PBS: MacNeil/Lehrer Report- New York City Bailout: 11/25/1975

 

New York City

NYC 1975

Source: This piece was originally posted at The New Democrat

The late 1960s and probably the 1970s as a whole was a very rough period for New York City. Facing high crime rates, high poverty, high unemployment, a lousy economy in general, as well as mismanagement of city funds by the City Government. And then you add the recession of the 1974-75 that effected the whole country including New York and you have a huge economic mess that this city was facing and something serious had to be done about it.

So what the Gerald Ford Administration was confronted with in 1975 to go along with all the economic and financial problems that the rest of the country was going through, was how to help out the biggest city in the country. Something that had to be done, otherwise New York City would’ve gone bankrupt. So what the Ford Administration along with Congress and the New York State Government and New York banks did was arranged for loan guarantees for New York City to keep the city afloat financially and for them to avoid bankruptcy.

About Kire Schneider

Blogs primarily about current affairs and history. But also blogs about sports, Hollywood and Hollywood history.
This entry was posted in Classic News and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.