Sunk costs? What sunk costs?

From today's LA Times: "City OKs Subsidies for Downtown Hotel ... Council agrees to a $290-million package for planned project next to Convention Center ... Eight years in the making, the deal was approved unanimously, with backers saying it was critical to attracting enough business to the Convention Center to end a flow of red ink at the city-owned venue."

Oh, yes. That venue was also supposed to revitalize downtown L.A. and, in turn, also redeem dozens of previous bad decisions by City leaders.

Once again, walking away from a bad investment (and a bad idea) is entirely unnecessary when the option of spending other people's money is available -- while at the same time swapping same for electoral support. Silly me.