Maloofs' Economist Twists Examples To Make Case

The Bee published Maloof economist Chris Thornberg's case that the Sacramento arena deal wasn't bad for just the Kings, but also for Sacramento.

Other than Thornberg's ignorance on term limits in Sacramento (there are none for the City Council or Mayor) and continued vagueness about why the revenue projections are so wrong (is it really unrealistic to expect substantially increased revenue? we have heard of Pac Bell Park and STAPLES Center and Sprint Center, yes?), the most strikingly absurd suggestion is that there is wide precedence for these deals turning out to be duds.

Thornberg mentions that Petco Park in San Diego was two years late and $45 million over budget. You know what San Diego's annual budget for 2012-13 is proposed to be? $2.7 billion. Petco isn't exactly the straw putting the camel in traction, y'know?

Thornberg mentions some disastrous incinerator in Harrisburg, Penn. Because when I want to prove that an entertainment and sports complex in the largest infill parcel in the nation in a top-20 market is a bad idea, I compare it to a waste management facility in a city smaller than a dozen of Sacramento's suburbs.

And once again, we have the suggestion that Stockton was somehow felled by its attempt to revitalize downtown. Stockton is not broke because of the arena (which cost $60 million) or the ball park ($20 million). Stockton is broke because of the unholy collision course between the national mortgage crisis and the statewide pension crisis. There is a list deeper than George Maloof's navel of California cities without arenas who are in dire financial straits. But those cities don't fit the position that Thornberg was hired to present, so they aren't getting the time of day.

Thornberg's op-ed would have been better spent actually proving he's not a hired gun instead of denying it while throwing firecrackers to distract from the point that the Maloofs killed a deal they'd already agreed to. It's amazing that such a well-respected economist only waited until he was getting a paycheck from the Maloofs before rescuing Sacramento from doom. Some hero.

In This Article

Teams
X
Log In Sign Up

forgot?
Log In Sign Up

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.

Join Sactown Royalty

You must be a member of Sactown Royalty to participate.

We have our own Community Guidelines at Sactown Royalty. You should read them.

Join Sactown Royalty

You must be a member of Sactown Royalty to participate.

We have our own Community Guidelines at Sactown Royalty. You should read them.

Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.

tracking_pixel_9347_tracker