The timing could hardly be better. Just as New York prepares to install a radical democratic socialist as mayor, Nasdaq Texas is being launched. It will join NYSE Texas and the Texas Stock Exchange in turning Dallas into a serious financial center. Indeed, the city’s mayor, Eric L. Johnson, confidently predicts that “Y’all Street” will replace Wall Street as the beating heart of American business. And the really interesting possibility is this: That might be an improvement.It remains to be seen how Zohran Mamdani’s experiment in creating East Berlin on the Hudson works out. One point is clear, however: If he is successful in imposing the higher corporate and income taxes he wants, not everyone will stick around to pay them. Florida would be one potential alternative. But Dallas is starting to look even better. Nasdaq Texas expects to open for business early in the new year, the NYSE announced in February that it would relocate its Chicago operation to Dallas and the new Texas Stock Exchange has backing from big hitters including BlackRock and Citadel. If you want to spend the morning trading Tesla and Nvidia before heading off to your ranch, you won’t be short of options.
The Left is fond of opining that the "rich" will never leave New York City because it's the financial center of the world. To which I say: impose your socialist policies and call their bluff.
See what happens.
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