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New York, New York, That Teetering Town
Masters of Universe tighten their belts as Wall Street quakes
By Peter Fearon
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Posted Sep 16, 08 4:36 AM CDT
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(Newser)
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Amid the financial fallout, even Manhattan's wealthiest consumers are beginning to curb their spending, Reuters reports. Wall Street tremors and belt-tightening by the rich are bound to hit New York City especially hard, and will rock stores, restaurants—and even charities. "We still have not hit the bottom of the cycle," warned Mayor Mike Bloomberg. New York—and London—have long relied on the securities industry for taxes, jobs and lavish spending that support fashion and entertainment businesses.
Close to 5% of New York City's jobs are in financial services—but they account for a quarter of wages—which was nearly $60 billion in 2006, reports the Wall Street Journal. One sales clerk at a tony Wall Street men's store was hoping some of her disappearing customers would be back for "interview shirts" as they seek new jobs.