On October 29, 1975, President Gerald Ford walked into a press conference at the National Press Club and, using more precise, more eloquent words than legend remembers, but in no uncertain terms, told New York City that the federal government was not going to bail it out.

The following day the New York Daily News -- the city's first tabloid newspaper summarized his blunt, castigating speech into one succinct and memorable headline -- FORD TO CITY: DROP DEAD.

Of course, the president never literally said DROP DEAD. But his words did signal the severity of New York City's problem -- the city was on the brink of bankruptcy.

In this episode, Greg dives into life in New York City during the year 1975 and the circumstances surrounding its most dire financial crisis, one which threatened the livelihoods of its millions of residents and damaged New York City’s reputation for decades.

Directors Peter Yost and Michael Rohatyn join Greg to discuss their new film on the New York financial crisis Drop Dead City, which uses gritty archival footage and a series of special guests (such as Harrison J. Goldin, Charlie Rangel, Betsy Gotbaum and former Bowery Boys guest Kevin Baker) to explain this complicated story.

If Michael's name looks familiar, that's because his father Felix Rohatyn played a critical role in bailing out the bankrupt city.

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