Greenwich became a home for New York City financiers who wanted to live somewhere a little more bucolic than New York, and later hedge-fund managers decided they could work closer to home and set up their companies there, too.
These two towns have different fates in part because of two distinct dynamics in the American economy.
The poverty rate in Bridgeport has increased from 18 percent to 20 percent from 2007 to 2015, according to a report from the nonprofit Connecticut Voices for Children. Why are the sky-high incomes at the top not pulling up those at the bottom?
This happened in Fairfield County, at a company that has, for decades, been a household name: General Electric.
As Foroohar explains in her book, in the 1980s, as Wall Street demanded big returns from General Electric, then-CEO Jack Welch focused on expanding GE Capital, a division of the company that sold financial products—a bit of a departure from the company’s original mission of making things.
BRIDGEPORT, Conn.—Few places in the country illustrate the divide between the haves and the have-nots more than the county of Fairfield, Connecticut.
Drive around the city of Bridgeport and, amid the tracts of middle-class homes, you’ll see burned-out houses, empty factories, and abandoned buildings that line the main street.
They manage huge amounts of money and try to increase the value of that money through high-risk methods.