I recently read Bruce Springsteen’s autobiography and became a fan. One of his best albums is called The Rising. It is a tribute to 9/11 and he wrote a song called My City in Ruins. That came to mind today as I walked the length of Wall Street and was stunned to see how many of the retail shops had shut down.
The city looks as bad as it did after the Great Depression of 2008, except it is caused by distinct reasons. In 2008, companies were broke and went under. Nowadays, the greed of the real estate scum have raised rents to the point of chasing away tenants.
Fortunately, thanks to President Trump, we have a real recovery underway allowing the Fed to raise rates. This will deflate the real estate bubble and rents.
It is ironic that “Wall Street” caused the Great Depression, the empty shops then, and the real estate bubble now, which has decimated the actual Wall Street.
My city in ruins.