CITIES: Saying No to New York

"We 're going to sell New York to the Shah of Iran. It's a hell of an investment."

—Treasury Secretary William Simon

"All Abe Beame need do is adopt the Khmer solution. That is, order every man, woman and child out of the city."

—Barron 's

The financial plight of Mayor Abraham Beame's New York City is so grim that even far-out jokes have a certain plausibility. Somehow, before the end of the fiscal year on June 30, the city must raise a staggering $1 billion to meet its payroll and operating expenses and pay off its notes and bonds. Yet so shaky...

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