New York and other big cities always complain that they provide vastly more in federal tax revenues than they receive back from the government in benefits. But John Gapper makes an excellent point:
The U.S. government’s latest plan to buy up bad securities could be a larger helping hand for New York than the Chrysler bailout in 1979 was for Detroit.
Maybe this is the way of killing the deal. If there’s one thing that all right-thinking Americans agree on, it’s surely that New York City is not the first best place for $700 billion of taxpayer assistance to flow.