"Clearly, the financial crisis has pummeled both [New York and London]. Major banks have collapsed, and others are expected to require more infusions of taxpayer cash if they are to survive. London and New York share an unemployment rate—7.4%—that is only expected to climb as financial services jobs disappear by the tens of thousands and the loss reverberates in the broader economy...By many measures—the state of its financial markets, home prices, jobs and economic diversity—the British capital has fallen further...Another key component, the housing markets, exploded in both cities in recent years. Though London's bubble has burst, New York's has just deflated." — Crain's
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