Download or read book Fear City written by Kim Phillips-Fein and published by Macmillan + ORM. This book was released on 2017-04-18 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: PULITZER PRIZE FINALIST An epic, riveting history of New York City on the edge of disaster—and an anatomy of the austerity politics that continue to shape the world today When the news broke in 1975 that New York City was on the brink of fiscal collapse, few believed it was possible. How could the country’s largest metropolis fail? How could the capital of the financial world go bankrupt? Yet the city was indeed billions of dollars in the red, with no way to pay back its debts. Bankers and politicians alike seized upon the situation as evidence that social liberalism, which New York famously exemplified, was unworkable. The city had to slash services, freeze wages, and fire thousands of workers, they insisted, or financial apocalypse would ensue. In this vivid account, historian Kim Phillips-Fein tells the remarkable story of the crisis that engulfed the city. With unions and ordinary citizens refusing to accept retrenchment, the budget crunch became a struggle over the soul of New York, pitting fundamentally opposing visions of the city against each other. Drawing on never-before-used archival sources and interviews with key players in the crisis, Fear City shows how the brush with bankruptcy permanently transformed New York—and reshaped ideas about government across America. At once a sweeping history of some of the most tumultuous times in New York's past, a gripping narrative of last-minute machinations and backroom deals, and an origin story of the politics of austerity, Fear City is essential reading for anyone seeking to understand the resurgent fiscal conservatism of today.
Download or read book The Man Who Saved New York written by Seymour P. Lachman and published by State University of New York Press. This book was released on 2010-07-01 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner of the 2011 Empire State History Book Award presented by New York State Archives Partnership Trust The Man Who Saved New York offers a portrait of one of New York's most remarkable governors, Hugh L. Carey, with emphasis on his leadership during the fiscal crisis of 1975. In this dramatic and colorful account, Seymour P. Lachman and Robert Polner's examine Carey's youth, military service, and public career against the backdrop of a changing, challenged, and recession-battered city, state, and nation. It was Carey's leadership, Lachman and Polner argue, that helped rescue the city and state from the brink of financial and social ruin. While TV comedians mocked and tabloids shrieked about the Big Apple's rising muggings, its deteriorating public services, and the threats and walkouts by embattled police, firefighters, and teachers, all amid a brutal recession, Carey and his team managed to hold on and ultimately prevailed, narrowly preventing a huge disruption to the state, national, and global economy. At one point, the city came within a few hours of having to declare itself incapable of paying its debts and obligations, but in the end stability and consensus prevailed, and America's largest city stayed out of bankruptcy court. The center held. Based on extensive interviews with Carey and his family, as well as numerous friends, observers, and former advisors, including Steven Berger, David Burke, John Dyson, Peter Goldmark, Judah Gribetz, Richard Ravitch, and Felix Rohatyn, The Man Who Saved New York aims to place Carey and his achievements at the center of the financial maelstrom that met his arrival in Albany. While others were willing to let the city go into default, Carey was strongly opposed, since it would not only affect the state as a whole but would have reverberations both nationally and internationally. In recounting the 1975 rescue of New York City and the aftershocks that nearly sank the state government, Lachman and Polner illuminate the often-volatile interplay among elite New York bankers, hard-nosed municipal union leaders, the press, and influential conservatives and liberals from City Hall to the Albany statehouse to the White House. Although often underappreciated by the public, it was Carey's force of will, wit, intellect, judgment, and experiences that allowed the state to survive this unparalleled ordeal and ultimately to emerge on a stronger footing. Further, Lachman and Polner argue, Carey's accomplishment is worth recalling as a prime example of how governments—local, state, and federal—can work to avoid the renewed the threat of bankruptcy that now confronts many overstretched states and localities.
Download or read book Working Class New York written by Joshua B. Freeman and published by The New Press. This book was released on 2021-04-20 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: A “lucid, detailed, and imaginative analysis” (The Nation) of the model city that working-class New Yorkers created after World War II—and its tragic demise More than any other city in America, New York in the years after the Second World War carved out an idealistic and equitable path to the future. Largely through the efforts of its working class and the dynamic labor movement it built, New York City became the envied model of liberal America and the scourge of conservatives everywhere: cheap and easy-to-use mass transit, work in small businesses and factories that had good wages and benefits, affordable public housing, and healthcare for all. Working-Class New York is an “engrossing” (Dissent) account of the birth of that ideal and the way it came crashing down. In what Publishers Weekly calls “absorbing and beautifully detailed history,” historian Joshua Freeman shows how the anticommunist purges of the 1950s decimated the ranks of the labor movement and demoralized its idealists, and how the fiscal crisis of the mid-1970s dealt another crushing blow to liberal ideals as the city’s wealthy elite made a frenzied grab for power. A grand work of cultural and social history, Working-Class New York is a moving chronicle of a dream that died but may yet rise again.
