An ebbing tide lowers all boats

New York City's financial firms expect to slash their bonuses by at least $10 billion this year and some experts are predicting cuts 2 or even 3X larger. While politicians love attacking Wall Streeters' excesses, New York City's and New York state's revenue will drop 10% and 20% respectively, based solely on the lowest estimate. If the cuts turn out to be as large as the more pessimistic forecasters say, you can do the appropriate math.

A lot of those people who won't be receiving year-end party checks this year live in Connecticut so our own state's revenue can be expected to be impacted (guess which county's residents Hartford will look to to make up the loss?) and, of course, it was these huge bonuses that kept the Greenwich real estate market so strong. As Joni Mitchell sang,"you don't know what you've got 'til it's gone".