For the first time since it began in 1970, the New York City Marathon will not take place.
Marathon officials and New York City Mayor Michael Bloomberg had initially insisted that Sunday's race would go on despite the devastation caused by Sandy. But mounting opposition forced the organizers to change their minds Friday.
All week, the group that organizes the race, the New York Road Runners, kept saying the marathon would go on. But on Friday night, Road Runners CEO Mary Wittenberg made this announcement:
A monster storm flooded parts of the biggest city in America this week. Millions of people are still without power.
But in the long run — even in the medium run — New York (and New Jersey!) will recover. And for the U.S. economy as a whole, this disaster will barely be a blip.
This is largely because there are countless backup plans hiding everywhere in our economy. On today's show, a flooded grocery store reveals safety nets that are usually hidden but, at moments like these, are suddenly made visible.