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What Is Seen & What Is Not Seen In Coliseumscam

July 20, 2011

The French economist, politician, and merchant Frederic Bastiat decisively refuted the economic fallacies which underly the claims of Coliseumscam supporters when he confronted their ancestors in the nineteenth century. Sadly, the same fallacies have gotten a lease on life with the Keynesian economics of John Maynard Keynes and the Roosevelt New Deal. The Mangano and Wang scheme team’s gun for hire, Camoin Associates, rests their analysis on these fallacies.

http://www.thefreemanonline.org/featured/what-is-seen-and-what-is-not-seen-2/.

This excerpt is from the first chapter of Selected Essays on Political Economy, translated by Seymour Cain and edited by George B. de Huszar, published by the Foundation for Economic Education. http://www.fee.org. I just reread it in the excellent book from Students for Liberty http://www.studentsforliberty.org

Henry Hazlitt did much to popularize Bastiat’s essays and book, THE LAW, with his own book ECONOMICS IN ONE LESSON.

Bastiat wrote “In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them. There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.

Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil”

What is not asked by Coliseumscam supporter is what the taxpayer would do with their money if not conscripted. They may save it for investment, a new business perhaps or a 527 plan for their child’s education. The taxpayer may spend it as he or she sees fit instead of being conscripted by Ed Mangano.

Similarly, if there were no Coliseum the consumer would have that money to spend or save (invest) as they see fit.

Yes, there will be construction jobs, but what about the construction jobs to build what people chose in the market to invest in or spend money? You can’t see it but it is there in the wings waiting.

Instead of money going to Champions in the Uniondale Marriott, the consumer or taxpayer would have their money to spend in Freeport, or Wantagh, or Glen Cove, or Garden City etc. Or even NYC or anywhere on earth THEY CHOSE.

Really, Mangano should join the Democrat party as he has accepted its economic philosophy.

Coliseumscam benefits some people like billionaire Charles Wang a lot, some construction workers but not all, some contractors but not all, a few restaurants to the detriment of the many.

This why the Libertarian Party says: Stop corporate welfare. Separate sports and state. Sell the Coliseum. Stop wasting money. Vote NO Monday, August 1st.-30-

Richard Cooper

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7 Comments
  1. Tom Jones permalink

    How much will taxes go up when the Islanders leave and the Coliseum shuts down!!? It WILLL shut down you pricks believe it the coliseum is old and they do not get big time events anymore like they used to. We are the largest suburb in America and you do not want a new arena? I understand some just do not want to pay for it and I reason with that but I am not taking a chance because some people’s gut says that Charles Wang and Mangano will have another deal in place. Dont you see, this is not Charles Wang’s doing. The COUNTY wants to make money off of the Coliseum…who wouldnt?? Arena’s are cash cows for areas that have a deal to make a % off of them. 11.5% off islander games plus 100% off concerts…That is a SWEET deal for Nassau County. We should be Thanking Mr. Wang for giving us such a sweet deal. At this point, he just wants an arena. Hes fed up with all that Lighthouse nonsense. He’s fed up with politics. Sure he will make money, but he stood to make a lot more off the Lighthouse. Dont be fools! VOTE YES LETS GO ISLANDERS!!

    • will4thman permalink

      Jones is right. My concerns in this lie more in restoring a sense of community in Nassau County.. building up morale, and some well forgotten hometown pride that we as a county seriously need. It seems some county residents take a wonderful thing like having a professional sports team in our backyard for granted. Its a sad thing, and the prospect of a new stadium and what good it could contribute to, money aside….. though, this will generate thousands of well needed permant jobs, not just construction gigs… Camoin Associates projects that while the area is under construction 1,515 new jobs will be created, and in the first year the arena is operational, there will be 3,040 permanent jobs. This plan is expected to generate $1.2 Billion for Nassau County. County taxpayers are guaranteed a return of 11.5% (a projected $14 million) generated from all events at the Coliseum. This refurendum seems to be in fact the fate of the Islanders. It’d be a shame to lose them, regardless of how you feel about the team itself, or its performance the last decade or so, we should be fortunate to have them for so long and the chances of seeing them leave and the coliseum shut down is a potentially sad path that we shouldn’t have to take. This is no scam. if it was a scam these camoin statistics wouldn’t be made public.. If you care about community growth on long island, the choice to vote yes is obvious.

  2. Tony S. permalink

    Jones is NOT right in fact he’s posted a blatant lie.
    Nassau County would NOT receive 100% of concert revenue.
    The Lease agreement as penned by Nixon-Peabody clearly says that Nassau County would only receive 11.5% of any revenue (that would include a mere 11.5% of parking, the naming rights, and yes concerts) or 14 million annually whichever is higher.
    The lease agreement is awful and basically screws the Nassau taxpayer.
    We assume all the financial risk in financing and building this new venue and for that risk are rewarded with crumbs while Charles Wang who risks absolutely nothing is rewarded with 88.5% of all revenue. Outrageous.

    Only a fool would vote themselves a tax increase to benefit a corporation.
    Vote No MONDAY AUGUST 1

  3. Tony S. permalink

    will4thman the Camoin Associates analysis was flawed in that the data and estimates they were given had been provided by Wang and were in fact overly optimistic as even the Camion report stated. Unfortunately the Camoin report did NOT include the data that they had used in their analysis and so no verification of their accuracy is possible and without that data the entire analysis must be dismissed.

    Pride in Nassau County should not cost you an additional $58 annually for the next 30 years.
    I’ll be enormously proud of Nassau when they vote this proposition down on Monday August 1.

  4. Tony.
    I guess Tom Jones and Will4thman are runnig scared now after their BS remarks. Wang didn’t become the mogul he is giving away deals. The cost for construction is too low. The Islanders are going now where.
    Anyone who thinks of this is voted down that the Islanders are leaving are fools trying to grasp.
    It amazes me everyday that politicians continoulsy lie and cheat the public to line their on coffers some even going to jail and the public beleives every word they say without knowing all the facts.
    Wake up Nassau county………….

Trackbacks & Pingbacks

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