Letter from wolfgang schaechter

The 49’er stadium construction is underway and, in a few years, we’ll see which faction was right about the benefits of the project for Santa Clara City.

The Optimists, Boosters, True Believers, and over 50% of the YES voters on J believe that the stadium will be a boon for the economy, cost tax payers nothing, and enhance the stature of Santa Clara City.

The Pessimists led by Santa Clara Plays Fair, Naysayers, Anti-Progressives, and over 40% of the NO voters on J believe that the stadium will deliver little economic benefit and will sooner or later cost the taxpayers money. They think that the Optimists will turn out to be the Suckers.

The Optimists, knowing that no municipally-financed football stadium has ever paid off for the city, believe that This Time It’s Different — the most dangerous fours words in investing. Therefore, I’m betting on the Pessimists. However, as a Santa Clara citizen, I’m hoping that the Optimist are right.