Peter Yost and Michael Rohatyn: The big lessons of New York's fiscal crisis

A combination of economic stagnation, disinvestment and mismanagement of the city's budget brought New York into a fiscal crisis in 1975 — unlike any it had seen up to that point. The result was shuttered schools and firehouses, mountains of garbage on the streets, and cops being laid off by the thousands. But what happened next is perhaps even more important: the city somehow united to pull itself out of financial and cultural ruin.

The story is told in a new documentary called "Drop Dead City." The film's co-directors, Michael Rohatyn and Peter Yost, joined NY1's Errol Louis to discuss the movie and this infamous moment in our city's history. The conversation touched on the film's construction, its soundtrack, and the broader themes of governmental responsibilities and the impact on New Yorkers living through the crisis. They also talked about the co-director's father, Felix Rohatyn, who was a pivotal figure in the financial recovery.

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