Quote:
Originally Posted by Frontst17
Well just like everything he says, it was never going to happen anyway and would’ve been terrible for the waterfront. There are a million reasons Philly didn’t grow like New York did, none of them have to do with not wanting banking or finance or some weird obsession with having a trump tower? I’m certain this is understood and doesn’t need to be explained. I’m not even going to touch the weird trickle down economics suggestion
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I'm not a Trump apologist, but your claim, "he never does anything he says" is factually wrong and completely irrelevant. There is no evidence that Trump wasn't serious in his bid and that if approved would not have been built.
Your claim, “it would have been terrible for the waterfront”, I am so interested in you explaining how....seriously!
Finally your claim, “There are a million reasons Philly didn’t grow like New York did, none of them have to do with not wanting banking or finance or some weird obsession with having a trump tower?”
Again, is completely inaccurate:
“Banking in Pennsylvania expanded after the Commonwealth’s Omnibus Banking Act of 1814 divided the state into twenty-seven banking districts and approved charters for forty-one banks. Banking was a profitable business; businessmen across the Commonwealth urged the legislature to authorize the formation of more institutions. Citizens quickly organized banks in Bristol, Chester, Germantown, Norristown, and West Chester. The law imposed several new financial requirements on the institutions. One robbed the banks’ managers of the ability to make loans in any amount, to any worthy borrower, in any location. That restriction failed to recognize the law of supply and demand for credit. Many new banks freely supplied more credit than was demanded by worthy borrowers, and maintaining that excess supply of money was not sustainable. Within a few years, more than 40 percent of the new banks in Pennsylvania failed.”
https://philadelphiaencyclopedia.org/essays/banking/
“Competition among the institutions that served Philadelphia and its contiguous counties was constrained; branch banking had long been severely limited, and interstate banking was prohibited.”
https://philadelphiaencyclopedia.org/essays/banking/
“Competition became even more intense during the early 1980s, when Pennsylvania, New Jersey, and Delaware joined other states in allowing statewide branching and then intra-state mergers.”
https://philadelphiaencyclopedia.org/essays/banking/
“Following that closing, and searching for still more funds to finance internal improvements, the Commonwealth of Pennsylvania immediately granted a state charter to a successor bank that promised both to loan the state additional sums and to pay a bonus for the privilege of operating. Working under such onerous restrictions, the new United States Bank of Pennsylvania failed only five years later – and took six other Philadelphia banks with it.”
https://philadelphiaencyclopedia.org/essays/banking/
“One of the great advantages of the Constitution over the Articles of Confederation is that the Constitution significantly reduced the barriers to interstate trade. As these barriers fell, the possibility for interstate trade rose and the advantage of a location near the center of the colonies increased.”
https://www.newyorkfed.org/medialibrary/media/research/epr/05v11n2/0512glae.pdf
“However, New York survived these problems better than its peers did mainly because its economy remained more robust. While the economies of Philadelphia, Detroit, and Pittsburgh never truly survived the collapse of local manufacturing, New York (like Boston) has reinvented itself over the past eighty years as a service city increasingly oriented around finance and corporate management. New York continues to boom to this day primarily because of finance and business services.”
https://www.newyorkfed.org/medialibrary/media/research/epr/05v11n2/0512glae.pdf
“Penn included restrictive legislation in the first frame of government he designed for his province. Such restrictive legislation was known as blue laws. Following Penn’s example, Pennsylvania’s Quaker government kept restrictive legislation in force or renewed it when the colony adopted new frames of government.”
Jable, J. T. (1974). Pennsylvania's early Blue Laws: a Quaker experiment in the suppression of sport and amusements, 1682-1740. Journal of Sport History, 1(2), 107-121.
I apologize for the overkill of info, I myself wasn't absolutely sure of the particulars of how restrictions on commercial financial issues did hurt Philly, but remember researching it.
Again, I'm not arguing it was the main reason and you are right, there are a million more significant reasons why Philly decreased its growth, but to claim none were financial is objectively wrong!
Again, my main point is, I think there are some deep seated cultural and psychological reasons held by Philadelphians that actually maybe subtly and explicitly impede a certain type of progress!
Appreciate you man!
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