Word: mac
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...more of everything-do it first and do it longest. But New Yorkers will now have to live in a more subdued style. "The city must shed its big-government psychology," says Dick Netzer, dean of New York University School of Public Administration and a member of Big Mac's board of directors. "It must disclaim its pretensions that it can resolve fundamental social problems or provide a tremendous range of worthy services. Officials should attempt to lower expectations-or at least shift them toward other levels of government that have some hope of satisfying these expectations." If the crisis...
Congress is least likely to approve proposals to loan funds to New York. The approach winning the most support in Congress and among city officials would have the Government guarantee enough Big Mac bonds to keep the city solvent while it undertakes the drastic reforms needed...
...October 18, the Jefferson Starship will be at the Garden. Joining the Starship will be England's Fleetwood Mac, a group which has gone through more personnel changes since its inception than the White House. Fortunately, one remnant remains--Christene McVie's belle organe which won her the title of Britain's Top Female Vocalist in 1972. The concert is scheduled to begin at 7:30 p.m. but the open seating policy should be enough persuasion to get there at least two hours in advance...
...twin setbacks sent Big Mac bond prices plunging as low as 75? on the dollar. Even worse, investors' lack of confidence spread to state securities that had no connection with the city's crisis. The state's housing finance agency was unable to refinance $69 million worth of securities and warned that it might have to default and stop work at dozens of housing, hospital and nursing-home construction projects. The city again seemed headed for default-this time on Oct. 17, when $450 million in debts came due-and officials feared that the state might...
...last minute, however, Carey and Levitt devised another temporary fix, by legerdemain. Although Levitt would not buy MAC bonds, he did agree to buy $250 million worth of the otherwise unsalable state notes, thus providing the state with money to lend to the city. In addition, Levitt said he might "conceivably" buy another $250 million worth of state notes, if they could not be sold to anyone else. That should enable the city to get through October and probably November...