Word: public
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Dates: during 1970-1979
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...intricate, day-to-day, financial derring-do that allowed the city to stay marginally solvent has presented formidable problems for even the most dedicated newspaper reader, but understanding what the crisis has really meant has been most impossible. The shouts of the city, the unions, the banks and the public have drowned out all but the most superficial explanations of what happened, and, more importantly...
...Auletta, former politico, now columnist for the New York Daily News and commentator for New York public television, wrote The Streets Were Paved With Gold to sort out how the self-proclaimed greatest city in the world self-destructed. His book is the best overview and analysis yet to appear of the four years of near bankruptcy and the circumstances that led to that debacle. Auletta's discussion avoids hackneyed liberal or conservative interpretations and provides convincing explanations of where the fault for New York's troubles lies...
...continue its spendthrift ways. His discussion of the Nelson Rockefeller championing of moral obligation bonds clearly explains how an irresponsible procedure, responsibly put forth, grew into common practice. Moral obligation bonds, designed by then little-known bond lawyer John Mitchell, allowed the state to sell bonds to the public without voter approval, as had previously been the rule. Rockefeller claimed that projects funded by moral obligation bonds would pay for themselves, but because the government invested them in non-revenue producing projects, they did not. When the Urban Development Corporation defaulted on its moral obligation bonds in February...
Auletta says that New York thought too much with its heart. The nation's highest welfare benefits, a huge public payroll, over-generous union contracts, and high taxes on businesses were all good-hearted policies, but in the long run, they drained the city of its resources. "Whether money is spent, becomes more important than how money is spent." (italics in original) Auletta says the South Bronx renewal project typifies the preoccupation with doing the charitable thing, rather than what makes sense. The federal government has offered New York money to build housing in the desolate South Bronx...
...addition to improving employment practices and policies, companies operating in South Africa should provide descriptions of product lines and services offered in South Africa, reports on sales to the South African government and its public corporations, reports on the extent to which labor practices meet the ACSR's criteria, and an annual income statement and balance sheet for operations in South Africa, the ACSR stated...