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Audible Audiobook
Listening Length: 12 hours and 56 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Tantor Audio
Audible.com Release Date: April 30, 2017
Whispersync for Voice: Ready
Language: English, English
ASIN: B071Y4S7TQ
Amazon Best Sellers Rank:
Ms. Phillips- Fein regards the pre 1975 New York City {NYC} as the liberal beacon of light in the U.S.A. for providing a plethora of services for its citizens that from the mid 1960's it could no longer afford but nevertheless continued to provide and even increasing the funding for many of them.The impression one gets from her narrative is that somehow the city should have continued to provide them despite facing increased and persistent budget shortfalls from the mid 1960's to the near Chapter 11 bankruptcy of 1975 - 76 and the continued budget shortfalls {despite the eventual Federal Bailout} right thru 1981- 82. The sheer political folly, fiscal irresponsibility and willful ignorance of facts of Mayors Robert Wagner, John Lindsey and Abe Beame and their fiscal comptrollers Abe Beame {under Wagner and Lindsay} and Jay Goldin are dispassionately detailed. The picture presented of them is that of myopic career politicians absolutely refusing to face that the reality of major population loss {700,000 + overwhelmingly the middle class}, declining revenues {despite higher & higher taxes !} a massively increased short and long term debt load and worrying more about being reelected which made any fiscal retrenchment or the cutting of services essentially impossible for them to contemplate. AND YET her sympathy seems to lean towards these same irresponsible leaders who recklessly borrowed money, overstated revenue projections and used every fiscal gimmick under the sun not to cut services - a very strange viewpoint !!!Mayor Abraham Beame comes off particularly poorly - he is presented by the author as an intellectual lightweight {both as comptroller and Mayor !!} an inept, blinkered and tone deaf old man who is PETULANT and ANNOYED that by the spring of 1975 the budget numbers cannot be fudged or manipulated any more, the banks have realized this and refused to fund / rollover any new N.Y.C. short term debt and that a fiscal reckoning has finally hit the fan !! He truly believed then and later that somehow the subsequent deep budget cuts for services should have and could have been avoided but how that would have been accomplished is not clearly defined BECAUSE he simply refused to believe that throwing more money out of the window than was being taken in thru the door truly mattered and that someone would {and should have} rode to the rescue for NYC's fiscal woes.Governor Hugh Carey and the NYC Municipal Unions along with the formation of the Municiple Assistance Corporation {MAC} are the unsung hero's of NYC avoiding the disgrace of bankruptcy. Their forced cooperation however reluctant and ad- hoc saved the city from immeadiate Chapter 11 bankruptcy in 1975-76 giving it the breathing room to survive to fight another day. President Gerald Ford was 100 % right in his assessment of the fiscal incompetence, reckless overspending and over borrowing by the NYC liberal political establishment BUT only a small town political hack like President Ford would have considered allowing the largest city in the U.S.A. to go bankrupt and not think that the ramifications of that bankruptcy would not be an economic and political world shaking event. Despite being technically right in his rigid economic and moral terms President Ford was clearly wrong in the bigger overall picture and he was roundly criticized at home and abroad for his stance and rightly so. But to his credit, he was a major catalyst in forcing NYC to adjust its thinking and its priorities in order to get the federal bailout money it so desperately needed. In my opinion this would never have happened had he just forked over the bucks with no questions asked ! That President Ford was in a tough spot with his own reelection issues cannot be disputed.NYC facing bankruptcy in 1975 is an early prime example of the "too big to fail" syndrome that we would subsequently see and feel in gigantic detail during the 2007-2009 financial meltdown. The author 's chapters on how ordinary New York City citizens fought against the closing of schools, hospitals and fire houses in individual neighborhoods are lovingly detailed but they are beside the point however inspiring their stories may be. By 1975 NYC was in a deep decline economically, spiritually and morally as the July 1977 power failure / blackout would clearly highlight as the blackout brought out the worst in its Black and Hispanic neighborhoods. The Wanton, Unashamed, Brazen Looting and Destruction of commercial stores within their own communities, many of them owned by their neighbors and friends was made much worse by the fact that subsequently a significant percentage of the NYC media, political establishment, religious leaders and the national media would find reasons to excuse and even justify this orgy of criminal behavior, rioting, arson, theft and destruction. These were "the chickens coming home to roost" for the post 1975 NYC liberal establishment to ponder and digest. In