So we have New York entrenched as America's first city, and Washington, DC increasingly its new "Second City." Los Angeles, which seems to have never quite recovered from the early 90s defense draw down, and Chicago with its 2000s malaise, seem to be the victims of DC's rise. Another loser is Boston, which has seen its status as a financial hub decline and whose Route 128 corridor of tech, having first lost out to Silicon Valley, now appears to be losing out to NYC.The rise of Washington, DC as a major growth center is not ideal. This suggests more reliance between the Federal Government and growth than I would like. I am far from a libertarian, but if access to government decision-makers is this important (enabling DC to rise above Los Angeles, Boston, and Chicago) then we need to consider if that is a good thing.
Why shouldn't central banks buy risky (and illiquid) assets?
33 minutes ago