Will Obama Sacrifice New York City On His Alter?

New York City is liberaldom. Would Obama really scheme to destroy it?

Clearly, the party sees this one as a political winner: Yesterday, it launched a major fund-raising appeal based on Obama's "Wall Street reform" plan, warning against a return to the days when "big banks feasted [and] just about everybody else suffered."

But that kind of rhetorical overkill is a dagger to the heart of an industry that is the heart of New York's economic well-being.

One in 12 working New Yorkers are connected to the financial sector, which generates fully 40 percent of the city's business and personal-tax revenue.

Every $1 billion in Wall Street profits means $70 million in direct taxes for the city's cash-starved coffers.

"Financial services is the most important industry for the New York City economy and the biggest job creator in the region," notes Rep. Carolyn Maloney (D-Manhattan) on her Web site.

And if Wall Street is threatened, those jobs -- and that tax revenue -- can very easily move elsewhere.

To London. To Hong Kong.

Anywhere but America -- and that, obviously, would damage the entire nation.

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