Friday, January 22, 2010

Thoughts on New York Excess

A great article by Mark Helprin in the Wall Street Journal.

When pay-out exceeds pay-in, balance is maintained only by the weight of illusion—as in real-estate bubbles, or welfare states in which benefits vastly exceed contributions. Within such failing systems one finds nevertheless highly visible concentrations of wealth, like lumps in tapioca, that persist in setting a tone that has long gone flat."

Read the full article here.