New York City's Nearing Bankruptcy

In 19 73, the new mayor inherited a city that was on its on the verge of insolvency. It couldn't pay its bills, and nobody really wanted to help it. The state formed this corporation that took the city's debt and bundled it into bonds. And then set about these draconian policies: They 're going to freeze wages. They are going to hike subway fairs. But even as all this is happening, johnny carson moved to burbank from from new york in 72. Lansiproduction left, ye in all the game shows headed west. So paupers did not. There was still a feeling that new york a was the centre a