Economics

L.A. Downtown's Future: More Public Money For Private Benefit

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As Adam Smith once sort of wrote, "Never do downtown power brokers gather to dazzle us with their plans for the future of the city core without conspiring against the general public."

And Los Angeles's "Downtown 2020" summit this week presented the city's richest and most well connected, from Tim Leiweke of AEG to Eli Broad, announcing plans for new cultural centers, football stadiums, and transportation money, all thanks in at least some degree to the beleaguered citizens of this bankrupt town.

Quotes, details, and context, including from our own Tim Cavanaugh on Broad's previous sweetheart rental deals for his relentless need to crush downtown with officially certified culture, at my Southern California news and politics blog "City of Angles."