Bear Stearns' Fall Felt From City Hall to Steakhouses ; N.Y.C. Economy Braces for Tough Times
The Record, Bergen County, NJ › March 23, 2008
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Summary
NEW YORK The near collapse of investment banking giant Bear Stearns, and the wave of layoffs that could come next, could signal hard times ahead for an already-worrisome New York City economy whose survival depends heavily on Wall Street.
For every billion dollars in Wall Street profits, New York City gets $70 million in direct taxes and enjoys even more revenues indirectly from all the money that is spent here.See the full content of this document
Extract
Bear Stearns' Fall Felt From City Hall to Steakhouses ; N.Y.C. Economy Braces for Tough Times
So alarm bells go off at City Hall, at real estate brokerages, at luxurious restaurants and else...
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