Public funds for NY stadiums

Tell them to pass the hat amongst the players.

I ain't smart enough to understand fancy words like bond issues, bailouts and public financing but I was sure we were told the Yankees were going to pay for this stadium out if their own pockets.

I was even thinking nice things about them for doing that.

I guess I have yet another reason to hate the Yankees.

Another reason to not watch Pro anything.
Tax free bonds (Junk Bonds) mean the public will buy them and they and the rest of the public will make up the lost Tax revenue. If I ever come back in the next life I want to be a stock and bond broker.

My biggest complaint on this topic is the Citi name for the Mets stadium. We, the taxpayers, have just turned over another huge payment which will allow the bank to be split into 2 entities. One will be the "good" bank and the other the "bad bank". With our money, this bank that has now been, for all intents and purposes, nationalized by the government, will be paying money to the Mets for the right to hang a sign on the ballpark.

What's wrong here and who's in charge? Change, I don't see anything changing.

We'll all be paying for it for years. If it makes you feel any better, current estimates are another $500B is needed to clean up the banking mess. When I heard change had come to america, I wasn't thinking more than $1T in bailout money.

First I am not a Yankee fan nor do I live in the north. However, I did hear a good interview that explained this situation. The Yankees are basically borrowing the money from the city of New York and are paying it back at favorable terms. The city of New York doesn't have the cash to give the Yankees so they are selling the bonds to public and LOANING the proceeds to the Yankees. All this is legal and the Mets got the same deal but are building a smaller stadium hence less expensive. Also the Yankees don't pay property tax now on the old stadium and won't on the new stadium so the city isn't losing any tax revenue. The city isn't gaining any tax revenue like everyone hoped but they aren't losing any. The city is issuing bonds and reaping the rewards of the spread with little or no risk. The only way the city could lose on the deal is if the Yankees declare bankruptcy. Does anyone think that is going to happen?

If you live in the City you get to pay Fed, State and City income tax. Maybe they just need to add Yankee taxes.

quote:

Originally posted by Dad04:
If you live in the City you get to pay Fed, State and City income tax. Maybe they just need to add Yankee taxes.

Dad04- I used to be selfish in hoping my kid gets to play at Yankee Stadium some day. However, I am working on being a more sharing person and my end goal is for you and me to go to NY and hoot-holler and ROOT for the Yankees and I'll even buy you a new Yankee hat.

quote:

Maybe they just need to add Yankee taxes.

They already have a "yankee" tax...it's a hotel and rental car tax!

quote:

Originally posted by Dad04:
If you live in the City you get to pay Fed, State and City income tax. Maybe they just need to add Yankee taxes.

These are usually called "hotel" and "car rental" taxes. Is anyone aware we still pay a phone tax to support the Spanish-American war?

quote:

Originally posted by RJM:
Is anyone aware we still pay a phone tax to support the Spanish-American war?

Is that war over? I thought there are still some gorilla groups, economic terrorism, and poisoning our youth with drug traffic that initiates from some illegal border activity and entry.

quote:

Originally posted by rz1:

quote:

Originally posted by Dad04:
If you live in the City you get to pay Fed, State and City income tax. Maybe they just need to add Yankee taxes.

Dad04- I used to be selfish in hoping my kid gets to play at Yankee Stadium some day. However, I am working on being a more sharing person and my end goal is for you and me to go to NY and hoot-holler and ROOT for the Yankees and I'll even buy you a new Yankee hat.

Uh umm uh...happy to go to the stadium. I've been to the old one, but I am afraid you would have to drag me in hog tied with duct tape to get me to where a yankee hat.

quote:

Originally posted by RJM:
[QUOTE]Originally posted by Dad04:
Is anyone aware we still pay a phone tax to support the Spanish-American war?

LOL..I thought the feds cut that tax out a couple years ago. Did they do that or just call the tax something else so they don't cut that revenue stream.

quote:

Originally posted by spizzlepop:
City approves $370.9 Million

The richest franchise in sports can't afford the price tag of its new home. Bailout? The Yankees and Mets both get big public subsidies to finish/upgrade their new stadiums.

Larry Flint is asking for a 5B bailout. Yanks going on the cheap at $370M

quote:

Larry Flint is asking for a 5B bailout.

Wow our economy is definately shot if something associated with the oldest profession is having trouble.......