Can Y’all Street outflank Wall Street?

Summary

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Podcast Summary: Can Y’all Street Outflank Wall Street?

Podcast: The Indicator from Planet Money (NPR)
Date: July 22, 2026
Hosts: Waylon Wong & Maria Aspen
Theme: Exploring Texas’ bid to challenge New York as a new financial powerhouse—dubbed “Y’all Street”—and examining both the economic and political dynamics fueling this rivalry.

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1. Episode Overview

This episode investigates the rapid growth of Texas—specifically Dallas—as a burgeoning financial hub that many are calling “Y’all Street." Hosts Waylon Wong and Maria Aspen delve into why major financial institutions are expanding in Texas, what makes the business environment attractive, and whether Dallas can truly rival the historic dominance of Wall Street in New York. The discussion also highlights the political messaging around business, regulation, and the future of finance in the United States.

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2. Key Discussion Points & Insights

A. The Rise of “Y’All Street”

• Goldman Sachs & Financial Giants Move In
  • Maria Aspen visits the under-construction 14-story Goldman Sachs campus in downtown Dallas ($500M investment, completed 2028).
  • Dallas is attracting major financial institutions, described as "Y’all Street"—Wall Street with a Texas twist.
• Cluster Effect
  • Multiple banks are building or expanding in close proximity: Bank of America, JP Morgan, Morgan Stanley, Scotiabank, in addition to Goldman Sachs.
    • Quote (Asim Khalil, 04:13): “I like to think of, like, the beating heart of Y’all Street is where those five or six banks are all situated.”
• Business Climate Advantage
  • Texas boasts lower taxes, business-friendly regulations, and state policies making it harder for shareholders to sue companies.
  • Home to the most Fortune 500 companies in the US, surpassing California and New York.

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B. Population and Corporate Shifts

• Migration Patterns
  • Texas’ population boom makes hiring easier and adds to state appeal.
• Major Companies Relocating
  • Not just oil and airlines; Tesla, Charles Schwab, McKesson have moved, diversifying the business landscape.
• Notable Example: Elon Musk
  • Musk moved both SpaceX and Tesla headquarters to Texas, citing frustration with regulations in California and Delaware.

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C. Political Rhetoric & Marketing

• Texas’ Messaging as “Pro-Business” Refuge
  • Governor Greg Abbott and Dallas Mayor Eric Johnson use this as a marketing tool.
    • Abbott claims Texas offers “freedoms” and lower costs (05:34).
    • Quote (Eric Johnson, 06:25): “We very much are a pro-business city, and we don’t vilify corporations down here. We view them as partners, and we view them as job creators that we want to support.”
    • On rival states: “I really do believe that we represent the future of capitalism in this country, and we are a sanctuary city from socialism.” (07:01)
• Competitive Incentives
  • Dallas gave Goldman Sachs $18 million in economic incentives to build its office.

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D. “Y’all Street” vs. Wall Street—Can Dallas Dethrone New York?

• Ongoing Rivalry
  • Political and business leaders frame the competition as not just economic, but ideological.
• Texas Stock Exchange Launch
  • New TXSE opened recently with backing from Wall Street titans, aims to challenge NYSE and NASDAQ—even pursuing clients in London.
  • Realistic Outlook: Competition is tough. Nasdaq was the last major breakthrough over 50 years ago.
    • “Even some of the investors in the Texas Stock Exchange say they don’t see Y’all Street becoming a huge threat to Wall Street.” (08:09)
• Expansion Not Replacement
  • The sentiment among industry insiders is that Dallas isn’t trying to overtake New York, but is evolving as a complementary hub.
    • Quote (Asim Khalil, 08:24): “When you think about this concept of Y’all Street and moving more finance jobs to Dallas, I think it’s just the natural evolution of the financial services industry.”

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E. The Reality Check

• New York Remains Dominant
  • Major institutions (including Goldman Sachs, JP Morgan) continue to invest in New York.
    • "JP Morgan ... just opened a $3 billion headquarters in the middle of Manhattan.” (08:45)
• Dallas as Underdog
  • Despite Texas’ growth, it remains unlikely to surpass New York’s financial sector in the near future.
    • “So Y’all Street is probably going to be the underdog for a pretty long time.” (08:56)

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3. Notable Quotes & Memorable Moments

• Asim Khalil (Head of Goldman Dallas, 03:00):

  “This is the most welcoming city you’ll find anywhere in the country, if not the world... the business climate is far surpassed ... any thoughts I had when I came down here as an uninformed New Yorker ten years ago.”

• Eric Johnson (Dallas Mayor, 06:25):

  “We don’t vilify corporations down here. We view them as partners...” “I really do believe that we represent the future of capitalism in this country, and we are a sanctuary city from socialism.” (07:01)

• Waylon Wong (Host, 07:08):

  “A sanctuary city from socialism. That is some loaded language.”