Download or read book The Long Crisis written by Benjamin Holtzman and published by Oxford University Press, USA. This book was released on 2021 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income housing in crisis -- From renters to owners -- Remaking public parks -- Patrolling city streets -- The trouble with development -- The governance of homelessness and public space.
Download or read book Political Crisis fiscal Crisis written by Martin Shefter and published by Columbia University Press. This book was released on 1992 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the factors that caused New York City's financial crisis in 1975 and demonstrates how these manifestations of newly evolved political alliances and systems continue to undermine the city's financial stability. It shows how these problems, which are enduring features of the city's political system, are not unique to New York but a threat to the financial stability of most major American cities. The volume won the American Political Science Association's Award for the Best Book on Urban Policy.
Download or read book Crashed written by Adam Tooze and published by Penguin. This book was released on 2018-08-07 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.
Download or read book Ed Koch and the Rebuilding of New York City written by Jonathan Soffer and published by Columbia University Press. This book was released on 2012-01-31 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1978, Ed Koch assumed control of a city plagued by filth, crime, bankruptcy, and racial tensions. By the end of his mayoral run in 1989 and despite the Wall Street crash of 1987, his administration had begun rebuilding neighborhoods and infrastructure. Unlike many American cities, Koch's New York was growing, not shrinking. Gentrification brought new businesses to neglected corners and converted low-end rental housing to coops and condos. Nevertheless, not all the changes were positive--AIDS, crime, homelessness, and violent racial conflict increased, marking a time of great, if somewhat uneven, transition. For better or worse, Koch's efforts convinced many New Yorkers to embrace a new political order subsidizing business, particularly finance, insurance, and real estate, and privatizing public space. Each phase of the city's recovery required a difficult choice between moneyed interests and social services, forcing Koch to be both a moderate and a pragmatist as he tried to mitigate growing economic inequality. Throughout, Koch's rough rhetoric (attacking his opponents as "crazy," "wackos," and "radicals") prompted charges of being racially divisive. The first book to recast Koch's legacy through personal and mayoral papers, authorized interviews, and oral histories, this volume plots a history of New York City through two rarely studied yet crucial decades: the bankruptcy of the 1970s and the recovery and crash of the 1980s.
Download or read book So Much to Do written by Richard Ravitch and published by PublicAffairs. This book was released on 2014-04-29 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: Every city and every state needs a Richard Ravitch. In sixty years on the job, whether working in business or government, he was the man willing to tackle some of the most complex challenges facing New York. Trained as a lawyer, he worked briefly for the House of Representatives, then began his career in his family's construction business. He built high-profile projects like the Whitney Museum and Citicorp Center but his primary energy was devoted to building over 40,000 units of affordable housing including the first racially integrated apartment complex in Washington, D.C. He dealt with architects, engineers, lawyers, bureaucrats, politicians, union leaders, construction workers, bankers, and tenants -- virtually all of the people who make cities and states work. It was no surprise that those endeavors ultimately led to a life of public service. In 1975, Ravitch was asked by then New York Governor Hugh Carey to arrange a rescue of the New York State Urban Development Corporation, a public entity that had issued bonds to finance over 30,000 affordable housing units but was on the verge of bankruptcy. That same year, Ravitch was at Carey's side when New York City's biggest banks said they would no longer underwrite its debt and he became instrumental to averting the city's bankruptcy. Throughout his career, Ravitch divided his time between public service and private enterprise. He was chairman of the Metropolitan Transportation Authority from 1979 to 1983 and is generally credited with rebuilding the system. He turned around the Bowery Savings Bank, chaired a commission that rewrote the Charter of the City of New York, served on two Presidential Commissions, and became chief labor negotiator for Major League Baseball. Then, in 2008, after Governor Eliot Spitzer resigned in a prostitution scandal and New York State was in a post-financial-crisis meltdown, Spitzer's successor, David Paterson, appointed Ravitch Lieutenant Governor and asked him to make recommendations regarding the state's budgeting plan. What Ravitch found was the result of not just the economic downturn but years of fiscal denial. And the closer he looked, the clearer it became that the same thing was happening in most states. Budgetary pressures from Medicaid, pension promises to public employees, and deceptive budgeting and borrowing practices are crippling our states' ability to do what only they can do -- invest in the physical and human infrastructure the country needs to thrive. Making this case is Ravitch's current public endeavor and it deserves immediate attention from both public officials and private citizens.
