When the bankers took Manhattan: Austerity’s New York roots

Source: In These Times
by Moe Tkacik

“You might expect a book titled Fear City to be a bit more terrifying than Kim Phillips-Fein’s just-released history of New York’s famous mid-1970s cash crunch, ominously subtitled ‘New York’s Fiscal Crisis and the Rise of Austerity Politics.’ It’s not for lack of villains: Many of the book’s central characters (Don Rumsfeld, Alan Greenspan, Dick Cheney, Bill Simon) would go on to do much more sinister things. But in 1975, when the banks that had financed the budget deficit went on strike and brought the city to the brink of bankruptcy, the neoliberal “shock doctrine” mafia was just cutting its fangs.” (05/17/17)