Doug--
Thanks for getting back to me. Do you have any insights as to why things
are so bad right now? Up through 1990 the NYC unemploment rate was not too
far out of line for big cities in the Northeast, and about 2-3 points above
the rest of the state. Now it is 4 points higher than other big cities, and
5 points higher than the rest of the state.
Is it a Wall Street bust, with the other trends you talked about now
showing up? If so is the bust "endogenous" in the sense that the boom drove
up costs for F.I.R.E industries and they are now bailing out (and will come
back when costs settle down)? Or is it a shift in technology, allowing more
and more F.I.R.E firms to flee a sinking ship?
Any thoughts would be helpful...
eban
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Eban Goodstein Department of Economics
518-584-5000 (2739) 811 N. Broadway
fax: 518-584-3023 Saratoga Springs, NY 12866
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