“In New York, an urban area as blighted and tenuous as any, infrastructure is crumbling and the only growth industry, from what we can tell, is expanding regulation. This is one of the major cities in the world but you can’t buy a large-sized soft drink or enjoy an indoor cigarette, or request eggs dabbed with trans-fat. Detroit? The city is getting ready to pay bondholders pennies on the dollar. Chicago? Drudge just posted a report on the alarming rise in shootings and murders in the ‘Windy City.’ All major US cities are surely in disarray to some extent. How could they not be? The same recessionary trends afflicting Fedgov are active at a local, urban level as well.”
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