Soon after the destruction of the World Trade Center on September 11, New York City pundits, fiscal watchdogs, and politicians began to speak of a fiscal crisis looming over the city. Some compared the situation today to that of the city's last major fiscal crisis in the mid-1970s. In a New York Times editorial, Felix Rohatyn, the former US ambassador to France and prominent financier who played an important role during 1970s crisis, went so far to warn that the city possibly faces a worse crisis today than it did over twenty years ago.Felix Rohatyn, “Fiscal Disaster the City Can't Face Alone,” New York Times, October 9, 2001, A25. With such ominous talk came discussion of the possible need for large-scale layoffs, wage freezes, and significant cuts to the city's social programs.