New York City’s Wall Street Dependency
Several NYC media outlets have taken advantage of tax day 2010 to analyze the city’s on-again, off-again love affair with Wall Street. Patrick McGeehan over at the New York Times started the review yesterday after Federal Reserve economists indicated that an upswing for the regional economy might be on the way.
While no one is jumping on our bandwagon of declaring that happy days are here again, just yet, they are giving out slight hints that perhaps the light at the end of the tunnel is starting to shine just a bit brighter. The Wednesday Fed Report said that the NYC economy has shown noticeable signs of improvement. And this is where Jessica Pressler at New York Magazine chimed in, comparing NYC’s relationship with Wall Street to that of an aging billionaire with his hot-to-trot trophy wife. McGeehan reported in his article that Rae Rosen, a regional economist at the New York Fed, “traced the rise in the city’s dependence on Wall Street, showing how financial jobs had provided about one-eighth of all wages paid in New York in 1972. By 2007, more than one-third of all wages came from the ‘very volatile’ financial sector.” To quote Ms. Pressler, “…without Wall Street, who would keep us in the lifestyle to which we have become accustomed?”
Source New York Times and New York Magazine
Related Articles
The Race Week Edit: Haute Living and Kiki de Montparnasse at Delilah Miami
Photo Credit: Alejandro Pazmino Haute Living ushered in Miami F1 weekend in signature style, hosting an intimate kickoff celebration at Delilah Miami in collaboration with the iconic Kiki de Montparnasse. Founded in New York in 2005, Kiki de Montparnasse is a luxury fashion and lifestyle brand that celebrates intimacy and inspires confidence, independence, and imagination […]
How 1 Hotel South Beach Has Remained the Standard for Luxury in Miami Beach
1 Hotel South Beach on Collins Avenue remains Miami Beach’s most compelling luxury address — here’s why it still leads a decade in.
Glenfiddich 16 Year F1 Edition Blends Luxury Whisky Craft with High Performance Formula One Energy
Glenfiddich 16 F1 edition blends luxury whisky with Formula One energy, priced smartly within a premium portfolio range.
Inside the Places & Co. x FlyHouse Annual Yacht Experience: Miami F1 Race Week ’26’s Most Coveted Off-Track Moment
When Formula 1 descended on Miami for Race Week ’26, the world’s most influential figures didn’t just gather trackside. They gathered at sea — aboard the Places & Co. x FlyHouse Annual Yacht Experience, the invitation-only affair that has firmly established itself as one of Miami’s most sought-after Race Week traditions. Hosted on Sunday, May […]
Gaby Ruiz Mungo and the Truth Behind Luxury
Gaby Ruiz Mungo shares real lifestyle content, blending beauty, family, and honesty while revealing the work behind a curated life
Kimi Antonelli Wins the 2026 Miami Grand Prix in Luxury
There’s no better accessory to a victory than a Louis Vuitton trunk. On May 3, 2026, Kimi Antonelli crossed the finish line at the Formula 1 Crypto.com Miami Grand Prix and received his trophy exactly as it should be — presented in Louis Vuitton’s bespoke Trophy Trunk, purpose-built to protect and showcase one of motorsport’s […]
Latest Stories
Trending Articles
Related Articles
The Race Week Edit: Haute Living and Kiki de Montparnasse at Delilah Miami
Photo Credit: Alejandro Pazmino Haute Living ushered in Miami F1 weekend in signature style, hosting an intimate kickoff celebration at Delilah Miami in collaboration with the iconic Kiki de Montparnasse. Founded in New York in 2005, Kiki de Montparnasse is a luxury fashion and lifestyle brand that celebrates intimacy and inspires confidence, independence, and imagination […]
How 1 Hotel South Beach Has Remained the Standard for Luxury in Miami Beach
1 Hotel South Beach on Collins Avenue remains Miami Beach’s most compelling luxury address — here’s why it still leads a decade in.
Glenfiddich 16 Year F1 Edition Blends Luxury Whisky Craft with High Performance Formula One Energy
Glenfiddich 16 F1 edition blends luxury whisky with Formula One energy, priced smartly within a premium portfolio range.
Inside the Places & Co. x FlyHouse Annual Yacht Experience: Miami F1 Race Week ’26’s Most Coveted Off-Track Moment
When Formula 1 descended on Miami for Race Week ’26, the world’s most influential figures didn’t just gather trackside. They gathered at sea — aboard the Places & Co. x FlyHouse Annual Yacht Experience, the invitation-only affair that has firmly established itself as one of Miami’s most sought-after Race Week traditions. Hosted on Sunday, May […]
Gaby Ruiz Mungo and the Truth Behind Luxury
Gaby Ruiz Mungo shares real lifestyle content, blending beauty, family, and honesty while revealing the work behind a curated life
Kimi Antonelli Wins the 2026 Miami Grand Prix in Luxury
There’s no better accessory to a victory than a Louis Vuitton trunk. On May 3, 2026, Kimi Antonelli crossed the finish line at the Formula 1 Crypto.com Miami Grand Prix and received his trophy exactly as it should be — presented in Louis Vuitton’s bespoke Trophy Trunk, purpose-built to protect and showcase one of motorsport’s […]
Subscribe to Haute Living
Receive Our Magazine Directly at Your Doorstep
Embark on a journey of luxury and elegance with Haute Living magazine. Subscribe now and have every issue conveniently delivered to your home. Experience the pinnacle of lifestyle, culture, and sophistication through our pages.
Haute Black Membership
Your Gateway to Extraordinary Experiences
Join Haute Black and unlock access to the world's most prestigious luxury events