Quote:
Originally Posted by Cirrus
Yes, and much of the Silicon Valley's success is because of Stanford's tech school. And much of New York's success is because of finance. I don't know why it's supposed to be some kind of "but" insight that cities have anchor industries. Nobody in DC is under any misconception that the federal government's presence is not highly tied to the city's success.
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DC is different in that the the federal government is able to print and borrow money infinitely without regard to budget deficits. It's not under pressure to maintain a certain level of employment or capital expenditures in order to avoid going bankrupt. It also doesn't offer a product/service that's bound by the function of supply and demand like, say, the Automotive companies in Detroit do.
To an extent, the same actually applies to finance in NYC these days too (now that the banks are too big to fail).
But that's all a discussion for another thread. I don't want to derail this one.