The critical influence of bankers and credit agencies on the mayors of the Big Apple comes to light in this fascinating study. Lynne A. Weikart reveals how financial elites in New York City have exploited recurring fiscal crises and sharply curtailed the range of choices open to mayors in setting priorities and implementing fiscal policy. Despite the appearance of objectivity and neutrality, bankers and bond-rating agencies capitalize on crises to expand their influence and force the city to drastically reduce its spending ...
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The critical influence of bankers and credit agencies on the mayors of the Big Apple comes to light in this fascinating study. Lynne A. Weikart reveals how financial elites in New York City have exploited recurring fiscal crises and sharply curtailed the range of choices open to mayors in setting priorities and implementing fiscal policy. Despite the appearance of objectivity and neutrality, bankers and bond-rating agencies capitalize on crises to expand their influence and force the city to drastically reduce its spending and payroll, significantly degrading the quality of city services. In the face of enormous pressure to defer programs and compromise promises to constituents, however, committed mayors from Fiorello LaGuardia to Michael Bloomberg have still managed to overcome obstacles and achieve progressive goals.
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