Saturday, 15 August 2020

New York City: Dead Man Walking UPDATE

 Policy has destroyed the heart of New York City.  Watch this two minute drive through Manhattan August 7th 2020.   Apart from St Patrick's Cathedral which has no windows, almost every store great and small is boarded up.  Dead Man Walking.   The Governor can make dinner for a few billionaires and ask them to come home.  Who in their right mind would do that until deep change has happens?

UPDATE from James Altucher's blog

NYC was a net I could fall back on and bounce back up.
Now it’s completely dead.
“But NYC always always bounces back.” No. Not this time
“But NYC is the center of the financial universe. Opportunities will flourish here again.” Not this time.
“NYC has experienced worse.” No it hasn’t.
A Facebook group formed a few weeks ago that was for people who were planning a move and wanted others to talk to and ask advice from. Within two or three days it had about 10,000 members.

His whole article is a must read.  Bandwidth went from 3 megabits/second in 2008 to 20 megabits/second today meaning ZOOM and living elsewhere but working ghostly in New York city works well.  "the longer offices remain empty, the longer they will remain empty. "
"My favorite restaurant is closed for good. OK, let’s go to my second favorite. Closed for good. Third favorite, closed for good."        And this quote: "Another friend of mine works at a major investment bank as a managing director. Before the pandemic, he was at the office every day, sometimes working from 6 a.m.–10 p.m. Now he lives in Phoenix, Arizona. “As of June,” he told me, “I had never even been to Phoenix.” And then he moved there. He does all his meetings on Zoom. "


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