A comparison

We were wondering if anyone else has noticed the seeming parallel between what is happening in Washington, D.C., and in Indianapolis.

One of the bases of the problems in Washington was the attempt to make a dream come true which was never in the financial cards.  Somehow the "ideal" concept of home ownership became an "entitlement" to people who, unfortunately, simply were not able to afford that position.

Here in Indianapolis the problem pretty much began with the idea that the city needed to be "world class" and that the only way to achieve that status was the presence of a professional sports franchise.

In the ensuing processes, in both cities, a lot of money got committed with little or no apparent look at future ramifications.  Now Pandora's box is open and the results are roughly the same in both cities.  (Except for the number of zeros in Washington computations.)

In Washington we learned that, without immediate passage of 1,000 page, trillion dollar legislation - without benefit of having been read by anyone - the world would come to an absolute stop and we'd all fly off in unknown directions.

In Indianapolis we are told that loss of professional sports will cause the implosion of the city as we know it, with Monument Circle likely turning into an ash heap within months or maybe even weeks.

Naturally, the solution in both cases is the insertion of the grubby hand of government into the pockets of the taxpayer to salvage the welfare of folks who actually have much deeper pockets themselves.  (After we've taken care of the billion dollar financial institutions and their congressional puppets, there may be an effort to help the ignorant and misled poor who took on mortgages they could not pay.)

Possibly the most distressing thing of all is the fact that, again in both cases, the people who led the nation and the city into the current fiasco are the same ones who now presume to try to lead us out.  A few businessmen, a handful of law firms, and politicians - the "leadership" of this city are now meeting "behind closed doors" to determine the fate of the local taxpayer.

So much for transparency and citizen input.  Would it be fair to compare the U.S. Senate Banking Committee and Sen. Dodd to the Capital Improvement Board and Mr. Early?  Well at least, so far, no local taxpayer has been called before the CIB to be grilled about why he/she did not voluntarily contribute more private funds in addition to the substantial public subsidy to help prevent the Pacers' "twenty five years in the red."

What the h....  We're only talking about Millions while Washington is shoveling out TRillions.  Almost makes us ashamed to have brought the whole thing up! 

Comments

[Voc Populi]

Actually in the case of the CIB agreement with the Colts it is billions; construction costs(LOS) 720 million + interest for 30 years will be over 1 billion dollars(dependent upon bond rates), add 20 million per year for maintenance for 30 years and that is another 600 million. Then there are the Pacers crying for similar treatment in contracts who want us to pay 15 million per year for their maintenance and that would be 450 million over the next 30 years. Just rough figures but that is 2 billion for the Pacers and Colts over the next 30 years. By the way don't we owe the Colts additional parking? If so, add that to our bill as well.

[Fred McCarthy]

We were thinking about current figures. The cumulative "sticker shock" would probably be too much for this old geezer!

[John Howard]

Yes, that parking thing seems to have been kept quiet. At the outset it was of extreme urgency. That was right after they had to compromise with the bean company in light of considerable public outrage.

Makes me wonder if it was all just smokescreen or if there's still another shoe waiting to drop.

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