Download or read book Fear City written by Kim Phillips-Fein and published by Metropolitan Books. This book was released on 2017-04-18 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: "When the news broke in 1975 that New York City was on the brink of fiscal collapse, few believed it was possible: how could the capital of the financial world go bankrupt? And yet the city was billions of dollars (maybe twelve, maybe fourteen, no one even really knew how much) in the red. Bankers and politicians alike seized upon the situation as evidence that social liberalism, which New York famously exemplified, was doomed to failure; and promised apocalyptic scenarios if the city didn't fire thousands of workers, freeze wages, and slash social services. [The author] tells the remarkable story of the crisis that engulfed the city, forever transforming the largest metropolis in the United States and reshaping ideas about government throughout the country. In doing so, she brings to life a radically different New York, the legendarily decrepit city of the 1970s. Drawing on never-before-used archival sources as well as interviews with key players in the crisis, Phillips-Fein guides us through the hairpin turns and sudden reversals that brought New York City to the edge of bankruptcy, and kept it from going over."--
Download or read book Gotham at War written by Edward K. Spann and published by Rowman & Littlefield Publishers. This book was released on 2002-09-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gotham at War is an accessible, entertaining account of America's biggest and most powerful urban center during the Civil War. New York City mobilized an enthusiastic but poorly trained military force during the first month of the war that helped protect Washington, D.C., from Confederate capture. Its strong financial support for the national government may well have saved the Union. New York served as a center for manpower, military supplies, and shipbuilding. And medically, New York became a center for efforts to provide for sick and wounded soldiers. Yet, despite being a major Northern city, New York also had strong sympathy for the South. Parts of the city were strongly racist, hostile to the abolition of slavery and to any real freedom for black Americans. The hostility of many New Yorkers to the military draft culminated in one of the greatest of all urban upheavals, the draft riots of July 1863. Edward K. Spann brings his experience as an urban historian to provide insights on both the varied ways in which the war affected the city and the ways in which the city's people and industry influenced the divided nation. This is the first book to assess the city's contributions to the Civil War. Gotham at War examines the different sides of the city as some fought to sustain the Union while others opposed the war effort and sided with the South. This unique book will entertain all readers interested in the Civil War and New York City. About the Author Edward K. Spann is professor emeritus of history at Indiana State University. He is a specialist in nineteenth-century history and urban history. Spann has authored a number of books, including The New Metropolis: New York City 1840-1857 and Ideals and Politics: New York Intellectuals and Liberal Democracy, which was nominated for a Pulitzer Prize.
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Download or read book Rethinking the Financial Crisis written by Alan S. Blinder and published by Russell Sage Foundation. This book was released on 2013-01-03 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis. How have these stunning events changed our thinking about the role of the financial system in the economy, about the costs and benefits of financial innovation, about the efficiency of financial markets, and about the role the government should play in regulating finance? In Rethinking the Financial Crisis, some of the nation’s most renowned economists share their assessments of particular aspects of the crisis and reconsider the way we think about the financial system and its role in the economy. In its wide-ranging inquiry into the financial crash, Rethinking the Financial Crisis marshals an impressive collection of rigorous and yet empirically-relevant research that, in some respects, upsets the conventional wisdom about the crisis and also opens up new areas for exploration. Two separate chapters–by Burton G. Malkiel and by Hersh Shefrin and Meir Statman – debate whether the facts of the financial crisis upend the efficient market hypothesis and require a more behavioral account of financial market performance. To build a better bridge between the study of finance and the “real” economy of production and employment, Simon Gilchrist and Egan Zakrasjek take an innovative measure of financial stress and embed it in a model of the U.S. economy to assess how disruptions in financial markets affect economic activity—and how the Federal Reserve might do monetary policy better. The volume also examines the crucial role of financial innovation in the evolution of the pre-crash financial system. Thomas Philippon documents the huge increase in the size of the financial services industry relative to real GDP, and also the increasing cost per financial transaction. He suggests that the finance industry of 1900 was just as able to produce loans, bonds, and stocks as its modern counterpart—and it did so more cheaply. Robert Jarrow looks in detail at some of the major types of exotic securities developed by financial engineers, such as collateralized debt obligations and credit-default swaps, reaching judgments on which make the real economy more efficient and which do not. The volume’s final section turns explicitly to regulatory matters. Robert Litan discusses the political economy of financial regulation before and after the crisis. He reviews the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which he considers an imperfect but useful response to a major breakdown in market and regulatory discipline. At a time when the financial sector continues to be a source of considerable controversy, Rethinking the Financial Crisis addresses important questions about the complex workings of American finance and shows how the study of economics needs to change to deepen our understanding of the indispensable but risky role that the financial system plays in modern economies.
