Writing in the New York Post, Nicole Gelinas of the Manhattan Institute suggests a new target for Occupy Wall Street protestors angry about crony capitalism: Yankee Stadium’s taxpayer-subsidized luxury parking garages. As Gelinas explains, Bronx Borough President Ruben Diaz, Jr. is currently trying to orchestrate a government bailout for the cash-strapped garages:
Diaz’s proposal relies on fear of a bond-market panic, which would force another 2008-style bailout of sophisticated investors. Apparently, such bailouts are OK as long as they come in the form of useful goodies, like the promise of taxpayer-subsidized construction jobs for Bronx voters.
But bondholders need to be taught a lesson. It’s bad enough national taxpayers have too-big-to-fail banks. Local taxpayers don’t need too-big-to-fail parking lots.