NYC Postmortem

April 28, 2010

So I step in after my colleague’s hard crash, like a child coming back down hard to earth after a mad sugar rush, he could be out for days by the look of it, to wrap up our New York City sojourn.

As any good trip away should, we return home with a heightened appreciation of where we live. At least, most of us do. Acaphlegmic went missing Monday night, staying aboard the uptown bound N train as the two of us hopped off at our stop. He had a plan, he said, that did not include us. With that, he was gone, destined for the upper regions of Manhattan or, quite possibly, Queens.

In terms of vibrancy and self-assurance, there really is no other place that compares to New York. It is the centre of the known universe and is well aware of that fact. To bask in its aura even for just a few days, is to acquire a taste, ever so fleetingly, of what it is like to wield true power.

That’s fun for awhile but the responsibility becomes a bit much for us mere mortals to bear. We make our way back home with the knowledge that we are not, ultimately, made of the sterner stuff needed to survive a serious go in such an unforgiving environment. Failure is not an option, as the movies tell us, so we retreat to our slightly more humble surroundings.

Where we have a little more space. A little more tranquility. Where the food is just as good and less pricey and precious. Where we have long since abandoned the idea of building subways.

Did you know that New York City is still building subways? How is that possible? I thought our American neighbours took it in the economic cojones much harder than we did. Especially at ground zero of the meltdown, home to your Lehman Brothers and Goldman Sachs. So how are they going about such extensive public transit infrastructure spending while we fiddle and fart over extending LRTs?

Then I came across this little tidbit in the Wall Street Journal yesterday at the airport:

Top New York real-estate executives and the City Council speaker will make an 11th-hour push Wednesday to persuade the White House to back federal funding for a second subway station as part of the extension of the No. 7 line in Manhattan.

Officials from the Real Estate Board of New York, a trade association, and City Council Speaker Christine Quinn will meet in Washington with Vice President Joe Biden’s staff in hopes of securing hundreds of millions of dollars to build a station at 10th Avenue and 41st Street.

What’s that then?! A New York City councillor and some members of the real estate association have an audience with the US Vice-President, the second most powerful man in the world, trying to secure federal funding for one subway station!? I mean, wasn’t he just over in Israel trying to kick start peace in the Middle East? Remember when Toronto was trying to secure some federal infrastructure money last summer and were told by the Honourable John Baird, Minister of Transport, Infrastructure and Communities to go fuck ourselves because we hadn’t crossed our Ts and dotted our Is to their satisfaction?

Maybe cities get the respect they deserve. As long as we continue to grovel at the feet of senior levels of government, begging them to pony up cash they took from us in the first place, we’ll continue to be second class citizens. By taking seriously would-be mayoral candidates who call financial negotiations with the province ‘going cap in hand’, Toronto is simply acknowledging the fact that we’re an after-thought, a voter rich zone with little actual power and zero influence.

I’m not proposing we be like New York. That’s impossible and undesirable. What I would like, however, is to occasionally strut like New York, swing some serious pipe like New York. To simply stop acting like we’re not worthy to be treated like a world class city by the very politicians we elect to serve us. I’m not alone in appreciating where I live. It’s time to demand our elected officials do the same.

stridently submitted by Urban Sophisticat


Selling The Crown Jewels

March 11, 2010

What’s with our politicians lately and their hell bent determination to sell off the proverbial farm? Is it something in the water (publicly owned, for now) they’re drinking? First, mayoral candidate Rocco Rossi made divesting the city of Toronto Hydro a major plank in his campaign platform. His main rival, George Smitherman, has slowly come round to a similar way of thinking.

Now the provincial government has been pondering aloud thoughts of unloading such assets as Hydro One, OLG and the LCBO. While putting nothing on the table in the immediate future, the government has hired a couple investment banks including — wait for it, wait for it — Goldman Sachs to assess the worth of a proposed super Crown corporation, bits of which could be sold off to private hands in an attempt to “monetize public assets” and “unleash” an economic jolt to the economy. Colour me unimpressed because I smell a big steaming pile of panic in this approach.

Didn’t we just undergo about 18 months or so of near economic calamity followed by a present recovery that is robust only in its anemia? All but the most hardcore Milton Friedmaniacs should have no trouble with governments carrying a debt load as result of keeping the economy and vulnerable citizens afloat during such harsh economic times. And frankly, why anybody would be listening to anyone touting Milton Friedman tinged views after their healthy contribution to the recent financial fiasco is beyond me. The acolytes of Milton Friedman should still be silent with embarrassment.

Maybe if I could find a single unqualified example of a government being well served by a one time sale of a public asset, I’d be more open to the concept. Proponents hail the leasing last February of Chicago parking meters for the $1.2 billion dollars it netted the city. Yet within a month, problems arose with price hikes, bad maintenance and no public accountability (read all about at theexpiredmeter.com) and for the next 75 years, the money paid for parking at meters in Chicago will go directly into private hands instead of the public purse.

And this is cited as an example of a good deal by pro-privateers. Let’s not even bring up our provincial government’s 99 year “lease” agreement of the 407 toll road back in 1999. For me, a public sale of assets inevitably amounts to nothing short of a public fleecing.

I’m no economist but the selling of public assets just doesn’t make in any sense. If an asset is worth something and by that I mean it generates revenue, why sell it? If an asset doesn’t generate revenue, who wants to buy it? And if the asset in question is a public utility? Well that’s a non-starter. Society cannot be well served by placing public utilities into private hands.

Yet here we are once more with a government in power, facing a looming election and an ugly looking bottom line. Short term thinking holds sway. Hawk the public wares, pay down the debt and declare your fiscal prudence. Pay no attention to the revenue stream that ceases to flow into government coffers. The next time a crisis arises (and in the boom and bust economy we embrace, there will always be another crisis), we’ll just auction off another asset. That is, of course, if there’s anything left to sell.

But just for a moment, how be we try thinking outside the privatization box? What about instead of selling off, say, the LCBO for a single cash grab that we’ll never have access to again, we impose a twenty-five cent tax on every bottle of intoxicant purchased and dedicate it solely to lowering the debt? Drink Down the Deficit®™©, we’ll call it. When things are back under control, we rescind the tax?

Fuck that. If things are so dire that we’re actually contemplating the sheer stupidity of selling off money making enterprises, levy a buck a bottle at the LCOB and two bucks a square at the Beer Store. Yes, it’s regressive and we’re piling the debt load onto the backs of those who can least afford it but if we’re being truthful about the matter, we’re doing the same thing by selling off cash cow Crown corporations. It just simply delays the inevitable.

As an imbibing enthusiast, I will happily pay more for the privilege of the tipple knowing that the money is going toward deficit reduction rather than into the pockets of the vultures who are greedily circling the body politic. In fact, I will consider it my patriotic duty to up my consumption of alcoholic beverages and do my part in slaying the deficit dragon. Let us raise multiple glasses to the health of the commonweal.

Chin, chin.

soberly submitted by Cityslikr