Washington Is the New London

New York's political leaders and private sector executives have fretted for years that the city might lose its reputation as the world's financial capital to London. Now, it looks like the city should've been worrying about Washington instead.

The Wall Street meltdown and its litany of fallen titans has shifted the nation's financial muscle a bit down I-95, according to The Washington Post this weekend: "[W]ith the Street now looking to the U.S. Treasury for an unprecedented bailout, it's suddenly Washington that has become the center of financial action--creating, at least for this instant, an unlikely shift of power and influence."

Copyright Obser - Observer
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