October 27, 2010
Citizenship for sale? Yahoo says yes, and endorses it (without looking closely at the Atlantic Yards deal)
Atlantic Yards Report
Would you believe that the brief mention in a Wall Street Journal article about Forest City Ratner's to raise $249 million via immigrant investors inspired an Oct. 25 analysis (Citizenship For Sale?) by Daniel Gross, economics editor and columnist at Yahoo! Finance, that concluded that not only is the EB-5 program a good idea, but it should be vastly expanded.
In other words, superficial journalism by the Wall Street Journal is compounded by superficial journalism by Yahoo!
The problem is that, with Atlantic Yards, the signal example Gross chooses (and touts on the video accompanying his piece), no new jobs would be created, the Empire State Development Corporation acknowledges, but Forest City Ratner could save perhaps $100 million over five years on $249 million in low- or no-cost financing.
Would they be "created" according to the federal government's loose regulations? That's what proponents say. Still, there are several reasons to be skeptical about the project, as I've written.
NoLandGrab: Mr. Oder was kind enough not to put "journalism" in quotes.
Posted by eric at October 27, 2010 11:17 AM