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How a Black Swan Caught New
York Flatfooted in 1914

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Posted By: Toledo, 4/28/2020 9:44:32 AM

It looks like the next round of congressional battles over restarting the economy will involve Federal aid to cities and states. While Speaker Pelosi and the Senate Majority leader, Mitch McConnell, battle over money for the states, Mayor de Blasio is pleading for $7.4 billion. This is by no means the first time the Big Apple has asked for a Federal bailout. The fiscal collapse of 1975 is the occasion that most commonly comes to mind. It turns out, though, just over a century ago, a now-forgotten New York crisis ended up establishing a remarkable precedent in American finance

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Reply 1 - Posted by: NorthernDog 4/28/2020 10:39:44 AM (No. 394243)
Hetty Green (The Witch of Wall Street) knew how to profit off of such events. She had cash by the barrels full when everyone else was scrambling to pay their bills. Anyone have a few billion dollars lying around?
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How a Black Swan Caught New
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Posted by Toledo 4/28/2020 9:44:32 AM Post Reply
It looks like the next round of congressional battles over restarting the economy will involve Federal aid to cities and states. While Speaker Pelosi and the Senate Majority leader, Mitch McConnell, battle over money for the states, Mayor de Blasio is pleading for $7.4 billion. This is by no means the first time the Big Apple has asked for a Federal bailout. The fiscal collapse of 1975 is the occasion that most commonly comes to mind. It turns out, though, just over a century ago, a now-forgotten New York crisis ended up establishing a remarkable precedent in American finance
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