Lans; Vital History Cassettes; N.Y. Gov. Carey: The New York City fiscal crisis.
- Collection
- Lans
- Series
- Vital History Cassettes
- Producing Organization
- WNYC (Radio station : New York, N.Y.)
- Contributing Organization
- WNYC (New York, New York)
- AAPB ID
- cpb-aacip/80-41zcs4h8
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- Description
- Description
- Cassette No. 3 for October, 1975 Side B Code: 10753 INFORMATION HIGHLIGHTS/STUDY GUIDE Program: Governor Carey's Speech on New York City's Fiscal Crisis Principal: Governor Hugh Carey (D-N.Y.) Recorded: November 1, 1975 in Albany, New York Time: 13:37 In this selection, New York State Governor Hugh Carey responds to President Ford's speech denying aid to help New York City avoid default. The governor's speech was broadcast over statewide TV and radio. Topic Outline 1. WASHINGTON SHOULD NOT BAIL OUT NEW YORK . . . Carey asserts. New York should, under any assistance plan, be forced "to pay its bills in full and to put its fiscal house in order." But the Ford plan, Carey claims, would cost the country billions of unnecessary dollars. 2. THE CRISIS IS EASY TO DISTORT . . . Carey states, because it is so complex and difficult to understand. In addition, many Americans dislike the climate of New York, a fact which makes intelligent debate difficult. 3. NEW YORK'S PLAN WILL SAVE MONEY . .. says Carey. The loan guarantee plan before Congress does not give New York City any money, but does provide time time to pay its debts and reform its practices. New York wants to pay for its mistakes, but it cannot do so without time. Steps to put the city's finances in order have already been taken. 4. NEW YORK HAS BEEN FISCALLY RECKLESS ... for years, Carey agrees. He blames city officials and special interest groups who behaved irresponsibly; banks who did not ask questions; a state legislature and a former governor (Nelson Rockefeller) that authorized unwise benefits and borrowing. And, New York City's financial crisis is also the responsibility of American "presidents who diverted tens of billions of dollars to foreign dictatorships and senseless war" and who created the current national economic crisis. Everyone shares the responsibility. New York can be proud, however, of the help it has given to those who came there seeking refuge. However, the job now is not to cast blame or take credit, but to face what has happened and solve the city's fiscal problems with the least possible damage. 5. NEW YORK WANTS A SUPERVISED GUARANTEE ... not a hand-out, Carey asserts. A federal guarantee for New York's loans will give investors confidence to invest in the city, enabling it to pay its debts and continue public services while working toward a balanced budget. New York City will repay its notes and whatever expense Washington incurs in providing the guarantee. Federal supervision must be strict, to control fringe benefits to city workers, reform jumbled books and forbid spending beyond income. 6. WE'RE HOPING TO BUY TIME .. . "to finish the job we've started," Carey says. New York City has already imposed painful and unprecedented budget cuts, and given financial power to the state. The city's control board is determined to restore the city's fiscal integrity and has taken drastic steps. These steps are not cosmetic, but they were necessary. The state has provided more than $ 1.5 billion of its own money to protect not only New York City, but cities and counties all over the state. Ford has ignored these steps and has charged New York State with abandoning the city. This is very unfair and untrue, Carey declares. 7. BANKRUPTCY BILL A POOR SOLUTION ... in Carey's opinion. Ford's proposal would tempt other local governments to avoid paying their debts and slide into bankruptcy, instead of forcing them to mend their spendthrift ways. It would place responsibility for governing New York City on an unelected federal judge, when there is already concern about the large role the judicial branch plays in American life. It would make borrowing more expensive for cities all over the country. It would decrease the amount New York City residents and bondholders pay in federal taxes. It would cost the federal government cash to maintain New York City's essential services. It would result in the financial collapse of businesses all over the country owed money by New York City, with resultant unemployment and costs to taxpayers. Other local governments will collapse. 8. WE WON'T WIN BY MAKING EXCUSES .. . says Carey. We don't want a pardon or a bailout, and we are trying to tell the truth about what we've done. However, the costs of inaction, Carey contends, are far greater than the costs of action, and Congress and the people should measure this fact. 9. FORD WILL BE ACCOUNTABLE . . . Carey charges, for the consequences of his stand. Carey always, in past associations, found Ford ready to compromise for a practical result. He cannot conceive that Ford would, for temporary gain, risk the costs of a city bankruptcy. "I will be working," Carey says, "to make New York accountable. I ask Mr. Ford not to work against us to make New York a bankrupt." 10. NEW YORK WILL SURVIVE . . . Carey declares. Whether it escapes default or not, New York is unique and challenging. New York will remain a home for the exiled and oppressed, and New Yorkers will stand together to win the battle of the city for survival.
- Genres
- Event Coverage
- Media type
- Sound
- Credits
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Copyright Holder: CBS News
Creator: Carey, Hugh L.
Producing Organization: WNYC (Radio station : New York, N.Y.)
- AAPB Contributor Holdings
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WNYC-FM
Identifier: 71022.1 (WNYC Media Archive Label)
Format: Audio cassette
Duration: 00:13:37
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WNYC-FM
Identifier: 71022.2 (WNYC Media Archive Label)
Format: audio/vnd.wave
Generation: Dub
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- Citations
- Chicago: “Lans; Vital History Cassettes; N.Y. Gov. Carey: The New York City fiscal crisis.,” WNYC, American Archive of Public Broadcasting (GBH and the Library of Congress), Boston, MA and Washington, DC, accessed June 21, 2025, http://americanarchive.org/catalog/cpb-aacip-80-41zcs4h8.
- MLA: “Lans; Vital History Cassettes; N.Y. Gov. Carey: The New York City fiscal crisis..” WNYC, American Archive of Public Broadcasting (GBH and the Library of Congress), Boston, MA and Washington, DC. Web. June 21, 2025. <http://americanarchive.org/catalog/cpb-aacip-80-41zcs4h8>.
- APA: Lans; Vital History Cassettes; N.Y. Gov. Carey: The New York City fiscal crisis.. Boston, MA: WNYC, American Archive of Public Broadcasting (GBH and the Library of Congress), Boston, MA and Washington, DC. Retrieved from http://americanarchive.org/catalog/cpb-aacip-80-41zcs4h8