New York's Middle Class Has Shrunken

The penthouse at 15 Central Park West, which was purchased by the Rybolovleva family in December 2011 for the full asking price of $88 Million. Their 22 year old daughter, Ekatarina, now lives there following her stint at Harvard.

Last week's New York Times story about nealry one third of New York city’s income going to the top one percent of the city's earners is not surprising. What was once the leading manufacturing city in the United States has been transformed into a huge financial casino, with the gamblers at the top reaping all the rewards. Who cares if they nearly brought the economy to its knees, and blighted the lives of millions of Americans? And who is really concerned that they’ll do it again if they’re not prevented? How fitting that Mike Bloomberg should preside over this carnival!