The Agonies of Sensible People | KUNSTLER

``I think it is fair to say that Michael Bloomberg's success as the three-term mayor of New York City (2002 -- 2013) was due almost completely to the financialization of the economy. A Niagara of money flowed into the city as banking ballooned from 5 percent to 40 percent of the US economy. As all the formerly skeezy neighborhoods of New York -- the Bowery, the Meatpacking District, etc --got buffed up, the desolation in places like Utica, Dayton, Gary, and Memphis got worse. You might say New York City benefited hugely from all the assets stripped out of the flyover states. All of which is to say that that recent revival of New York City was not necessarily due to Michael Bloomberg's genius. He presided over a very special moment in history when money was flowing in a particular way, and he went with flow.''