Word: bondses
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The Ford Administration has opposed federal help, arguing that the effects of a default would be short-lived and limited. Administration officials contend that some 75 banks around the country hold New York City debt equal to 50% or more of their net worth, and only about half of them...
Similarly, Arthur Burns, chairman of the Federal Reserve Board, obliquely suggested that Congress draft a bailout program. He carefully noted to the Joint Economic Committee that the Federal Reserve lacks authority to help New York; only Congress can do that. Somewhat contradictorily, he continued to maintain that "the damage stemming...
Congress is least likely to approve proposals to loan funds to New York. The approach winning the most support in Congress and among city officials would have the Government guarantee enough Big Mac bonds to keep the city solvent while it undertakes the drastic reforms needed.
All of the eight proposals before various congressional committees would require the Governor to give ironclad assurances that the city would balance its budget within three years. The guaranteed bonds would be taxable and, if the city and state defaulted, would be paid out of their allotment of future federal...
As the fiscal crisis has deepened, the city has belatedly dangled a small carrot to attract business. The Economic Development Administration has started issuing bonds and using the proceeds to cover construction costs for certain industries that want to move to the city or expand their operations. There are also...