my opinion the author leans toward having far more empathy for the looters than for those who were robbed and burned out of their business's and jobs. That bone and muscle were cut along with with the fat from NYC budgets for all city services from June 1975 on cannot be denied nor can the pain that these cuts would cause but they CAN BE EXCUSED because in order to save the city from the disgrace and even worse service cuts that filing for Chapter 11 would have entailed - what would have been the alternatives given the political realities of that time ?Two additional books to read in on the policies and players that brought NYC to it's 1975 catastrophe are "The Ungovernable City" by Vincent Cannato - a devastating revelation of limosene liberal John Lindsay's disastrous tenure as the NYC "Fun City" Mayor from 1965-73 and "The Streets were Paved with Gold" by Ken Auletta - a contemporary 1970's look at the fiscal crisis that highlights the mindset and disastrous descision making of NYC elected officials and in it he chronicles one particular incident that in 2018 seems almost surreal. Mr. Auletta describes a scene where Mayor Beame and Comptroller Goldin are in an darkened office late at night with an Albanian bookkeeper wearing a green eye shade poring over a ledger giving them the numbers of the what the cities on hand cash and liabilities are AND this bookkeeper was the only person that had the institutional knowledge to tell the Mayor and Comptroller of the largest city in the U.S.A. with a budget of 10's of billions of dollars where they stood financially. What a stinging indictment this is of the haphazard, crude and slipshod manner on how the NYC municipal government was monitoring and maintaining its fiscal budget.This book is an informative and concise read with the authors presentation of the key players, power brokers, how the MAC came to be and would function, the individual personnel drama's, how Chapter 11 was avoided and how NYC was radically transformed by all this drama is presented via a entertaining and easy flowing narrative. I give this book 4 stars - Recommended.
Excellent read. For a somewhat technical subject matter, it is a nice, easy, quick read that uses the fiscal crisis to frame a larger discussion about the role of government in social issues. A great history but also thought provoking on the very current issue of underfunded public pensions.
An excellent study in public policy and economic history of the United States of the 1970s. The author makes a great characterization of the cultural, political and economic aspects that a fiscal crisis can have on a city. Kim Phillips-Fein is obviously a liberal ideologically, which can be felt on who she blames for the crisis, e.g. the bankers, elite etc.That said though, the book is excellent and an important contribution to the history and economics of public policy in the united states since the 1970s. Four stars.
This book cronichles the near bankruptcy of New York City in 1975. This doesn't sound like the kind of material that would keep somebody up late at night because they got so involved that they wanted to finish the chapter, and then the next chapter. That's what happened to me. What more can you ask of any book?
Excellent history of the budget crisis and 1970s era New York. Deeply referenced with an outstanding level of historical detail. Very effectively profiles the players who helped the city avert bankruptcy and their various backgrounds and philosophies. If you want to understand the birth and development of modern-day gilded-city NYC you should definitely read this book.
After reading the first chapter - I could not put the book down.It's more than a book - it's a study.
It’s a shame that Kim Phillips-Fein’s masterly Fear City hasn’t received the expansive recognition it so justly deserves. Here, she has followed up on her previous, astute economic account, Invisible Hands, with another painstakingly researched yet engagingly written book.Fear City ostensibly deals with NYC’s mid-1970’s fiscal crisis. Yet what makes it a notable work of history, is the author’s discerning analysis of the event and her lucid explanation of how it ultimately served as a model for the national austerity state that emerged from the crisis; one which has spread far beyond the confines of New York City (e.g., the impending, let-them-eat-cake tax cut for the wealthy, and a shredding of the social safety net that is likely to follow).As she eloquently notes in the book’s Epilogue, the sorry legacy of the crisis is that:"...the American economy…was remade…on completely different terms. The idea of using the state to remedy poverty and improve socialconditions has given way to the sense that doing so is simply too expensive…The inequality that characterizes our society today seems tobe accompanied by the constant sense that any hope for a better society, any notion of collective action, must be a pipe dream---irresponsible, impossible to afford.â€We are all much poorer since the advent of austerity politics and resulting policy. Yet, readers of Fear City will be deeply enriched by Professor Phillips-Fein’s astute and absorbing narrative.
Very good to read. Well done.
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