Will we have charter school-backed securities that these hedge funds can speculate in and manipulate the price of? Charter school bubbles that will blow up in our faces? If charter schools don't make quite as much money as the hedge funds think they will, will there be a massive disinvestment in schools?
Using public funds to build professional sports facilities is an ineffective, inefficient strategy for promoting economic development -- and, one might infer, an especially unseemly use of scare resources in a city like Milwaukee where 29 percent of its nearly 600,000 residents live in poverty. But in our new Gilded Age, big money has no shame.
The hedge fund managers' tax break is different from other tax breaks in that it has no economic rationale. With most other tax breaks, there's at least an argument as to how it serves some socially useful purpose. This is simply a case where the rich don't feel like paying taxes and are saying to the rest of us, "what are you going to do about it?"