Empire Diner in Chelsea to Close Its Doors

Sigh its depressing really to see all these iconic places down their shutters.. I thought the economy had taken a turn upwards..why even Newsweek had a recent cover story that stated -America is back.. wherein it crowed about the phenomenal success of US companies like Apple and Google during the downturn. http://finance.yahoo.com/tech-ticker/america%27s-back!-let%27s-just-hope-newsweek-doesn%27t-jinx-the-recovery-466439.html?tickers=^DJI,^GSPC,XHB,XLF,SPY,RTH,MAN

@Uptowngirl: I know. The owner of the building wanted to raise the rent and the owner of the restaurant said no way. So the lease was terminated.

Maybe the news media thinks that if they print/report enough news on the upward turning of the economy, it will actually happen.

@BroadwayBK So much of the upswing is about public perception...

You have to realize that an upturn doesn't necessarily mean miracles are going to start happening. Businesses that are failing now have been suffering for the last couple of years, and then finally can't hold out any more. It's still possible that new business and new activity is emerging, even as others are going down.

@DBlack I think you're absolutely spot on with your theory ... one of the greatest advantages the US has that is home to many innovative minds who can constantly reinvent themselves...it is for this reason that all those theories about the US being down and out are not going to hold.. the US is the world's greatest economy even today ..it may be battered and bruised but recover it shall and I am not being unduly optimistic.. the financial sector in NYC has begun to hire again.. that just indicates the wheels of business are beginning to churn once more though this time around I do hope the sector is better regulated and not just thrust into the hands of ambitious twenty somethings who seem to be solely testosterone driven to make as money as they can.

@uptowngirl, DBlack I'm not all that scared either and generally have confidence in new businesses popping up. If anything, the meltdown a couple of years ago was a way of restructuring things. Lots of businesses fade away, but new and vital ones spring up.

@uptowngirl By the way, what's with Warren Buffet defending Goldman Sachs? I never thought he of all people would be in that camp: http://news.yahoo.com/s/nm/20100503/bs_nm/us_berkshire_buffett

@Uraniumfish at the height of the economic meltdown in sept 2008 Warren Buffet invested $5 Billion in Goldman Sachs -http://www.bloomberg.com/apps/news?pid=20601087&sid=aRef_DUx6AcU&refer=worldwide. He now wouldnt like his investment to be harmed in anyway and he shouldnt be worried for in spite of the hearings Goldman's stock prices have risen,,

@uptowngirl Aha! Thaaaaat explains it. He puts his mouth where his money is...