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Book description

A day by day recounting of the New York Fiscal Crisis of 1975, by a Times reporter who was there at the scene. The book does give one a sense of the daily terror of imminent default that bedeviled the city for the whole year; for instance, a last minute financial gimmick with the citys pension system caused the citys budget director to ominously announce that The city is solvent - today. At another point the United Federation of Teachers president Albert Shanker held up his unions investments in citys bonds unless he received a promise to not audit their most recent contract. Negotiations were carried on until past midnight and President Ford was informed that the city was moments from default when finally Shanker relented. Every day was a new crisis and every day the city survived by the skin of its teeth. It was certainly high drama, even if much of it was performed in the dry language of accountants.Still, the author didnt make all this financial skulduggery any clearer by constantly confusing his timeline and barraging the reader with reports of millions or billions of dollars with little context. I doubt theres a better narrative story out there of the crisis, but that doesnt make this one good.

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