Trivia: In 1975, what major city nearly went bankrupt before a government bailout?
Chicago, Illinois
New York, New York
Detroit, Michigan
Philadelphia, Pennsylvania
The correct answer is New York, New York
So why is this answer correct? : In the 1970s, New York City ended up billions of dollars behind on payments, teetering on the edge of bankruptcy while President Gerald Ford declined to let the federal government bail it out. Ultimately, though, he signed the New York City Seasons Financing Act, which released $2.3 billion in loans to the city, a total that is equal to roughly $10 billion today.