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Glendale Arizona is financially underwater.
MGLICKER
Posts: 7,995 ✭✭✭
in Sports Talk
After committing huge sums of money to the Cardinals, Coyotes and minor league baseball.
It is my belief that municipalities should stay the hell out of for profit sports. Story
It is my belief that municipalities should stay the hell out of for profit sports. Story
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<< <i>I've long been an opponent of using any public money to finance stadiums. All they do is put more money into the pockets of the billionaire owners and strap taxpayers and local governments with debt they simply cannot afford to take, all under the threat of losing their team. The recent Braves announcement is just further proof that there are still tons of people out there gullible enough to buy into this garbage. >>
Agree with 1985 here.
<< <i>After committing huge sums of money to the Cardinals, Coyotes and minor league baseball.
It is my belief that municipalities should stay the hell out of for profit sports. Story >>
The region was exploding up to the recession and when it hit, it hit them hard. It's almost a textbook example of a great idea (centralizing an entertainment hub) but funded without understanding the consequences of an economic hiccup. Values plummeted (50%+ in most cases) and brand new centers were mostly dark. When I was there in '09, it almost had a ghost town like feel to it. Really sad...
Think about a year ago, the City Manager retired and the Mayor decided not to run for another term.
<< <i>After committing huge sums of money to the Cardinals, Coyotes and minor league baseball.
It is my belief that municipalities should stay the hell out of for profit sports. Story >>
We are dealing with this question here in Sacramento for the new downtown arena. An arena, or multiple stadiums/arenas like Glendale, is not a guaranteed money maker of course. There is a risk in most things in life. However, if the municipality can reduce the risk to a very improbable risk and the upside is thousands of jobs and (most importantly) bringing in money from other areas, then munis should go for it. You can't let one Glendale ruin the concept for others. It has been a successful recipe throughout the country. Glendale was unique in that it sprung up over night and the local muni put in way too much of it's own money and that was coupled with the great recession that was highly unlikely in scope.
What was so unlikely in scope about the great recession? Those that know how an economy works saw it coming years in advance. Bernanke has set us up for an even greater recession that will likely be coming in the next 3-5 years, when the bond market implodes.
<< <i><<<Glendale was unique in that it sprung up over night and the local muni put in way too much of it's own money and that was coupled with the great recession that was highly unlikely in scope.>>>
What was so unlikely in scope about the great recession? Those that know how an economy works saw it coming years in advance. Bernanke has set us up for an even greater recession that will likely be coming in the next 3-5 years, when the bond market implodes. >>
Agreed. While few knew how severe it would be, if you had any investment experience and lived through the dot com days, you knew a pop was inevitable. I agree with the latter as well; QE is/was like using scotch tape on the Hoover Dam.
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<< <i><<<Glendale was unique in that it sprung up over night and the local muni put in way too much of it's own money and that was coupled with the great recession that was highly unlikely in scope.>>>
What was so unlikely in scope about the great recession? Those that know how an economy works saw it coming years in advance. Bernanke has set us up for an even greater recession that will likely be coming in the next 3-5 years, when the bond market implodes. >>
Agreed. While few knew how severe it would be, if you had any investment experience and lived through the dot com days, you knew a pop was inevitable. I agree with the latter as well; QE is/was like using scotch tape on the Hoover Dam. >>
You guys are so full of crap. Everything is crystal clear with hindsight but I have a TON of clients who were buying rental homes on spec, had their 401k implode by half, etc..... Please. Everybody is an expert after the fact. Did you both have your assets in cash? I doubt it.
