After two days speaking to friends and former colleagues in NYC, I am quite discouraged on the overall economy. Government policy is certainly part of the picture, but the main issue is really a lack of confidence and volatility. A long term budget deal and tax reform may not be enough to overcome the all pervasive fear of risk.
The presidential election is over here, but the election I heard the most about is the coming mayoral election in NYC. After twenty-five years of Republican administration there is real concern that there is no person of gravitas in the wings in either party. The worry is that the next mayor will not be up to the job of preserving and expanding the enormous positive change in the City.
More to come after returning home tomorrow.