In the end, the financial crisis and recession in New York City just wasn't that bad. That's a somewhat surprising conclusion from the New York Times, given the headlines we've become accustomed to over the last year. In the heat of the crunch, it looked a one-for-the-ages sort of collapse. But thanks mainly to the federal government's efforts to bail out the top banks and AIG (AIG), the carnage was limited.

The city has lost about 30,000 financial services jobs, which hurt a lot. But that wasn't that much compared to previous recessions. Expectations for total job losses were in the range of 60,000 to 70,000. Right now, the financial services industry seems to hiring again. All those fears of a jobless recovery in the city may prove to be unfounded. This news may not make the cover the tabloids. But it would appear to be a reversal of the "Ford to NYC: Drop Dead" era.  

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