The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

New York's business as usual:
Taxpayers foot the bill for Wall Street

Jun 11, 2001

New York Governor Pataki and New York City Mayor Giuliani have just made a deal to give the New York Stock Exchange a billion dollars. The city and state will buy land and build a new trading floor for the heart of the stock market, supposedly to keep 6,000 jobs from leaving New York City for New Jersey.

The Stock Exchange just had to threaten to cross the river to New Jersey, and the state and city leaders fell all over themselves to pave their corporate way with gold.

Was anyone heard to object? Not in the capitalists' media, the most important of which is the New York Times. But then the newspaper had just made its own little deal with the city: 30 million dollars in tax breaks and subsidies.

There's no welfare like corporate welfare –which Wall Street certainly knows.