There is no shortage of alarmist language to describe the fiscal vise that is crunching New York City. Disastrous, drastic, cataclysmic, catastrophic are some of the terms that Mayor David Dinkins, Governor Mario Cuomo and legions of curbstone commentators have used in recent weeks. The town that likes to think of itself as the capital of the universe is, in a word, broke. Within days there may be no money to pay its 243,000 employees, and on the horizon there is only more red ink and pain. In 1975 the city pulled itself up from a similar fate, but this time,...
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