This edition: Saving NYC: The 1975 Fiscal Crisis Revisited
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Episode Details
Original tape date: May 19, 2025. First aired: June 3, 2025.In this One to One episode, filmmakers Peter Yost and Michael Rohatyn discuss their documentary Drop Dead City, which explores New York City's near-bankruptcy in 1975. The crisis was fueled by economic decline, mismanagement, and excessive borrowing, leading to harsh austerity measures and among other things, the end of free CUNY tuition. When Mayor Beame sought federal aid, he was met with resistance from Washington conservatives, who saw the crisis as proof of liberal failure. A bailout eventually came through a mix of state tax hikes, union contributions, and federal loan guarantees, narrowly avoiding a national banking collapse. The filmmakers highlight the era’s loss of progressive ideals but also praise the collective civic effort that saved the city.
Guest List
Michael Rohatyn Co-Director, "Drop Dead City: New York on the Brink in 1975"
Peter Yost Co-Director, "Drop Dead City: New York on the Brink in 1975"
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