The WSJ reported this weekend that the Texas Stock Exchange (TXSE) is now officially open for business and trading is expected to start soon.

How has Texas captured so much financial business from New York in such a short time? A three step process:

First, Texas lured businesses out of New York with much lower taxes and business-friendly rules.

Second, it adopted legal structures making Texas a strategic state to incorporate in.

And now comes the TXSE with the aim of dethroning Wall Street as the financial trading capital of the world.

We’ve warned many times on these pages that Wall Street couldn’t survive as the financial capital when New York City imposes the most punitive taxes in the nation on capital investment.

Then the voters elected a looney socialist as their mayor. Why would any company stay?

Sadly, 225 years after the birth of the New York Stock Exchange – Wall Street could become a ghost town.

Meanwhile all the Ivy League professors at Columbia still assure the Zohran Mamdanis of the world that taxes don’t matter.