• Maria Aspen (07:14):

  “The Mamdani fear is real, but it's also an example of how the political rhetoric around Y’all Street is a useful marketing tool for Texas...”

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4. Timestamps for Key Segments

• 00:06–01:26 – Setting the scene: Dallas as rising finance hub, construction of Goldman Sachs campus
• 03:00–04:38 – Interview with Asim Khalil, the local appeal, and banking cluster effect
• 04:45–05:12 – Lower taxes and business-friendly Texas policies
• 06:25–07:08 – Dallas Mayor Eric Johnson on being “future of capitalism” and a “sanctuary city from socialism”
• 07:39–08:24 – Texas Stock Exchange launch and realistic assessment
• 08:34–08:56 – Why Wall Street is still king and Dallas’ role

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5. Tone & Language

• Engaging, conversational, with playful banter (e.g., jokes about “Y’all Street” and Texas size).
• Direct acknowledgment of political undertones: not just an economic story, but one of values and branding.
• Both hosts maintain a critical, questioning stance amid optimism from interviewees.

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6. Conclusion

Dallas’ “Y’all Street” is rapidly growing and becoming more important in the financial industry, powered by lower costs, lighter regulation, political marketing, and a pro-business environment. Major institutions are investing billions, and new experiments like the Texas Stock Exchange reflect confidence in Texas’ future. Still, New York retains its dominance, and the Texas challenge—while real—remains a work in progress, with most seeing Dallas as a growing hub rather than as a direct replacement for Wall Street.

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Best moments:

• Dallas Mayor’s fiery rhetoric about “sanctuary from socialism” (07:01)
• Asim Khalil’s testimony on Dallas’ welcoming climate (03:00)
• Hosts’ witty commentary and reality checks throughout

Listeners are left with a deeper understanding of the economic and political dynamics reshaping the American financial landscape—and the colorful ways cities compete for business’s future.

Transcript

[NPR Host]

Npr.

[Maria Aspen]

A few months ago, I found myself in the middle of a construction site in Dallas. It was full of dust and wind and workers in hard hats going up and down in freight elevators. This is the new Dallas office for Goldman Sachs, or it will be in 2028 when it's fully built and has thousands of employees working there. Goldman is spending more than half a billion dollars to build this 14 story campus right in the heart of Dallas.

[Waylon Wong]

And Goldman is in good company. The New York investment bank is one of several financial companies that are all setting up shop or expanding in the Dallas area.

[Maria Aspen]

This is what Texas is calling Y' All Street. Get it? Like Wall street, but with a Texas twang.

[Waylon Wong]

Clever. And since everything's bigger in Texas, some of the people behind Y' all street are hoping that it can become powerful than the OG Wall Street. This financial rivalry is mostly about business growth and economic activity, but it's also a little about politics.

[Maria Aspen]

I mean, what isn't these days?

[Waylon Wong]

Tell me about it. This is the indicator from Planet Money. I'm Waylon Wong and back with me is friend of the show Maria Aspen. Maria, great to see you again.

[Maria Aspen]

Thank you. It's so great to be back.

[Waylon Wong]

You recently spent some time in Texas talking to a bunch of y' all street executives and other locals.

[Maria Aspen]

I did. And that's today on the show. What exactly is happening on Yall Street? And can Texas really steal Wall Street's financial crown?

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[Maria Aspen]

A few days after I visited Goldman's next Dallas home, I caught up with the man in charge. Asim Khalil is a Goldman Sachs partner and head of its Dallas office. He's also a lifelong New Yorker who moved to Texas for Goldman 10 years ago. Now he's all in.

[Asim Khalil]

This is the most welcoming city you'll find anywhere in the country, if not the world. People are happy to be here. They want you to be happy to be here. The schools are great, the culture is amazing, and the business climate is far surpassed. Again, any expectation or any thoughts that I had when I came down here as an uninformed New Yorker ten years ago.

[Waylon Wong]

Does he work for Goldman or the Economic Development Board?

[Maria Aspen]

And, you know, I heard the same thing from a lot of former New Yorkers in the financial industry who moved to Dallas.

[Waylon Wong]

Interesting.

[Maria Aspen]

But that business climate he's talking about is a big part of the appeal. And it means a few things. Goldman Sachs, like other big banks, competes for the business of the biggest companies and the wealthiest individuals.

[Waylon Wong]

And Texas has plenty of both. In fact, it's now home to the most Fortune 500 companies in the nation, more than California, New York, or any other state.

[Maria Aspen]

And we're talking more than just oil companies and American Airlines. Texas is now home to all kinds of big names like Tesla, Charles Schwab, and the pharma giant McKesson.

