Author Topic: THE CYCLE AND NEW YORK  (Read 309 times)

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Offline morekaos

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THE CYCLE AND NEW YORK
« on: April 12, 2022, 09:59:44 AM »
All these parallels and todays shooting only reminded me of the last time New York fell and rose.  Same Carter cycle seems to be repeating itself. NY economics and yes real estate were crashing while  crime, corruption and social decay were spiking.  Not different from today...The city and country were in dire straits.  Inflation and eventual recession was on the horizon but the great turning happened in 1982 and led to not just the citys eventual revival but the longest peacetime expansion in our countries history..change is a com'n folks.

Lessons From the Great Default Crisis of 1975

Thirty-eight years ago, New York City almost went bankrupt. Then as now, conservatives took a hardline stance.

New York City’s finances were under stress as the city tried to maintain its extensive local welfare state, despite the pressures of the recession of the early 1970s and the underlying economic problems it faced of industrial decline and middle-class flight. The city tried to borrow to cover a widening budget gap, but by 1975 the major banks refused to market its debt. New York’s mayor and governor—Abraham Beame and Hugh Carey—appealed repeatedly to Washington, DC. Pointing to ailing corporations which had been able to obtain government funds, they argued that New Yorkers should not be made to suffer for problems that were the result of economic forces beyond the city’s control.

President Gerald Ford and his advisers (who included Donald Rumsfeld and Alan Greenspan) insisted that the city’s problems were its own responsibility. New York’s default, they claimed, would not have a significant economic impact. “There is no short cut to fiscal responsibility,” Greenspan, then chairman of the Council of Economic Advisors, wrote in one memo.

On October 17, the president’s sanguine attitude toward bankruptcy was put to the test. The previous evening, trustees for the teachers’ union pension fund had voted against using the pension money of their members to purchase the city’s bonds, even though the city needed this money to pay notes coming due. In the middle of the night, city lawyers had drawn up a bankruptcy petition: “The City of New York is unable to pay its debts or obligations as they mature.”

That morning, the Dow Jones fell, the price of gold rose and city note-holders lined up at the Municipal Building to make a futile attempt to redeem their bonds. Still, Ford refused to help. As his press secretary put it, “This is not a natural disaster or an act of God. It is a self-inflicted act by the people who have been running New York City for a long time.”

Shortly after 2 pm, the union trustees changed their minds, and the teachers’ union bought the bonds. For the moment, New York was safe from default. But it was now clear that New York could come to the edge of bankruptcy and the federal government would simply let it happen.

A few days later, Ford made his famous speech—immortalized by the Daily News headline, “Ford to City: Drop Dead”—in which he promised to veto any bill that bailed out the city, warning that New York’s problems were a microcosm of those facing the nation: “If we go on spending more than we have, providing more benefits and more services than we can pay for, then a day of reckoning will come to Washington and the whole country just as it has to New York City.” And when “that day of reckoning comes, who will bail out the United States of America?”

https://www.thenation.com/article/archive/lessons-great-default-crisis-1975/


Offline morekaos

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Re: THE CYCLE AND NEW YORK
« Reply #1 on: April 12, 2022, 01:49:35 PM »
...and the Hits just keep on comin... ;D ;D >:D

Democrat New York Lt. Governor Arrested

New York Lt. Gov. Brian Benjamin was arrested Tuesday for an alleged campaign finance scam tied to his days in the state Senate, federal officials confirmed to The Post.

Benjamin, who Gov. Kathy Hochul chose in August as her No. 2 and running mate for this year’s election, faces a federal bribery conspiracy indictment in connection with a scheme to funnel phony campaign contributions to his unsuccessful bid for city comptroller, according to a Southern District of New York indictment.

https://thelibertydaily.com/breaking-new-york-lt-governor-arrested/


Offline morekaos

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Re: THE CYCLE AND NEW YORK
« Reply #2 on: April 18, 2022, 10:21:16 AM »
A vigilante shooting will come soon...

Nightmares Return to Gotham
The subway attack conjures a dark past beyond the memory of many New Yorkers—and serves as a reminder that the city is on a dangerous course.

On a brisk December evening in 1993, weary passengers on an eastbound Long Island Railroad train awaited their final stops. As the train approached Garden City’s Merillon Avenue station, gunshots shattered the stillness of the night. Colin Ferguson, a well-born 35-year-old Jamaican immigrant, coolly walked down the car aisle with a Ruger P89 semiautomatic pistol in hand. Turning alternately to the left and right, he methodically shot at fellow passengers as they huddled between their seats. After emptying one magazine, he reloaded another and continued the systematic execution for three harrowing minutes. When he paused to reload a third magazine, three passengers wrestled Ferguson to the floor, but not before six lay dead and another 19 were wounded.

The criminal investigation revealed a delusional mind, obsessed with racism and how it supposedly prevented Ferguson’s success in America. Disdainful, arrogant, and confrontational, Ferguson drifted between jobs that he considered beneath him, charging many with wronging him along the way. He accused professors and peers at Adelphi University of being insufficiently committed to ending racism—which, to him, meant “how to get rid of the white people.”

On the day of the shooting, Ferguson’s pocket contained scraps of notebook paper with the words “Reasons for this” scribbled on top of the first page. The reasons included the purported racism of Adelphi University, police officers, New York governor Mario Cuomo’s staff, the Equal Employment Opportunity Commission, and others. Each of these grievances represented a warning sign of a pending massacre that, with the right police and mental-health intervention, might have been prevented.

https://www.city-journal.org/nightmares-return-to-gotham


Offline morekaos

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Re: THE CYCLE AND NEW YORK
« Reply #3 on: April 25, 2022, 09:55:50 AM »
The circle is now complete..."law and order" is in,  BLM is out and there is a guy in charge who (although he won't admit it) voted for Giuliani who saved Gothom last time....cycles gonna cycle...

Eric Adams slams his own party for backing BLM instead of cops as he tells Democrats to give police MORE powers because doing so will stop black people being killed
Adams, speaking with Anderson Cooper on CBS' 60 Minutes, continued his habit of criticizing the party for being soft on crime
'Democrats don't like talking about intervention,' said Adams, 61. 'But we have to lean into the discomfort of the immediate things we must do'
'You can't say Black lives matter when a police officer shoots a young person, but does that Black lives matter when a 12-year-old baby was shot?'
Adams, who described himself as a 'pragmatic Democrat' denied rumors that he had voted for Giuliani in the 90s but admitted to registering as a Republican
Adams felt that the focus on police abuses had led Democrats like Alexandria Ocasio-Cortez to take reforms too far in the opposite direction

Adams, who described himself as a 'simple, pragmatic Democrat' denied rumors that he had voted for Giuliani in the 90s but admitted to registering as a Republican.

'I was a police officer, and I saw the violence, and I wasn't seeing any help on the federal level. It was a protest vote.'

Adams felt that the focus on police abuses had led Democrats like Alexandria Ocasio-Cortez to take reforms too far in the opposite direction.

https://www.dailymail.co.uk/news/article-10749807/Eric-Adams-slams-party-backing-BLM-tells-Dems-stop-opposition-giving-cops-power.html


 

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