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| Re: NYC Rail networks—bursting at seams? (1353106) | |||
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Re: NYC Rail networks—bursting at seams? |
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Posted by WillD on Thu May 21 08:12:41 2015, in response to Re: NYC Rail networks—bursting at seams?, posted by Dyre Dan on Wed May 20 17:53:38 2015. But things were different then.No it wasn't. They had just gone through the Panic of 1893. Any business that didn't make allowances for changes in the economy, whether because of a change in currency or economic dislocation did not deserve to remain in business. If you commit to a 40 year contract to provide a service without contemplating what a nickel will be worth in 40 years (and there definitely was inflation at the time) then that can only be an abjectly idiotic business practice. Of course in the end fiat currency and the unification of the IRT and BMT into the IND both turned out to be great things. One ended the cycle of Panics that had stifled the economy through the 19th century, and the other ensured NYC's rapid transit network was not totally destroyed in the postwar period. |
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