(Via Steven Perez) "last month hi s office gave a local TV station a statement promising to invest not $260 million but $750 million My review of construction costs for hotels and condominiums suggests the $750 million figure is wildly inflated, but it may make the subsidies more politically palatable. If the larger figure is real, and taxpayers put up $250 million, they would pay for a third of the project, while for a $260 million project the taxpayer share would be 96 percent. Having taxpayers pay nearly all of a new investment is becoming common. General Electric, for example, is getting Ohio taxpayers to cover 92 percent of a $126 million project That's how corporate socialism works -- taxpayers donate capital, while the owners keep the profits." - Andrew C (✓) from Bookmarklet

"As for that proposed hotel, my analysis of county hotel tax data shows demand for lodging unchanged for two decades. If taxpayers finance Congel's hotel it would either fail or almost certainly force an existing hotel or two out of business. That's how corporate socialism works -- government, not the market, picks winners and losers." - Andrew C (✓)

"Congel may never get $250 million of taxes, but if he does it will cost taxpayers whether they visit his mall or not, while weakening or destroying existing local businesses. That's how corporate socialism works -- privatize gains, socialize losses and destroy competitors who do not get subsidies." - Andrew C (✓)