Part II of continuing examination of the effects of the financial crisis and how long experts think it will last. Interviews: Comptroller Bill Thompson, 1970s banker Felix Rohatyn; the effects of the crisis on workers and small businesses; an examination of whether term limits should be lifted for Bloomberg.
(Originally aired 10/16/2008)
Segment 1, The Economic Fallout for New Yorkers:
New York City and the surrounding tri-state area are feeling Wall Street’s pain ripple through the economy, with estimates of up to 240,000 jobs lost by the end of next year. Here’s a report on New Yorkers coping with layoffs and small businesses struggling with the economic downturn.
Segment 2, Interview with NY Comptroller Bill Thompson:
Rafael Pi Roman discusses the impact of the meltdown on NYC with Thompson: “We’re going to see a slightly smaller Wall Street. Even when things start to come back, there will be jobs that are lost forever.”
Segment 3, Interview with banker Felix Rohatyn:
Rohatyn was credited with saving the city from financial catastrophe in the 1970s: “The spirit of the City was very different [in the 1970’s.] Now, people are really, really nervous, they are really concerned… We had New York City banks in 1975. Today, we have a couple of global banks whose main concern is not New York City, but the global economy.”
Segment 4, Term Limit Turnover?
The debate over the Mayor’s bid for a third term. Hearings begin at City Hall over the controversial plan to extend term limits, overturning two voter referendums. Mayor Bloomberg claims a third term is essential for the city during this dire financial crisis. We hear from both sides of the issue.
Watch Part I of this program, which aired on Sept. 23, 2008.
[...] Part II of this program, which aired Oct. 16, [...]
Part II that aired on Oct 16 was an excellent documentary, respecting the audience’s intelligence. It included good historical perspective from the 1970’s. Again PBS is head and shoulders above commercial broadcast news.
As a former resident of Brooklyn, who left the city when Felix Rohatyn established the bankers dictatorship over the City in the 1970’s, it needs to be said, that Felix is typical of that which CAUSED the problem and his so-called reputation as the “Fixer” is deserved only if you take into account his role in the overthrowing of Allende and establishing the Fascist Pincochet Dictatorship in Chile after the murder of Allende. If I recall correctly, Felix was associated with a multi-national called ITT at the time and he worked with his good friend, George Schultz on that particular project.
So, please, a little truth in advertising here. Mr. Rohatyn does not have the interests of the people of the City of New York at heart, and I as one of those people, want in to be known, that HE DROVE ME and countless others out of the City, to make his masters in the financial oligarchy happy.
interesting point Gerald. I wanted to comment, how interesting for Mayor Bloomberg to run again in these circumstances. The Mayor’s office acquires MORE power in these financial circumstances. There is a reserve “slush” fund requiring prudent disbursal, there are decisions about where to cut expenditure, where to raise money…deals to be made, lives affected.
There is natural intrigue as to what Mr. Bloomberg’s AGENDA will be! Surely he will be pro-business…but HOW?
In our democracy, sadly, only TIME will tell…(Ideally a probing media should jump on these issues.)
PS: Rohatyn was recently quoted in NYTIMES 10/25/08:
“The test of the city is whether it keeps attracting rich people, important people,” he said. “I am supporting Bloomberg because I’m extremely concerned about the future of the city — more so than at any time even going back to the days of 1975.”
What a warm sentiment! A true egalitarian!