In today's Wall Street Journal OpEd [subscriber's only link] on threats to New York's status as the world's financial capital, Mayor Bloomberg and Senator Schumer list "four factors that bear close attention: globalization of the capital markets, overregulation, frivolous litigation and incompatible accounting standards," and call for a reassessment of the "balance of innovation and regulation."

So far, so good, but what all four points have in common is that they're outside of the power of New York City or State to address—and what the leaders omit from their essay is as important to New York's future as a financial captal as what they address. Here, then, are four more factors unmentioned by the senator and mayor that they should consider:

1) Eliot Spitzer is about to be elected governnor based largely on the name he made for himself as state Attorney General: The Sheriff of Wall Street. Will Governor Spitzer watch out for New York's most important economic sector, or continue to play sometimes overbearing watchdog?

2) New York City and State both tax Wall Street to the hilt to fill the coffers and support their super-sized governments. Regulatory reform is well and good; why not reform the economic climate as well to create a more appealing place to do business?

3) While London and Hong Kong are addressed, there's no mention of the Chicago merger, and the domestic threat it poses to New York's continued supremacy.

4) Terror. Obviously, terror and the fear of terror effect all business capitals. That said, it does seem an odd omission.

Here's hoping that in addition to pushing the feds for change, New York's leaders are looking at what they can do to help themselves.