FT: Amid economic rubble, Shangkong will rise

Both New York and London will be nursing serious wounds for years. In both cases, budget deficits will be gigantic, resulting in higher taxes and cutbacks in public investment in the kind of services – transportation, education, even culture – that attract talent. In each city we can expect a big increase in financial regulation, not to mention ad hoc government interventions, adding to the cost and unpredictability of doing business. Controversies about financial remuneration will cause many professionals to seek other types of employment.