On Sunday, Dallas celebrated the destruction of a $300 million property; $300 million of taxpayer money down the drain.
I'm talking of course about the demolition of Texas Stadium, former home to the Dallas Cowboys.
Have a look at what was once one of the most famous stadiums in America.
Last Monday Night Football Game in Texas Stadium (Cowboys vs. Eagales, 2008)
Now have a look what happened to it after it was replaced by a $1.3 billion stadium, most of which is to be paid by taxes; just another example of America's economy - socialism for the wealthy like Cowboys owner Jerry Jones.
Notice how they turned this tragic event into some glorious activity. And no one bothered to criticize this huge waste of resources. Texans aren't exactly known to be geniuses.
The way things are going, a good portion of real estate across America might share a similar fate.
UPDATE (April 14, 2010): Previously, I discussed the new stadium as smaller part of what has happened to America. You will note the picture shows a $1.1 billion price tag for the stadium, but I have heard figures as high as $1.5 billion. The variation is likely to be due to the floating interest loans used to finance this wasteful project.
Restrictions Against Reproduction: No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the copyright owner and the Publisher.
These articles and commentaries cannot be reposted or used in any publications for which there is any revenue generated directly or indirectly. These articles cannot be used to enhance the viewer appeal of any website, including any ad revenue on the website, other than those sites for which specific written permission has been granted. Any such violations are unlawful and violators will be prosecuted in accordance with these laws.
Article 19 of the United Nations' Universal Declaration of Human Rights: Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers.
This publication (written, audio and video) represents the commentary and/or criticisms from Mike Stathis or other individuals affiliated with Mike Stathis or AVA Investment Analytics (referred to hereafter as the “author”). Therefore, the commentary and/or criticisms only serve as an opinion and therefore should not be taken to be factual representations, regardless of what might be stated in these commentaries/criticisms. There is always a possibility that the author has made one or more unintentional errors, misspoke, misinterpreted information, and/or excluded information which might have altered the commentary and/or criticisms. Hence, you are advised to conduct your own independent investigations so that you can form your own conclusions. We encourage the public to contact us if we have made any errors in statements or assumptions. We also encourage the public to contact us if we have left out relevant information which might alter our conclusions. We cannot promise a response, but we will consider all valid information.