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NY Times on 38 Studios

NYTimes.com offers "Curt Schilling, Rhode Island and the Fall of 38 Studios," a very lengthy and detailed look at the startup studio that ended up costing baseball star Curt Schilling and the state of Rhode Island a lot of money. Nobody comes out looking too good after all this, as the article details the na´vetÚ of game development neophyte Schilling taking on the most ambitious type of game in undertaking an MMORPG, and the sketchy history of politics in Rhode Island ("Rhode Islanders are used to being played by their politicians. What makes them cringe is the suspicion that virtually all their elected leaders might have been played by someone else."). They touch on an interstate rivalry with Massachusetts which played a part in Rhode Island's overreach here, and the behind-the-scenes machinations to facilitate the state's hefty loan to the company, which prompted the one dissenting voter to say: "Scandal finds money." The article is filled with detail on problems inherent in this situation, such as 38 Studios needing to control costs at the same time they were trying to live up to the pumped-up promise that they would bring new jobs to the state and how former 38 Studios CEO Brett Close urged releasing Amalur in smaller phases, rather than "trying to build the skyscraper horizontally and then standing it up." They sum up the current legal proceedings between Rhode Island and Schilling, and offer this interesting take: "At bottom, 38 Studios may be that rare political scandal that grew not from any lies that anyone told the public, but from the stories that desperate politicians told themselves." Thanks nin via Kotaku.

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36. Re: NY Times on 38 Studios Apr 22, 2013, 14:55 m00t
 
Certainly the debt is a concern, but it's not an immediate one. As in, it won't kill us tomorrow, or the next day, or even the next year. After WWII, we had a debt ratio of over 110% and paid it down over the course of 30 years, so the current level of ~75% is clearly not "life threatening", as it were. Now if we use the debt as an excuse to cut services and enact austerity measures, then yes, that's a problem as it will contract the economy significantly. The real issue that will cause significant long term damage is the vast inequality in the economy. People with significant sums of money simply spend less of it as a total percentage than people with more "middle" amounts. They tend to hoard it in various ways. The poor (but not utterly broke who obviously have *no* money) and middle classes have to spend a large % of their income or holdings to survive and spending goes up as their net worth and income go up (to a point) keeping money in the system and increasing fluidity, causing the economy to grow (and in the long run, reducing our debt / gdp ratio). Everyone benefits. Even the rich, it's just not as immediate or direct as they'd like. Think of it as a trickle-up economy... The current distribution will ultimately harm them, too.  
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