>>From: Doug Henwood <dhenwood at panix.com>
>>
>>... And the city still operates under the "emergency" legislation
>>from the fiscal crisis days, meaning the financial control board
>>could step in and put the city into receivership.
>
>Amazing. I had no idea those measures were still in effect.
There are conditions, which go something like: if the budget is in deficit, or debt gets out of hand, or if we deem it necessary. Finance keeps NYC on a short leash. The bonds always seem to trade a little below that fact (meaning you can get a few basis points of free interest, because the market overestimates the risk).
By the way, I think no NYC mayor has ever gone on to higher office.
Doug