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<< <i>
<< <i><<<Glendale was unique in that it sprung up over night and the local muni put in way too much of it's own money and that was coupled with the great recession that was highly unlikely in scope.>>>
What was so unlikely in scope about the great recession? Those that know how an economy works saw it coming years in advance. Bernanke has set us up for an even greater recession that will likely be coming in the next 3-5 years, when the bond market implodes. >>
Agreed. While few knew how severe it would be, if you had any investment experience and lived through the dot com days, you knew a pop was inevitable. I agree with the latter as well; QE is/was like using scotch tape on the Hoover Dam. >>
You guys are so full of crap. Everything is crystal clear with hindsight but I have a TON of clients who were buying rental homes on spec, had their 401k implode by half, etc..... Please. Everybody is an expert after the fact. Did you both have your assets in cash? I doubt it. >>
I was mostly cash by 3Q in '07 and because of that, I was able to keep my head above water during a time my industry (apartment transactions) literally came to a stand still. Maybe you didn't see the warning signs living in CA. But from '06 to '08 in TX, my 'smart' guys were sellers and the buyers were essentially syndications and inexperienced TICs.
<< <i> the upside is thousands of jobs and (most importantly) bringing in money from other areas, then munis should go for it. >>
Never ever warmed up to the idea of paying for jobs. The hard working, honest business folks that have long paid their taxes get ripped off by the elite every stinking time.
<< <i>You guys are so full of crap. Everything is crystal clear with hindsight but I have a TON of clients who were buying rental homes on spec, had their 401k implode by half, etc..... Please. Everybody is an expert after the fact. Did you both have your assets in cash? I doubt it. >>
It's not just this these guys are hindsight experts on...they always have their mouths going after the facts how they 'knew' what was going to happen. Over and over these 'experts' speak after the fact.
Back to the topic on hand, it's mind-numbing that some people are still so short-sighted and ignorant that financing stadiums for billionaire owners seem like a good idea for them. The debacle in Cobb County in ponying up hundreds of millions of dollars while at the same time having their school system $80 million in the red. This corporate welfare is sickening, and the fact that the team is owned by a multi- multi-billionaire owner who just happens to be the largest landowner in America is even more repulsive. Throw in the mindless masses who think this type of deal is a good idea and you can't help but shake your head and walk away and weep for our future.
<< <i>
<< <i>
<< <i><<<Glendale was unique in that it sprung up over night and the local muni put in way too much of it's own money and that was coupled with the great recession that was highly unlikely in scope.>>>
What was so unlikely in scope about the great recession? Those that know how an economy works saw it coming years in advance. Bernanke has set us up for an even greater recession that will likely be coming in the next 3-5 years, when the bond market implodes. >>
Agreed. While few knew how severe it would be, if you had any investment experience and lived through the dot com days, you knew a pop was inevitable. I agree with the latter as well; QE is/was like using scotch tape on the Hoover Dam. >>
You guys are so full of crap. Everything is crystal clear with hindsight but I have a TON of clients who were buying rental homes on spec, had their 401k implode by half, etc..... Please. Everybody is an expert after the fact. Did you both have your assets in cash? I doubt it. >>
It's just the way of things- there's not much you can do to change it. Keep in mind, these are the same guys who, by and large (and I recognize there are exceptions), have been lapping up crap like this for the past eight years or so, and can't find a way to pull their tongues off the frozen flagpole in the face of persistent low inflation.
The great thing about the Internet is that nobody ever has to admit they're wrong. All we need to do is convince ourselves that somehow we know more than the guys making eight digits a year who go to bed at night dreaming about yield curves; once we've done that, we can go about the business of trying to convince everyone else of the same.
<< <i>
The great thing about the Internet is that nobody ever has to admit they're wrong. All we need to do is convince ourselves that somehow we know more than the guys making eight digits a year who go to bed at night dreaming about yield curves; once we've done that, we can go about the business of trying to convince everyone else of the same. >>
It's not just the internet; look at sports and political talk. The loudest voices get the biggest audiences, accuracy be damned.
Experience the World through Numismatics...it's more than you can imagine.
<< <i>Fly to Green Bay and make your pitch there that Green Bay is doing it all wrong >>
They are wisely playing their home games in 57 year old Lambeau Field.
Experience the World through Numismatics...it's more than you can imagine.