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| Re: Should the city take back its buses and subways? (1507247) | |||
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Re: Should the city take back its buses and subways? |
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Posted by MainR3664 on Sun Mar 17 15:01:29 2019, in response to Re: Should the city take back its buses and subways?, posted by Stephen Bauman on Fri Mar 15 20:16:23 2019. Well, I agree. Of course no one foresaw inflation in the pre-WW1 because there had been virtually none in the US since the Civil War. In fact, the attempts to bring about a silver standard, as well as the 1896 campaign of William Jennings Bryan were based on a perceived need for a little inflation.But now we know better- there will always be some level of inflation, and at times, it can spike up. And the IRT/BMT bondholders were entitled to payment- they'd fronted money, after all. So while the nickel fare seemed like a good idea in 1910-ish, by 1925, everyone knew it needed to be raised. Yet, for nakedly political reasons, it couldn't be. |
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