In an article with absolutely no relevance for Seattle, the New York Times reports “With No Vote, Taxpayers Stuck With Tab on Bonds.” In another story to which Seattle residents should pay not attention, the city of Stockton is voting to declare bankruptcy, after risking taxpayer money on things like a … sports arena.
Of course, in Seattle, blah blah it’ll be so profitable, that it’ll make us a world class city while unlocking a stream of buzzwords and nonsense.
No, really. That seems to be the level of public discourse right now. The taxpayers of the region are being asked to pony up as much as 400 million bucks to help a hedge fund manager offload risk. That strikes me as doubly unwise. First, there’s lots of better ways we could allocate a possible $400 million dollars of spending. Second, when making a deal with a hedge fund manager to take risk, you should look for the sucker in the deal. It’s unlikely to be the hedge fund.