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January 22, 2007
NYC Losing Its Status As Financial Capital
According to a report commissioned by NYC Mayor Michael Bloomberg and Senator Chuck Schumer (D-NY), New York is losing its competitive edge and will not be the world's financial capital for long — due primarily to moonbattery.
Other cities are gaining fast on NYC, including Londonistan, Dubai, and communist-controlled Hong Kong. Major reasons for this include the demented Sarbanes-Oxley Act and the frivolous litigation personified by presidential candidate John Edwards.
The Sarbox abomination was spawned in 2002 as a direct result of the frenzied media hype surrounding a few self-correcting corporate scandals. The point of it was to allow liberals to indulge in their hatred of free enterprise by sticking it to corporations with mountains of pointless regulations. Similarly destructive legislation will no doubt follow in the wake of the current global warming hype. As the report observes, Sarbox is
a thicket of complicated rules, rather than a streamlined set of commonly understood principles, as is the case in the United Kingdom and elsewhere.
People like to do business in free countries. That's what made America so rich. That's why America won't stay rich if it doesn't stay free. Appallingly, even the Chicoms have a higher regard for economic freedom than our Congress.
As the report also notes, nations other than the USA "far more effectively discourage frivolous litigation."
Seduced by the promise of something for nothing, we have allowed the sacred principle of property rights to become subverted by promises of free riches by parasitic buccaneers like the Breck Girl. But there is no such thing as a free lunch, as we're beginning to discover.
Becoming inhospitable to business will have a high cost in New York, where financial services are responsible for over a third of business income tax revenues, and one job in nine is in this industry.
There may be some justice in letting New Yorkers stew in their moonbattery. But the problem is the whole country's. The financial services industry contributes 8% of gross domestic product. It is the economy's third-largest sector after manufacturing and real estate.
Even liberal Mayor Mike seems to understand what's at stake:
The financial services industry is one reason that the 20th century was the American century and that New York became the world's capital. This is one of many challenges to our long-term health and stability that requires we move beyond partisanship to find solutions.
There's only one solution: drive a stake through the evil stinking heart of moonbattery, so that America can overcome vindictive anticapitalist kooks and locust swarms of lawyers to once again become a country of sound principles in which the government allows people to create wealth without interference.
Posted by Van Helsing at January 22, 2007 10:48 AM
Comments
Don't forget Elliott Spitzer in this equation. After what he brought down on the Wall Street firms, I am surprised they haven't booked out of New York city already. Now he is going to do for the whole state what he did to NYC.
Posted by: Don at January 22, 2007 2:20 PM
Amen Van Helsing! That was one of the finest pieces I've ever read here! It WOULD be so fine to watch New York suffer-it is thier own doing. But, as you stated, the problem is the nation's problem, not just thiers. Return to individual rights, private property rights, and free enterprise America, or suffer the consequences! We can't afford to let China take over.
Posted by: Chris at January 22, 2007 3:47 PM
