Be Careful What You Wish For

NYT: You Say Recession, I Say ‘Reservations!’ 

For many of the city’s middle class, especially those in the creative class, who have felt sidelined as the city seemed to become a high-priced playground for Wall Street bankers, the implosion of the brokerage house Bear Stearns raises a tantalizing possibility: participation in an economy they have been largely shut out of.

“The environment right now is definitely more favorable to people who don’t make those Wall Street bonuses,” Mr. Cox said.  

On Web sites devoted to New York, there was a healthy dose of schadenfreude.

It’s true:  those of us not making huge bonuses over the past couple years are bitter.  Problem is, the city relies heavily on hefty taxes on Wall Street bonuses to pay for all the things that make NYC such a great place to live.  NYC is already cutting back on cops because of budget cuts

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