Fiscal Crisis Unfolds
The late sixties and early seventies saw New York City grappling with severe budget battles, as the mayor sought new tax powers from Albany amidst growing deindustrialization. Instead of addressing the root revenue issues, the city resorted to short-term borrowing, creating a precarious debt situation. As banks shifted their focus away from municipal bonds, the commitment to supporting New York diminished, setting the stage for a true fiscal crisis.In this clip
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Odd Lots
The NYC Fiscal Crisis Of The 1970s Has Some Important Lessons For Today
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