Posted by EastBoundandDownChick View Post
Actually, Chicago's real estate was hit. Certainly much harder than New York's. Chicago is much more vulnerable than New York. It has billions in unfunded pension liabilities as well, very similar to Detroit's. I know Detroit, Chicago and New York. You should kiss the pavement of Manhattan. You don't know what serious problems are until you've lived in these other places.
I have lived in many other places besides NYC, the South, upstate NY, Chicago, California, and I've even lived in Paraguay (In South America). And I don't kiss the ground in Manhattan. Its disgustingly filthy, especially when a lot of homeless urinate wherever outside.
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