Cautionary Book Club: When Morgan Stanley offered to lease Chicago's parking meters for the princely sum of $1 billion, the City Council were convinced that they had struck gold. They hastily signed the deal. But they soon learnt that they hadn't just traded away parking revenue - they had traded away the streets themselves...
In this hybrid episode of Cautionary Tales, Tim Harford first tells the story of the Chicago parking metres fiasco of 2008. In the second half, Tim is joined by Henry Grabar, author of Paved Paradise, to discuss the lessons we can glean from Chicago's deal with Wall Street, and why parking is such an emotive issue for so many.
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09/01/23 • 38 min
10 Listeners
Cautionary Tales with Tim Harford - The City That Sold Itself To Wall Street
Transcript
Pushkin. A winter's day in Chicago, early two thousand and nine,
Speaker 1it's cold. Scott waggers Pack, a newly elected alderman for the north side of town, is keen to impress despite the freezing temperatures. He's pounding the streets personally investigating a complaint about some garbage blocking an alley. As he surveys the scene piles of paperwork everywhere, he realizes that this is no ordinary
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