[Waylon Wong]

There's also a population boom in Texas, which makes it easier for employers to hire. And as awesome points out, Goldman isn't the only bank to be seizing this opportunity.

[Asim Khalil]

When I look out my window, I see our campus under construction. If I look up over here, I see bank of America is building their tower. J.P. morgan has a presence across the street from us here. I understand Morgan Stanley's looking for more space right around where we happen to be. Scotiabank is on the other side of our campus. So I like to think of, like, the beating heart of Yall street is where those five or six banks are all situated.

[Maria Aspen]

There's another big thing companies love about Texas. It's often just cheaper and easier to do business there.

[Waylon Wong]

Texas has always been known for having lower taxes and lighter regulations than a lot of other states. And recently the state has been passing laws that basically make Texas even more business friendly, in part by making it harder for shareholders to sue the companies they invest in.

[Maria Aspen]

This is all happening as some CEOs have become really unhappy with states like New York and California and even Delaware, where a lot of companies have their legal headquarters.

[Waylon Wong]

The biggest example is Elon Musk, who moved both SpaceX and Tesla to Texas. Musk is a big critic of both California and Delaware, and he's close to Texas's Republic Governor Greg Abbott, and of course, to President Trump.

[Maria Aspen]

Enter the politics. Back in 2020, Abbott told CNBC he was offering Musk a place for his businesses to thrive in the future.

[NPR Host]

And he knows he has a better ability to do that in Texas with the freedoms that we offer him, with the low cost that we offer him, than he does in other places like California.

[Waylon Wong]

Abbott has spent years beating this drum. He's attacked companies that embrace policies around fighting climate change or embracing workplace diversity. And he frequently promotes Texas as a pro business refug from other states with more liberal leaders or policies.

[Maria Aspen]

Now, some of those other states are giving Texas politicians even more chances to whip out those talking points. For example, California is now threatening to put a wealth tax on billionaires.

[Waylon Wong]

And New York is now being run by Mayor Zora Mandani, the Democratic socialist who many on Wall street love to hate.

[Maria Aspen]

When I talked to Dallas Mayor Eric Johnson a few months ago, he explicitly called out both California and New York.

[Eric Johnson]

We very much are appro business city, and we don't vilify corporations down here. We view them as partners, and we view them as job creators that we want to support. So we're always trying to figure out ways to make it easier to do business down here.

[Maria Aspen]

That includes paying businesses to come down there. For example, Dallas gave Goldman Sachs about $18 million worth of economic incentives to build its new office in the city. But Eric talks about this heated rivalry for businesses on a more epic scale.

[Eric Johnson]

I really do believe that we represent the future of capitalism in this country, and we are a sanctuary city from socialism.

[Waylon Wong]

A sanctuary city from socialism. That is some loaded language.

[Maria Aspen]

The Mamdani fear is real, but it's also an example of how the political rhetoric around Y' all street is a useful marketing tool for Texas, because however much the financial industry is growing in Dallas, it's still got a long way to go to replace New York.

[Waylon Wong]

We're seeing that especially in the stock market. A lot of the buzz around Y' all street has been coming from a startup called the Texas Stock Exchange.

[Maria Aspen]

It's backed by some pretty big Wall street names, including Goldman Sachs. It wants to challenge the dominant US Stock Exchanges, meaning the New York Stock Exchange and the Nasdaq. And it's even trying to pick up some business in London.

[Waylon Wong]

But the Texas Stock Exchange only officially opened this month. And in general, it's got a really long way to go.

[Maria Aspen]

Yeah, it's just really hard to compete in this industry. The Nasdaq launched more than half a century ago, and we haven't seen a major US Competitor break through since.

[Waylon Wong]

Even some of the investors in the Texas Stock Exchange say they don't see y' allstreet becoming a huge threat to Wall Street. They're more excited about Texas expanding on its own At Goldman Sachs, awesome says he doesn't think Dallas looks at this as a zero sum game.

[Asim Khalil]

When you think about this concept of y' all street and moving more finance jobs to Dallas, I think it's just the natural evolution of the financial services industry.

[Maria Aspen]

It's also worth pointing out that however much financial activity is happening in Dallas, New York isn't exactly becoming a ghost town. Goldman Sachs still has its headquarters near Wall street.

[Waylon Wong]

Or take the country's biggest bank, JPMorgan Chase. It's also expanded in Texas, but it just opened a $3 billion headquarters in the middle of Manhattan.

[Maria Aspen]

So Yall street is probably going to be the underdog for a pretty long time.

[Waylon Wong]

Maria, great to have you back with us. Thanks for bringing us the story.

[Maria Aspen]

It was so great to be with you.

[Waylon Wong]

This episode was produced by Angel Carreras with engineering by Jimmy Keeley, was fact checked by Sierra Juarez, Cake and Cannon is our editor and the indicator is a production of npr.

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