This is a great NYC quote from the excellent NYMag Profit Calculator Article..

“Like all older, colder cities, New York City suffered greatly in the seventies when declining transport costs made it possible for manufacturing to relocate to cheaper places. New York’s resurgence since then has been based on innovations in financial service…The flow of innovations was the result of a remarkable concentration of smart people in New York, each learning from the other how to get rich. Goldman Sachs is the ultimate example.”

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