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March 6, 2007

Atlantic Yards will correct a "market failure" to further enrich Bruce Ratner

From today's AP article about how Mayor Bloomberg and Senator Charles Schumer are calling for the renewal of the Terrorism Risk Insurance Act (TRIA):

Critics of TRIA have complained the federal program unnecessarily subsidizes already successful developers and insurers, but Bloomberg said it simply corrects a "market failure" caused by the threat of terrorism.

Boondoggle.gifThat got us thinking how easy it is to justify billions of dollars in subsidies when selling big corporate boondoggles to the public:

Voilá, the growing list of why Atlantic Yards is more about communism than capitalism. On the other hand, didn't Marx say, "Boondoggles are the opium of the masses?"

Posted by lumi at March 6, 2007 1:46 PM