Ford to City: Drop Dead It’s the most famous tabloid headline of all time (with apologies to “Headless Body in Topless Bar”). It also supplied the narrative that came to be accepted as truth regarding the New York City fiscal crisis of 1975-an uncaring, hapless, accidental President Ford abandoning America’s greatest city in its hour of maximum need. This narrative-honed in 1975 by wily politicians like House Majority Leader Tip O’Neill and New York Governor Hugh Carey, assisted by one of the craftiest spinmeisters of them all, PR master John Scanlon-is, to put it mildly, nonsense. The counternarrative-that corrupt, spendthrift liberal politicians spent the city into bankruptcy with giveaways to unions and welfare cheats-is equally misleading. Acclaimed financial historian and attorney Richard Farley makes the case that the New York City fiscal crisis was a bipartisan affair, with the establishment elites of both parties behaving badly and feathering their own nests and the nests of their insider cronies.
