Results tagged “mayorabebeame”

Thirty years ago tonight, New York City lost electricity when a Con Ed substation was hit by lightning strikes and a "cascading effect" caused the system to shut down around 9PM. And NYC, as well as parts of Westchester County, were powerless for over a day in the sweltering heart of the summer. Subways were stuck, mobs set fires and stores were looted.

The death of President Ford earlier this week is a reminder of some of New York City's darkest days --namely its flirtation with bankruptcy in 1975. How close was the city to declaring itself insolvent? Very close. Mayor Abe Beame had a statement typed and ready to release on October 17th that read, in part, "...the City of New York has insufficient cash on hand to meet debt obligations due today..." As reported in the Times today the statement went on to prioritize which services the city would pay for, with police, fire, sanitation and public health services leading the list.

With the passing of 38th President Gerald Ford, many are examining how a fateful Daily News affected the New York City's economic recovery in the 1970s and Ford's own re-election hopes.