For my home state, Governor David Paterson's budget is a window into the future. Simply put, we are witnessing what happens when New York State ceases to be the financial capital of the world. At the moment the world doesn't really have one as the global economy sorts through massive wreckage. Truthfully, the era of financial centers concentrated in western port cities such as New York or London is a relic.

This had long been been predicted because information technology makes it possible to outsource back office functions remotely and utilize cheap labor. Why pay for New York City real estate and labor when a trader can just as easily play with other people's money from a computer in Dubai? However, until the recent economic catastrophe Wall Street stubbornly hung onto its symbolic trappings as the center of the universe.

The topic below was originally posted on my blog, the Intrepid Liberal Journal as well as the Independent Bloggers Alliance, The Peace Tree and Worldwide Sawdust.

Alan Greenspan belongs to the Club of Emasculated Moderate Elites who enabled corporate theocrats to destroy the American Dream at home and annihilate our moral authority abroad. A prerequisite for membership is to first allow crazy ideologues to exploit their prestige and later disown the disastrous policies their reputations facilitated. Former Secretary of State Colin Powell is a charter member of this club and a pathetic figure who criticizes the Bush Administration about Iraq when it no longer matters. Powell's domestic policy soul mate, Alan Greenspan, joined him with his new memoir, The Age of Turbulence: Adventures In a New World.