NYC's Last Federal Bailout

Mayor Bloomberg's warning, that New York could meet a similar fate as Detroit, comes at an coincidental time -- August 8th marks the 35th anniversary of the signing of New York City's last Federal Loan Guarantee Bill, the final of several bailouts which set the city back on the path to solvency. President Jimmy Carter signed the bill outside City Hall in 1978, with Senator Javits, Senator Moynihan, Governor Carey and Mayor Koch:

"People in other parts of the country have sometimes been jealous of the achievements of New York, and there were a few around our Nation who were willing to see the big city taken down a peg or two. I know how New Yorkers feel about that"