Message to new New York: “you can’t remain America’s financial capitol if you despise capitalism”

Photo above - will we make it to 2029 this time, or will the next stock market crash happen sooner? What will cause it - Trump Tariffs, Socialism in NYC, or state sponsored hackers attacking the stock exchange?

After the Mamdani landslide, smart people probably saw this coming: The NYC financial district has begun migrating. Their destination of choice? Dallas, apparently. See link below.

Dallas imagines itself as the financial capital of the south. So does Atlanta, which is home to the national HQ of Bank of America and Wells Fargo. It appears Dallas is winning the battle to lure Wall Street firms to “Y’all Street”, however. Probably something to do with more affordable real estate and lower taxes. Factoid of note - B of A, Wells, and JPMorgan Chase already have ginormous regional HQs in Dallas.

Normally, corporate America betting for and against cities; future wouldn’t alarm me. Except I have a bunch of friends who live “near” New York City and work in cubes there. If those headquarters relocate to Dallas, their homes will plummet in value. Well, my friends should have seen THAT coming too, since they're always so smug and confident about their smarts and salaries . . .

What happens in the unlikely event that Dallas DOES become the new Wall Street? Does the DSE (Dallas Stock Exchange) causes the NYSE to go dark? With todays automated trading, brokerages probably don’t need as many guys milling around in blue cotton jackets screaming "sell! sell!" at the top of their lungs. In fact, a move to Dallas could mean a large-scale makeover, and the advent of 24/7 AI driven trading. For smart-aleck day traders with souped up laptops, they could now lose a fortune at 2am, as well as 2pm. If I was a rogue player and wanted to “disrupt” the markets, I’d try to pull it off when most of the nation is asleep. Or watching NFL and NCAA football. Have you been paying attention to when those astonishing Bitcoin drops happen?

Everything's bigger in Texas. Except taxes, salaries, housing and electric bills. Congrats on your election win, Democrat Socialists of America and future free municipal bus riders. But If the big banks and brokerages leave, who you gonna tax?

I’m just sayin’ . . .

Escape from New York: Bankers flee Mamdani for Texas

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ArishMell · 70-79, M

That suggests this drift from New York has been going on for some years now, and I doubt having a Democratic rather than Republican as Mayor would alter that very much unless he institues strong moves against the city's money traders.

Theoretcially at least, there is far less need now for that trade to congregate in any one particular city because it conducts so much business over the Internet.

Is the real drive for the traders to go elsewhere, simply that reduced need to work in herds, and the increased costs of offices and homes in the area?

Although the distances between cities are far lower, we have seen something similar in the UK - but with little real politcial overtones.

The Canary Wharf development of the city's former commercial port is still a major, national and international money-trading centre, but many organisations including some Government agencies have moved elsewhere.

Of those still London-based, many of the staff now live far from London, commuting daily by train, some from over a hundred miles away. (They drive to their nearest railway stations, and leave their cars there.)

This is largely economic: house prices and general costs like insurance are very steep in and around London, compared with elsewhere; although the consequence of that long-distance life is often a rise in provincial house prices beyond many of those areas' existing residents even on good salaries.

It has little to do with the political "colour" of London's mayor or councils, save perhaps for one thing, the council-created congestion and exhaust-emission fees making daily driving within Greater London more expensive for owners of cars not meeting the latest standards. Does New York have similar charges (which are becoming more common, and I think not only in Britain and France)?

I am a bit surprised by companies moving as far from New York as Dallas or Miami though. Have those cities offered exceptionally good terms for the office developments and local taxes?

PicturesOfABetterTomorrow · 41-45, M

@ArishMell Also alot of the more performative figures who were threatening to leave if Mamdani won were lining up to kiss the ring literally within 24 hours.

AthrillatheHunt · 51-55, M

@PicturesOfABetterTomorrow you think those people are any different than the people who threatened to leave (twice !) if Orange was elected ?

PicturesOfABetterTomorrow · 41-45, M

@AthrillatheHunt Not the same. Threatening to leave because Orange threatened to lock you up or invalidate your marriage for being queer is not the same as threatening to leave because Jaime Dimond might have to pay 2% more tax.

ArishMell · 70-79, M

@PicturesOfABetterTomorrow Their sort of behaviour does not surprise me!

whowasthatmaskedman · 70-79, M

@ArishMell NYSE will surely remain the hub of American business finance. The question of how important American business finance will be to the world is the interesting one. I suspect a gradual levelling of the playing field..😷