The Long Default: New York City and the Urban Fiscal Crisis


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The Long Default

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An Oral History documenting the New York City fiscal crisis of the 1970s

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Catalog Record: New York City in crisis | HathiTrust Digital Library

Volume 16 , Issue 1 March Pages Few, if any, NYC bonds were insured before the crisis. Default on a muni, rare then as it is now, was highlighted.


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The New York financial crisis pointed out the glaring lack of independent credit analysis in the tax-exempt sector. I am a creature of the crisis.

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I was the fourteenth member of a department that had been comprised of only two secretaries, two clerical assistants and nine municipal analysts…one of those analysts was the legendary Hy Grossman, who I still to this day consider to be my mentor. The crisis also resulted in the first real push for improved financial disclosure. In this vivid account, historian Kim Phillips-Fein tells the remarkable story of the crisis that engulfed the city.

With unions and ordinary citizens refusing to accept retrenchment, the budget crunch became a struggle over the soul of New York, pitting fundamentally opposing visions of the city against each other.

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At once a sweeping history of some of the most tumultuous times in New York's past, a gripping narrative of last-minute machinations and backroom deals, and an origin story of the politics of aust… More…. At once a sweeping history of some of the most tumultuous times in New York's past, a gripping narrative of last-minute machinations and backroom deals, and an origin story of the politics of austerity, Fear City is essential reading for anyone seeking to understand the resurgent fiscal conservatism of today. This is a history with huge implications for the remaking of American politics and economics in our time.

The Long Default (Monthly Review Press Classic Titles)

Sugrue, author of Origins of the Urban Crisis. In zeroing in on this little-understood chapter of urban history, Fear City helps sheds much-needed light on a range of contemporary crises, from the starvation of public services amidst enormous private wealth to the rise of Donald Trump. Kim Phillips-… More…. Kim Phillips-Fein is a historian of the first order. Here we can see the blueprint for what has since been done to the entire world.

The Long Default: New York City and the Urban Fiscal Crisis The Long Default: New York City and the Urban Fiscal Crisis
The Long Default: New York City and the Urban Fiscal Crisis The Long Default: New York City and the Urban Fiscal Crisis
The Long Default: New York City and the Urban Fiscal Crisis The Long Default: New York City and the Urban Fiscal Crisis
The Long Default: New York City and the Urban Fiscal Crisis The Long Default: New York City and the Urban Fiscal Crisis
The Long Default: New York City and the Urban Fiscal Crisis The Long Default: New York City and the Urban Fiscal Crisis
The Long Default: New York City and the Urban Fiscal Crisis The Long Default: New York City and the Urban Fiscal Crisis
The Long Default: New York City and the Urban Fiscal Crisis The Long Default: New York City and the Urban Fiscal Crisis

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