By
Kerry
Lutz
I
have many fond memories of the Twin Towers: drinks at Windows on the World and
time spent looking out from the Observatory. The rebuilding is well underway,
but it's thirteen years later and lower Manhattan is still a slow moving
labyrinth of street construction and security stops. The Freedom Tower is
nearing completion. We received a private tour of the memorial and a close-up
of the new buildings.
In
the years since 9/11, the neighborhood around the Trade Center (financial district)
has evolved, independent of government intervention. Once the financial hub of
the free world, it is now a major residential center. Many of financial firms
once located there either folded after the 2008 crash or had the good sense to
flee the outrageous New York City tax burden. For them, there's no reason to be
downtown any longer. The stock exchanges are just Hollywood backdrops; the real trading takes place electronically
in New Jersey. Can you spell Flash Boys?
So
did we really need another WTC? Most decidedly not! That land was and is
extremely valuable and the market would have found a higher and better use for
it. Now we'll never know what might have been. That's just the way things go in
the workers' paradise called New York City. [more...]
Kerry Lutz is an expert on the
economy and the author of Forget Wall Street, Go for the Gold (and Silver Too). He is a radio talk show host on WBZT in West
Palm Beach, Florida. His Triple Lutz Report was an instant hit and continues to
increase audience share.
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