I lived through the bankruptcy of New York City.It was a very disturbing experience.At one point garbage was piled high on the streets.The author of this book helped save New York City.He chaired what was called the Municipal Assistance Corporation ("Big Mac") that forced all parties, including rich bankers, to sacrifice to save New York.It worked.
This book should help bury once and for all the fantasy that "big government" played no role in U.S. history.It details how government intervention again and again shaped U.S. economic policy.
Today, as the author points out, America is literally falling apart as result of a 28 year fantasy that "government was the problem".
Read this book.It's not written by an abstract intellectual.It's written by somebody who actually worked with real people to help one of America's biggest cities recover from a disaster produced by excessive government borrowing. American has had "credit card government" since 1981.Now we face a day of reckoning.This books gives insights on a way out of today's mess.
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