Deregulation of telecoms, he adds, has allowed the media, publishing and entertainment companies historically based in New York to expand vastly the communications channels through which they can package and sell their services. This, in turn, has caused an explosion in growth for these companies, which have been transformed into international conglomerates. Deregulation of financial services has allowed US companies to export investment techniques and products, leading to exponential growth among the investment banks which are traditionally among New York's most significant tenants. Cigarettes, entertainment, finance and weapons. According to Mr Moss, about 35 per cent of New York's population is foreign-born, with the largest numbers of new immigrants coming from Europe and Asia.
Illegal aliens are great for the economy.
But 10 years ago, New York was a vastly different place. The Wall Street crash in October 1987 took its toll on the city, which was already suffering from nearly a decade of neglect, with repeated cutbacks of federal funds for schools, drugs treatment and medical care. Tourists were confronted with panhandlers and homeless people sleeping rough in doorways of upmarket office buildings and in the city's subway complexes. When prices crashed, the banks which had made the loans to the investors became reluctant owners. And reluctant owners are not good owners.