Download or read book Firefighting written by Ben S. Bernanke and published by Penguin. This book was released on 2019-04-16 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Should be required reading for all policy makers.” —Warren Buffett From the three primary architects of the American policy response to the worst economic catastrophe since the Great Depression, a magnificent big-picture synthesis--from why it happened to where we are now. In 2018, Ben Bernanke, Tim Geithner, and Hank Paulson came together to reflect on the lessons of the 2008 financial crisis ten years on. Recognizing that, as Ben put it, "the enemy is forgetting," they examine the causes of the crisis, why it was so damaging, and what it ultimately took to prevent a second Great Depression. And they provide to their successors in the United States and the finance ministers and central bank governors of other countries a valuable playbook for reducing the damage from future financial crises. Firefighting provides a candid and powerful account of the choices they and their teams made during the crisis, working under two presidents and with the leaders of Congress.
Download or read book The Municipal Financial Crisis written by Mark Moses and published by Springer Nature. This book was released on 2022-01-06 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: City governments are going bankrupt. Even the ones that aren’t are often stuck in financial chaos. It is easy to blame pensions, poor leadership, or a bad economy. But the problems go much deeper. With decades of experience in local government, author Mark Moses showcases the inside world of the city decision-making process that has spawned these crises. It becomes clear: City governments are maxing out their budgets because they are trying to maximize services. This book, likely the most ambitious attempt by someone who has worked in government to radically examine the delivery of municipal services since 'Reinventing Government' was published more than 25 years ago, explores why city governments pursue an open-ended mission and why bailouts and trendy budgeting processes will be, at best, only temporary solutions. Of interest to current and future city council members, regional and state government officials, those covering city government, financial analysts, city management, and individuals and organizations interested in influencing city policy, this book argues that cities won’t thrive until city hall is disrupted.
Download or read book New York City s Financial Crisis written by Ralph Schlosstein and published by . This book was released on 1975 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Drop Dead written by Hillary Miller and published by Northwestern University Press. This book was released on 2016-10-15 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner, 2017 American Theater and Drama Society John W. Frick Book Award Winner, 2017 ASTR Barnard Hewitt Award for Outstanding Research in Theater History Hillary Miller’s Drop Dead: Performance in Crisis, 1970s New York offers a fascinating and comprehensive exploration of how the city’s financial crisis shaped theater and performance practices in this turbulent decade and beyond. New York City’s performing arts community suffered greatly from a severe reduction in grants in the mid-1970s. A scholar and playwright, Miller skillfully synthesizes economics, urban planning, tourism, and immigration to create a map of the interconnected urban landscape and to contextualize the struggle for resources. She reviews how numerous theater professionals, including Ellen Stewart of La MaMa E.T.C. and Julie Bovasso, Vinnette Carroll, and Joseph Papp of The Public Theater, developed innovative responses to survive the crisis. Combining theater history and close readings of productions, each of Miller’s chapters is a case study focusing on a company, a production, or an element of New York’s theater infrastructure. Her expansive survey visits Broadway, Off-, Off-Off-, Coney Island, the Brooklyn Academy of Music, community theater, and other locations to bring into focus the large-scale changes wrought by the financial realignments of the day. Nuanced, multifaceted, and engaging, Miller’s lively account of the financial crisis and resulting transformation of the performing arts community offers an essential chronicle of the decade and demonstrates its importance in understanding our present moment.
Download or read book The Fall of a Great American City written by Kevin Baker and published by City Point Press. This book was released on 2019-10-08 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fall of a Great American City is the story of what is happening today in New York City and in many other cities across America. It is about how the crisis of affluence is now driving out everything we love most about cities: small shops, decent restaurants, public space, street life, affordable apartments, responsive government, beauty, idiosyncrasy, each other. This is the story of how we came to lose so much—how the places we love most were turned over to land bankers, billionaires, the worst people in the world, and criminal landlords—and how we can - and must - begin to take them back. Co-published with Harper's Magazine, where an earlier version of this essay was originally published in 2018. The landlords are killing the town. As New York City approaches the third decade of the twenty-first century, it is in imminent danger of becoming something it has never been before: unremarkable. By unremarkable I don’t just mean periodic, slump-in-the-art-world, all-the-bands-suck, cinema-is-dead boring. I mean flatlining. No longer a significant cultural entity but a blank white screen of mere existence. I mean The-World’s-Largest-Gated-Community-with-a-few-cupcake-shops. For the first-time in our history, creative-young-people-will-no-longer want-to-come-here boring. Even, New-York-is-over boring. Or worse, New York is like everywhere else. Unremarkable. This is not some new phenomenon, but a cancer that’s been metastasizing on the city for decades now. Even worse, it’s not something that anyone wants, except the landlords, and not even all of them. What’s happening to New York now—what’s already happened to most of Manhattan, its core, and what is happening in every American city of means, Boston, Washington, San Francisco, Seattle, you name it—is something that almost nobody wants, but everybody gets. As such, the current urban crisis exemplifies our wider crisis: an America where we believe that we no longer have any ability to control the systems we live under.
