« Nets' Yormark Says 'Underdog' Role for Sponsors a Fit | Main | Reality Bangs on Bloomberg's Development Door »
October 8, 2008
The Financial Crisis and Atlantic Yards
Picketing Henry Ford
Is Bruce Ratner's Atlantic Yards a symptom or victim of the global fiscal crisis? As confidence in "ficticious capital" evaporates, where does that leave confidence in a pie-in-the-sky project?
In a world where government outsources the monitoring of new-fangled securities and megaprojects that are too big to fail, "to the firms that are to be monitored," on the principle that corporate self-preservation instincts will preclude these companies from doing anything catastrophically stupid (just ask Lehman, Bear Stearns, and Merrill), conditions are ripe for the "promulgation of a development plan so in love with its own rectitude due to its supposed community benefit"... and for another post on Picketing Henry Ford.
Posted by lumi at October 8, 2008 5:23 AM