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In this episode Jeremy and Tim are joined by historian and New Yorker Kim Phillips-Fein to discuss a crucial event in the Love is the Message story: the 1975 New York City fiscal crisis. Kim’s book ‘Fear City: New York’s Fiscal Crisis and the Rise of Austerity Politics’ is widely regarded as the definitive text on the matter, so she was the perfect person to talk to, and she brought some great music recommendations to boot.

The three discuss both the long- and short-term backdrop to the crisis, charting how the city’s unique social democratic municipal system of rent controls, hospitals and education changed across the twentieth century, before examining how the centre of international capital came extremely close to bankruptcy. Kim explains the financial mechanisms which animated the crisis and the political choices that precipitated it. She elucidates President Ford’s predicament during the crisis, the effects of ‘white flight’, and reminds us that New York was itself an industrial city rapidly de-industrialising. 

This being Love is the Message, naturally we also hear about the extraordinary cultural creativity of the time and examine its material causes, including changing democraphics and the transformation of Soho. Finally, Tim Jeremy and Kim consider what happened next, and how the fiscal crisis has been historicised to serve a particular ideology.

Kim Phillips-Fein is the Gardiner-Kenneth T. Jackson Professor of History at Columbia University. Her book ‘Fear City: New York’s Fiscal Crisis and the Rise of Austerity Politics' was named a finalist for the 2018 Pulitzer Prize for History. She is also the author of ‘Invisible Hands: The Making of the Conservative Movement from the New Deal to Reagan’.

Tracklist:

Television - Venus

The Dils - Class War

The Rolling Stones - Shattered

Grandmaster Flash & The Furious Five - The Message