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Once-Brash Big Apple Wilts in Crisis

Once-brash Big Apple is reeling from Wall Street crisis

By Wesley Oliver,  Newser Staff

Posted Oct 12, 2008 3:47 PM CDT
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(Newser) – A New York state of mind is giving the city’s big spenders a migraine, the Washington Post reports. Economic meltdown has withered the Big Apple, where private jet and yacht bookings are off, lavish parties are being trimmed, and lofts sit freshly vacant. Worse, the Mets and Yankees are down, and Rudy and Hillary are out of the presidential race.

“This brash, in-your-face city suddenly seems to have lost its mojo,” Keith Richburg and Robin Shulmane write. Wall Street resembles an eerie “amusement park,” and plunging assets have landed investors on the couch. “These are individuals who have become successful at taking control of things,” said one psychologist, “and now they are reduced to a kind of helplessness.”

In the wake of the financial crisis, many New Yorkers are being forced to cut back on spending.
In the wake of the financial crisis, many New Yorkers are being forced to cut back on spending.   (AP Photo/Elaine Thompson)
New York was energized by the possibility of having 2 of its own compete for the White House. But now it suddenly seems to have lost its mojo, the Washington Post says.
New York was energized by the possibility of having 2 of its own compete for the White House. But now it "suddenly seems to have lost its mojo," the Washington Post says.   (Shutter Stock)
New York's investors are suffering from the downturn. Portfolios have gone to hell. It's rippling all the way through our system, said one analyst.
New York's investors are suffering from the downturn. "Portfolios have gone to hell. It's rippling all the way through our system," said one analyst.   (AP Photo/Richard Drew)
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