https://hotair.com/headlines/archives/2012/12/21/when-cities-go-bankrupt/feed/HotAir is the leading conservative blog for breaking news and commentary covering the Biden administration, politics, media, culture, and current elections.en-usWed, 10 Jun 2026 09:32:30 -0400<![CDATA[History backs up Fitch’s decision. Everybody knows the New York Daily News headline “FORD TO CITY: DROP DEAD,” and New York’s 1975 fiscal crisis is now remembered as a near-bankruptcy. But this legend is wrong. A month after the Snooze’s page 1 howler, President Gerald Ford did deliver federal assistance to New York. Around the same time, the state government allowed the city a three-year moratorium on bond payments. Although the Empire State’s Supreme Court ultimately reversed that moratorium, the city’s creditors took a massive loss in the meantime. The Big Apple defaulted in all but name.]]>Fri, 21 Dec 2012 18:40:58 -0500<![CDATA[Allahpundit]]>https://hotair.com/headlines/2012/12/21/when-cities-go-bankrupt-n280635