New Yorkers Still Talking About The "Financially Illiterate" -- April 26, 2019

Generally speaking, one would assume that when talking heads talk on television, they are talking about what others are talking about in their world. I don't know. I've only been a talking head on television one time -- during the anthrax scare some years ago -- but it just seems like common sense that one would talk about what seems to be of interest at the time.

I was reminded of that when I saw this story.

It's been, like, forever since we saw this story. The story seemed to have no legs, and just quietly died.

But the fact that a frequent guest on CNBC brought the subject up this week suggests that the subject is still the talk of the town. I don't read The New Yorker any more -- haven't read it in six months, maybe a year -- but my hunch is that The New Yorker has avoided the subject.

Here is the link: the "financially illiterates" screwed up the Amazon-NYC deal. My hunch is that the poster child for the financially illiterate(s) won't tweet a response. LOL.

From the linked article:

The decision by Amazon to pull out of a deal to build a New York City hub in Long Island City sparked controversy across the board. [Well, duh.]

Opponents of the deal, most notably Rep. Alexandria Ocasio-Cortez (D-NY), celebrated the reversal, while politicians like Governor Andrew Cuomo and New York City Mayor Bill de Blasio voiced their displeasure.

Bronx-born billionaire investor Mario Gabelli, who serves as chairman and CEO of GAMCO Investors, didn’t call out fellow Bronx resident Ocasio-Cortez by name but did refer to the “financially illiterates” as the reason why the Amazon deal fell through.

“The screw up in New York City was the financially illiterates [who] didn’t understand that you have to bring Amazon in,” Gabelli said on Yahoo Finance’s The Final Round (video above).

“You need to create scale. You need to create vibrancy. You need to create that kind of a feeling, so that next time New York has an air pocket, they’ve got a whole new wave of talent.”

There's probably more at the linked article but I did not read any farther. I had read enough. But any journalist who doesn't bring up this in any interview with Occasional-Cortex is missing the big story.

By the way, we'll talk about Amazon later. Crushed their earnings. Wow.