Latest in NYC politics

From Lehman Brothers to SVB, the Federal Reserve plays an important role in bank collapses

Federal Reserve Building, Washington, DC by anotherview2 on

The Federal Reserve, also known as the "Fed," is the central bank of the United States. Its primary role is to oversee and regulate the country's monetary policy, including setting interest rates and controlling the money supply. While the Fed has a wide range of responsibilities, one of its most important functions is its impact on the profitability of banks. The Fed's control over interest rates is a critical factor in the profitability of banks. Banks make money by borrowing money at a low interest rate and then lending it out at a higher rate. The difference between the two rates is known as the "net interest margin." When interest rates are low, banks can borrow money at a lower cost and lend it out at a higher rate, resulting in a larger net interest margin and higher profits. Conversely, when interest rates are high, banks must pay more to borrow money, which can squeeze their net interest margin and reduce profits...

San Francisco legislators plan to pay one million dollars to every black person as reparations for slavery

Black Lives Matter protest/ die-in by Thomas Wray on

San Francisco city legislators have proposed a resolution that calls for reparations to be paid to black Americans to address the long-standing effects of slavery and systemic racism. The resolution, which was introduced in February 2021, is part of a broader national conversation about reparations and whether they are necessary to address the enduring effects of centuries of racial injustice. The idea of reparations for black Americans is not new. It has been discussed for decades, and a number of studies have been conducted on the subject. However, the movement gained renewed momentum in the wake of the Black Lives Matter protests in the summer of 2020, which drew attention to the ongoing issue of police brutality and systemic racism in America...

New York City government to spend at least 52 billion dollars building a six-mile long wall along beaches

Last Days of Summer by Tomas Hrozensky on

New York City is no stranger to the devastating impacts of extreme weather events. Hurricane Sandy in 2012 was a stark reminder of the city's vulnerability to rising sea levels and coastal storms, which are only expected to become more frequent and intense in the coming years. In response to these threats, city officials have proposed a controversial solution: the construction of a multi-billion dollar sea wall along the beaches of New York. The sea wall, officially known as the New York/New Jersey Harbor and Tributaries Focus Area Feasibility Study, would be a 6-mile long barrier running along the coast of Staten Island, designed to protect the city from storm surges and rising sea levels. The project costs an estimated $52 billion, making it one of the most expensive infrastructure projects in US history...

King Charles of the UK leases New York retail space to Abercrombie and Fitch

Buckingham Palace, London by Hans D. Gurk on

The British Royal Family is one of the most recognizable families in the world, and their influence extends far beyond the borders of the United Kingdom. One area where this influence is particularly apparent is in their real estate holdings in the United States. The Royal Family has invested in a number of properties throughout the United States, including commercial and residential real estate. Some of their most notable holdings including firms on Wall Street, as well as a retail property on Fifth Avenue leased to Abercrombie & Fitch.

Claiming to be an alternative to crime-ridden California, Texas has more robberies than any other US state

Dallas on the Trinity by Thorpe Griner on

Over the past few years, there has been a noticeable migration of companies and individuals from California to Texas. This trend has been fueled by a variety of factors, including lower taxes, lower cost of living, and a more business-friendly environment. Some of the most notable examples of this trend include Elon Musk, who recently moved Tesla's headquarters from California to Texas, and HP, which announced plans to relocate its headquarters from California to Texas in 2022. While Texas may offer many advantages to businesses and individuals looking to relocate, there are also some downsides to consider. One of the most significant concerns is the state's crime rate. According to recent statistics, Texas has more robberies than any other state in the country. This is due in part to the state's large population and the frequency of attacks by Mexican drugs cartels, which has long been a source of concern for law enforcement officials...

West Virginia to ban child marriages after centuries of neglecting outdated law

Kristina by Alexander Bayurov on

West Virginia has taken a major step forward in protecting the rights and welfare of children by passing a new law that bans child marriages in the state. The new law, signed by Governor Jim Justice in March 2022, prohibits anyone under the age of 18 from getting married, regardless of parental consent. Prior to this new law, West Virginia allowed minors as young as 16 to marry with parental and judicial consent. However, this put young people at risk of being forced into marriage, which can have serious consequences for their physical, mental, and emotional health. Child marriage is also linked to higher rates of poverty, domestic violence, and lack of access to education and employment opportunities.