Lose the Drama and Give Markets Their Due
But no one who was interested in -- or who knew the least bit about -- how a free economy functions weighed in with the true answer. While Broadway itself will suffer, the city will not, at least not nearly on the order of $17 million a day. That estimate is essentially based on a direct count of Broadway tickets and meals and other monies spent relating to shows. But there is other stuff to do in New York City, like see ball games or go to museums or even take in an off-Broadway show. A lot of people will take their money and spend it on all those things instead.
Just let it be said for the record that Michael Kuchwara, an Associated Press drama writer, understood the dynamic nature of the consumer economy better than The Wall Street Journal with this recent effort: "Business booming off-Broadway."
And lest you think that those who cover financial firms in the cradle of capitalism on Wall Street would have a moderately better notion of how capitalism tends to function, look at this article about UBS (UBS) in yesterday's Wall Street Journal called: "A Salary Cap For Bankers: $750,000."
The central issue is that with all of UBS' issues, the firm is putting a ceiling on cash pay for investment bankers and traders at the three-quarters-of-a-million mark. Anything more will have to come in stock, which is not as attractive because it vests over a longer period of time and thus creates an umbilical cord between the bonus baby and the firm.
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