Read time: 1 minute

Taking Turns In The Shark Tank - The New York Fiscal Crisis Of 1975

(Gov. Hugh Carey - a file cabinet full of painful decisions) [media id=17157] Hearing the news today of the impending fiscal crisis in New York an

Gov_a903b. Hugh Carey.jpg
(Gov. Hugh Carey - a file cabinet full of painful decisions)

Views:

Hearing the news today of the impending fiscal crisis in New York and hearing the just released information that Los Angeles is a half-Billion dollars in the hole, not to mention the rest of California tipping over the brink, I'm reminded of the last time we had a City and State in Crisis. 1975 brought New York city on the edge of bankruptcy and an unwilling Ford administration offering little aid.

So, thirty five years have gone by and we're faced with pretty much the same situation, and in many ways worse. But in 1975 it was something new and the rest of the country wondered if it could happen where they lived.

The answer was, and is, a resounding yes.

So here is a hastily called address and press conference by then-Governor Hugh Carey of New York from October 13, 1975.

Gov. Hugh Carey: “There’s no comfort, no joy in what we’re doing. Because we’re going to the limits of what we can apply to the city in terms of economies and we’re being forced to set aside to some degree our hopes and aspirations for this city.”

Strange. I've been hearing a lot of those exact words lately. I suspect we'll be hearing a lot more of them in the coming days and weeks.

Can you help us out?

For 16 years we have been exposing Washington lies and untangling media deceit. We work 7 days a week, 16 hours a day for our labor of love, but with rising hosting and associated costs, we need your help! Could you donate $20 for 2020? Please consider a one time or recurring donation of whatever amount you can spare, or consider subscribing for an ad-free experience. It will be greatly appreciated and help us continue our mission of exposing the real FAKE NEWS!

More C&L Coverage

Comments

NOTE: We will be changing to a new commenting platform in the next couple of weeks. We will supply more details as we get closer to the change. We understand some users are having problems with comments loading and this will hopefully remedy that problem

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.