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Discusses various issues related to the economic condition of New York City. Discussion on the adverse economic conditions being faced by David Dinkins, mayor of New York City; Discussion on what Dinkins needs to avoid disaster; Discussion on the effects of slowdown on the economy; Discussion on the weaknesses of the financial sector of the city; Discussion on the early signs of economic weakness; Arguments pertaining to the current state of real state market in the city; Arguments pertaining to the possibility of tax increase.

Advocates for cautious reform of the New York Stock Exchange. Dominant position of the Exchange in global financial markets; Reasons why reform is needed; Involvement of the Securities & Exchange Commission; Possible negative impact that the proposed changes could have on the Exchange; Hope that the mistakes of the past will not lead to a draconian response.

Reports on a study by New York real estate firm Cushman & Wakefield of commercial real estate prices in global cities following the September 11, 2001 terrorist attacks in the United States. Indication that New York City prices remained stable while prices in other parts of the world dropped; Strength of the U.S. economy compared with the rest of the world; Uncertain outlook for prices in New York.

Emphasizes the need for caution in line with implementing changes in the New York Stock Exchange (NYSE) following the resignation of Richard Grasso as chairman. Performance of the NYSE in the U.S. financial markets; Features of the reforms needed by the NYSE; Implications of the plan of the U.S. Securities and Exchange Commission to require the NYSE to shift its resources.