35 years ago in reason.

• Position: Citings - Brief article

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"A bailout would not only prolong the agony and trigger rampant inflation, it would eliminate the pressures for long-overdue internal reforms, and by calling for increased taxes, would accelerate the exodus of business and middle-class residents from the city. City residents should not be forced, by higher taxes, to sacrifice for the sins of New York City politicians."

--Manuel S. Klausner, "Default: Key to New York City's Rebirth"

"Those of us who want to desocialize America should rejoice at the prospect of destroying the credit of state and local governments."

--Murray N. Rothbard, "Default Now!"

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