Part of the Republican canon is a belief that there is no such thing as the “public good.” If it does not pay a bonus to a bonus baby, it ought not to exist (Afterthought: Unless, of course, it can be used to blow someone up).
Think, for example, of Enron. Or Lehman Brothers. Or Countrywide–All of them exemplars of the inherent virtue of private industry.
APM Terminals Inc., which operates marine terminals all over the world, submitted an unsolicited proposal to state officials to run the Virginia Port Authority’s terminals, Sean T. Connaughton, Virginia’s transportation secretary, announced Wednesday.
The value of the deal to the state, in current dollars, is estimated to be between $3 billion and $4 billion over the 48 years it would be in effect, according to APM’s proposal.
Anyone who thinks this is a good idea should read about Chicago’s private parking enforcers and their golden guarantee.