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.
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-
Away August 1st? Get an absentee ballot.
Absentee ballots would have to be applied for by July 25th via mail, and July 31st in person at the Board of Elections. Completed absentee ballots would have to be postmarked by July 31st and received on or before August 8th at the Board of Elections. In person drop-offs for absentee ballots would have to be by August 1st by 9PM. Nassau County Board of Elections, 240 Old Country Road, 5th Floor, Mineola, NY 11501 516-571-2411.
Distribute flyers door to door, at train stations, post offices. Take some in your car wherever you go.
I guess that the Mangano-Wang scheme team realize that the public doesn’t like Coliseumscam. So they have added more disinformation meetings.
Show up, distribute literature, ask questions and make comments opposing Coliseumscam.
Nassau County will host an additional series of public information meetings to be held on the following days:
- Monday, July 18th at Syosset-Woodbury ParkCommunity Center, located at 7900 Jericho Turnpike, Woodbury (Town of Oyster Bay) From 4 p.m. to 8 p.m.
- Monday, July 18th at the Uniondale Public Library, located at 400 Uniondale Avenue, Uniondale (Town of Hempstead) From 7:30 p.m. to 9 p.m.
- Tuesday, July 19th at Carle Place High School, located at 168 Cherry Lane, Carle Place (Town of North Hempstead) From 12 p.m. to 2 p.m. and from 4:30 p.m. to 7:30 p.m.
- Thursday, July 21st at the Massapequa Park Public Library, the Bar Harbour Building, located at 40 Harbor Lane, Massapequa Park (Town of Oyster Bay) From 12:30 p.m. to 2:30 p.m.
- Thursday, July 21st at Stillwaters Restaurant, located at 2851 Ocean Avenue, Seaford (Town of Hempstead) From 5 p.m. to 9 p.m.
- Friday, July 22nd at the MassapequaFirehouse, located at 515 Hicksville Road, Massapequa (Town of Oyster Bay) From 12 p.m. to 2 p.m. and from 4 p.m. to 8 p.m.
Every vote counts. If you will be away August 1st, you will need an absentee ballot to have your vote counted.
Absentee ballots would have to be applied for by July 25th via mail, and July 31st in
person at the Board of Elections. Completed absentee ballots would have to be
postmarked by July 31st and received on or before August 8th at the Board of
Elections. In person drop-offs for absentee ballots would have to be by August
1st by 9PM. Nassau County Board of Elections, 240 Old Country Road, 5th Floor, Mineola, NY 11501 516-571-2411.
Don’t let the Mangano-Wang scheme team win by 1 vote.
July 14th is Bastille Day when the French people,
oppressed by high taxation, regulation and the
overbearing arrogance of the aristocracy stormed
the Parisian prison known as the Bastille. The
building served as a symbol of their oppression.
Nassau residents, especially taxpayers, should
view the Coliseum as a symbol of their oppression
by high taxation, regulation and the
overbearing arrogance of the political class. The
arrogance is typified by a stealth vote that has
been scheduled for Monday, August 1st, 18 days
from today, instead of the September primary or
November general election dates. The $2 million
cost will be assumed by the beneficiary of
Coliseumscam but only if the vote goes his way.
The customary postcard mailing to inform voters
of their polling place and the date will not be made
as the $500,000 would cost too much. So, Wang
isn’t volunteering to pay that! Yet the county finds
the money to pay for a so-called “informational”
flyer. See today’s Newsday
7/14/11 Celeste Hadrick
Coliseumscam is legalized theft. Ultimately,
government rests on force, the police and the jailer.
Here, instead of protecting members of the public,
the government is taking their property (money
here, land in eminent domain) and giving it to
someone else. It is legal but it is still theft in the
Libertarian view. In this case, the principal
beneficiary is Computer Associates founder
Charles Wang, one of the 400 richest people
The Libertarian alternative is that the Coliseum be
sold and the owners pay. If you want a sports
facility, YOU pay for it. Don’t draft others to pay.
Separate sports and state.
We need regime change in Washington, Albany
and Nassau. Let us start by rejecting the scheme
which should be called Coliseumscam. When
possible, vote Libertarian www.ny.lp.org
www.lp.org. The American Revolution was partly
about fighting privilege. Let us continue the fight
for individual liberty, free markets and personal
Beware of corporate welfare recipients and their promises. Look before you leap. http://www.nolandgrab.org/archives/2011/07/unity_a_despera.html The nolandgrab.org is a model of blog activism.
Before Nassau Coliseumscam I was involved in fighting the eminent domain and corporate welfare scheme known as Atlantic Yards in Brooklyn. Unfortunately, taxpayers and property owners lost that one.
Mangano & Co. say nothing can go wrong and that the revenue projections are a sure thing. Well, no. Remember Lehman Bros, Fannie Mae, Bear Stearns and the mortgage crisis. Things can go south and in a hurry. Look at the Wilpons and the Mets.
See my article NYC MTA’s Bailout Of Brooklyn Atlantic Yards Developer http://groundreport.com/articles.php?id=2902243
Another public service message from Richard Cooper and the Libertarian Party of New York. 20 days to go. Separate sports and state.