Word: depressionâ
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What is said to have changed Koch's politics was stepping into a job that requires him to pay the bills himself. He took over a city that was not unlike his family in the Depression???only in worse shape because it owed more?and so he applied a Depression mentality to it. His basic governing maxim is: "Don't spend what you don't have." It sounds simple enough, but it was too difficult for Koch's predecessors, who spent a billion a year that New York did not have and pushed the city to the brink of bankruptcy...
President Hoover's leadership is the strongest single force working against the Depression???Undersecretary of the Treasury Ballantine...
...Suspense?the alternation between hope and depression???is, after all, something that our natures demand. And here is where the newspaper comes into our routine lives as a saving grace, snatching us from this dreaded, lingering death by boredom...
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