IDEAS home Printed from
   My bibliography  Save this article

New York City's Tale of Two Recessions


  • James Parrott


A widening disconnect is emerging between the real economy and the financial sector that precipitated this calamitous downturn. While the unprecedented financial bailout measures by the Treasury and the Federal Reserve have not fixed the financial system's myriad problems, they have restored profitability on Wall Street. Although the gross domestic product's rebound in the last half of 2009 may signal the technical end to the Great Recession, most economic forecasts expect anemic growth through the end of 2010. Households struggle with debt burdens unsupportable in a bleak labor market with few jobs and stagnant or declining real wages. Unemployment is expected to stay very high well into 2011 and, possibly, 2012.

Suggested Citation

  • James Parrott, 2010. "New York City's Tale of Two Recessions," Challenge, Taylor & Francis Journals, vol. 53(3), pages 32-48.
  • Handle: RePEc:mes:challe:v:53:y:2010:i:3:p:32-48
    DOI: 10.2753/0577-5132530302

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:challe:v:53:y:2010:i:3:p:32-48. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Longhurst) or (Rebekah McClure). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.