NYC is second to none in America, as it has not only the greatest population of all our cities at approximately 8.40 million peoples, but also the greatest GDP of all our cities at around $1.375 trillion, which means that if NYC was its own nation, its economy would be around the 13th largest in the world, just above countries such as Mexico, Spain, and South Korea. To give this further perspective, the 2nd largest city by GDP in America is Los Angeles, but it is not even 60% of the GDP of NYC, so NYC most definitely stands head and shoulders above the rest.
NYC is the financial capital of America and it is this industry that is the most powerful industry within NYC, although NYC is also extremely proficient and strong in the fields of advertising, port traffic, major corporation headquarters, all media fields, insurance, arts, tourism, as well as healthcare. NYC too is the headquarters for both the New York Stock Exchange as well as the NASDAQ, will all major brokerages along with many major banking facilities having a significant presence within the city. While it is true in virtually any city that money and the proper access to money makes the economic engine of that city run smoothly, there is no city where this truism is more apt than NYC.
According to businessweek.com in regards to Wall Street: "In fiscal 2013, taxes on the securities industry and its workers delivered $10.3 billion to state coffers, or almost 16 percent of all revenue." Also, billmoyers.com reports that: "According to the New York State Comptroller’s office, Wall Street firms handed out $26.7 billion in bonuses to their 165,200 employees last year." Those numbers demonstrate the importance of finance to NYC, but also hidden beneath those numbers is also the danger of being too beholden to one special interest within NYC to the exclusion of all else. That is to say, what is good for Wall Street is not necessarily good for America, or perhaps even for NYC.
The fact of the matter is, that an over-concentration to one industry, above all else, means that this industry will have undue influence in virtually all affairs of that city, in particular, the judicial, the legislative, real estate, taxation, as well as lobbying or political clout. For instance, while most people can barely remember who the mayor is of their own city of residence, virtually everyone knows that Michael Bloomberg was mayor of NYC for three terms, this the man who made his fortune in the finance business, most notably with the "Bloomberg terminal", is also ranked by Forbes magazine as the 10th richest American at a wealth of $35.7 billion, and most notably was able to "persuade" the City Council to amend term limits as mayor, so he go on to run and then win his third consecutive terms in office as mayor of NYC.
NYC has been the leader in America in so many ways for a very lengthy period of time, but one too must recognize that some industries, perhaps most industries, have two sides to their success, while the finance maestros usually do a wonderful job of making money by lending out money at a higher interest rate than it costs them, and by adding leverage, along with trading and fees, often recognize immense profits, not every move is successful, as witnessed by the 2008 financial crisis, to which it was middle America that had to essentially bail out the "fat-cats" of NYC, so that their mistakes and greed were covered by the taxpayers of America. That isn't fair, and that wasn't right, Americans should not be responsible for feeding Wall Street in both the good as well as the lean years. If NYC wants to rest their foundation upon the skills of being the preeminent "money changers", so be it, but there may come a time when the people will rise up as one and overthrow those tables.