Rep. Karen Clark, DFL-Minneapolis, for example, saw the open purse as a chance to grab some money for the poor, requesting $400 million in bonding to fix up public housing “creating the same number of [construction] jobs as the stadium, coincidentally.”
Or not coincidentally.
Rep. Morrie Lanning R-Moorhead, sponsor of the stadium bill, called Clark’s amendment “not germane” and “another attempt to spend money we don’t have.”
I swear, he did this with a straight face.
Up until now, the loan guarantees have meant that colleges, like the writers of subprime mortgages a few years ago, got their money up front, with any problems in payment falling on someone else.
Make defaults expensive to colleges, and they’ll become much more careful about how much they lend and what kinds of programs they offer. China, which has already faced its own higher education bubble, is simply shutting down programs that produce too many unemployable graduates.
“It sounds like the Vikings have already picked their prom date,” he said, referring to Arden Hills. “If that’s the case, then, I guess we’ve got to figure out how to get them to the prom.”
-Rep. Michael Beard
Amazing how fiscal responsibly goes by the wayside when it comes to major sports. The Vikings are the last group that needs to be considered if they’re not even going to be paying for half of the costs of the new stadium.