Word: default
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Moreover, it became abundantly clear last week that without some form of emergency federal assistance, New York will go into default by Christmas and quite possibly earlier-meaning that the city will have to postpone paying off its bills and loans. Said Investment Banker Felix Rohatyn, chairman of the Municipal Assistance Corp.: "The dikes are crumbling and we're running out of fingers." Added New York Governor Hugh Carey: "We have done all that we can to help New York City...
...assumption that New York has been more profligate than other major cities. In the rest of the country, the city's image as a den of liberals, Jews and blacks makes it easier for Ford to distort the issue and deny New York the time it needs to avoid default. Ironically, Ford's plan may ultimately backfire, when as a result of New York's default even Grand Rapids, Michigan, finds itself in trouble. But that will be small comfort to residents of either city...
...Default and its nationwide consequences are the real issues at the moment, but Ford has managed--despite many economists' dire warnings--to depict the question of federal intervention as a struggle between New York and the rest of the country. It is now a political choice between irresponsible social services and a balanced budget, between "socialism and freedom," as William Simon put it last week, while pushing the administration's new budget cut proposal...
EVEN UNDER FORD, the Federal government is going to spend and intervene: it's just a question of who benefits. The people of New York are not worth helping, but Burns and the Federal Reserve are ready to help out the major commercial banks in case of default. And last week, just after blasting New York, Ford celebrated the 200th birthday of the U.S. Navy by announcing he would resist all efforts to cut defense spending. No item in the budget is more essential than that, he said...
...symbol, and obscures what it really is--eight million people. Congress has been accepting Ford's picture of the crisis, and is only beginning to understand that it won't be "bailing the city out" and sanctioning fiscal irresponsibility if it gives New York time to avert default. But while Congress considers action, New York approaches disaster...