Yes, this problem is maddeningly big and complicated. But America is full of smart and caring people; surely there exists a handful of wise men and women who can stow their axes and their differences to right the ship. The solution back then was to create an entity called Municipal Assistance Corp. that raised money selling bonds backed by sales tax receipts and stock transfer taxes. The goal was to revive the city's economy while balancing its budget. It worked. A few years later, the budget was balanced and New York was back on its feet. Every crisis is different,...
