Welcome to the Wall Street Week newsletter, bringing you stories of capitalism about things you need to know, but even more things you need to think about. I’m David Westin, and this week we told the story of the tough love needed to bring San Francisco out of its “doom loop,” looked at why SpaceX is beating Boeing in the space race, and talked with Eric Cantor about populism on the march in the US and Europe. If you’re not yet a subscriber, sign up here for this newsletter.
For many years, San Francisco was a magnet for people and businesses. But then the growth leveled off — and actually turned negative during the pandemic — driven by a range of factors that can lead to what economists call a “doom loop.” Business leaders such as Hamid Moghadam of Prologis and Chris Larsen of Ripple acknowledge that San Francisco has taken some hits. But they told us that it’s on its way back.