New York City 1970's the Beginning

New York City hit a crisis in the 1970's due to the fall of the stock market. New York City found itself on a verge of bankruptcy and City hall was starting to get scared when banks cut off their credit lines. There was a similar state of economy as their is today. High crime rates and blackouts soon followed this fall. This all came during the administration of Mayor Abraham Beame. Banks looked for bailouts or threatened financial Armageddon... Hmm sounds familiar, but in this instance banks were told to fix the problem themselves and over time they did. The government did propose a small bailout after the problems have been resolved but it came with strict guidelines.
Many lessons can be learned from the 1970's economic crisis. I thought we were supposed to learn from history but maybe not. When the government provided assistance to the banks in need they did it strategically and with many rules. This past economic crisis seems like we just threw money at them, maybe it was needed but I feel it could have been handled a lot better. I hope to expand on the 1970 economic crisis in New York City and see how it transitioned to the 1980's.