Meltdown weakens NYC as global financial capital

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"It's going to be a long, slow process and take many years for us to really restore our leadership in the world," said Ron Chernow, who has written extensively on the history of Wall Street. "New York has been damaged, and some of it I think is permanent." At the same time, places like London, Tokyo and Hong Kong have become global financial centers on a scale that some believe already rival New York

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