✉news BusinessEconomy first seen 3 h ago, last 1 h ago, peak #17
Wall Street's Record Run Poses Risk to New York, Comptroller Warns
Original: Wall Street’s Record Run Poses Economic Risk to New York, State Comptroller Warns
New York State Comptroller Thomas DiNapoli has warned that Wall Street's record-setting rally could itself become an economic risk for New York. The concern is that the state's budget and economy rely heavily on tax revenue from financial sector profits and bonuses, so a sharp market correction would hit state finances hard, leaving New York exposed after years of outsized market gains.
Why now: New York's dependence on Wall Street profits for tax revenue makes the state unusually vulnerable if record equity markets turn downward.
New York StateWall StreetNew York State Comptroller
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