OT: [thelist] web companies in NY

Matt mspiegler at lightbulbpress.com
Wed Jan 9 10:37:10 CST 2002


Fortune Elkins wrote:

> this money didn't vanish, people! it was turned into jewlery, mortgages,
> re-invested in bonds, whatever. the new york times reported that the city's
> economists estimated that the wealth of city's top 5% (this is an *income*
> level that starts at about $1.1 mil.) saw their wealth double from
> 1994-1999. ok, so in 1995 you had 1 million, by 1999 you had 2 mil. not bad.

sorry to drag this on, this'll be my last word too :)

Yes, the money didn't vanish, it still exists, but for someone considering
moving to the city and seeking employment, it is important to bear in mind that
said money is alot less free-flowing now, and alot of it is locked in property,
bank accounts, VC funds, etc., which aren't being released into the economy as
a whole. An advertising company with a couple million in the bank is more
likely to sit on it, and only spend on neccessary expenditures, rather than
bringing in new people and purchasing new equipment. The millionaires are still
on parade, they're just not sharing it. Unfortunately, living close to money
and watching it in action everyday doesn't do you much good when the landlord
comes by for rent.

Matt






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