In back-to-back White House meetings this afternoon, President Ford discussed New York City's

financial problems with his economic advisors and with Republican members of the state's

congressional delegation. Because of those meetings, the House for a safe postponed debate on

legislation to provide federal loan guarantees to the city. On October 29, 1975, President Gerald Ford walked into a press conference at the National

Press Club and, using more eloquent words than Legend remembers, but in no uncertain terms,

told New York City to drop dead.

One week ago, New York City tottered on the brink of financial default, which was deferred

only at the 11th hour. The next day, Mayor Beam testified here in Washington that the financial

resources of the city and the state of New York were exhausted and unless the federal

government intervenes New York City within a short time will no longer be able to pay

its bills. The message was clear. Responsibility for New York City's financial problems

is being left on the front doorstep of the federal government, unwanted,

and abandoned by its real parents. I can tell you, and tell you now, that I am prepared to veto

any bill that has as its purpose, a federal bailout of New York City to prevent a default.

On today's episode, I'll dive into life in New York City in the year 1975,

and the circumstances surrounding New York's most dire financial crisis,

one which threatened the livelihoods of its millions of residents and

damaged the city's reputation for over two decades. And I'm joined by the creators of a new

documentary on the financial crisis called Drop Dead City. Peter Yost. It was the collision

of those two things, those two ideologies essentially, that we see play out on the streets

and that had to be worked out in these rooms by union guys and government people and teachers and garbagemen and all of these kinds of folks.

And Michael Rohatton, whose father played a major role

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