In addition to state infusions to the Thruway Authority, Mr. Cuomo has announced he is undoing the arrangement brokered in 1992 by his late father, Gov. Mario Cuomo, who put the financially
troubled state Canal Corp. under the auspices of the Thruway Authority.
The first followed the Panic of 1837, which triggered downturns in
states that had invested in
canals and railroads, or that had insolvent
state - run banks (this latter problem is echoed by Puerto Rico, whose Government Development Bank is in deep
trouble).