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New York City Economy / Ford Plan / Wall Street #237419

CBS Evening News for Wednesday, Oct 29, 1975
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(Studio) President Ford reports plan to avoid chaos if New York City defaults.
REPORTER: Walter Cronkite

(DC) Ford speaks to National Press Club. He's against federal bailout to prevent default, but proposes changing bankruptcy law so city's finances could be placed under federal court Court would decide when creditors to be paid. Revenues to go first for vital services. New debt certificates would be sold for funds; buyers of these would be paid back before other creditors. Possible federal aid if not enough funds for vital services. [FORD - criticizes New York City mgrs. who tried to panic country and Congress into supporting bad policies. People won't panic when mortgage payments attempted to be scared out of them. To veto any federal bailout to prevent default.] Ford asked how bailing out New York City different from bailing out Lockheed. [FORD - may have made mistake in bailing out Lockheed. Confident that when problem solved right, there'll be friends in NYC.] Ford says that federal government could face same situation if excess spending not stopped.
REPORTER: Bob Schieffer

(Studio) Stk. market fell. Moody's Investors Services drops its rating on city bonds. Bankers predict worse.
REPORTER: Walter Cronkite

Cronkite, Walter;
Schieffer, Bob

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