Wall St. and NY's Winter

From 1997 to 2007, New York City's tax collections nearly doubled, from $20.4 billion to $38.6 billion, growth nearly three times the inflation rate. Why? The financial industry was making record profits from debt and derivatives. Yet even during these “good” years, New York could barely keep its head above water.  It’s pretty clear that banks and investment firms won’t enjoy the growth they experienced before 2007 -- and neither will New York.