Remember when your Pets.com stock raced down from $60 to $2 and you didn’t sell? That was a bad idea. You regret that, because it was wildly overvalued even at $2 and deep down you knew better. But the Fallacy of Sunk Costs consumed you, and you were determined to make something of your investment. We all know how that story ends (mine ends with a big basket of Webvan).
Well, that’s what is about to happen in Philadelphia, where the Mother-of-All-Bubbles, Municipal WiFi, is going to be attempted once again. When that project is done, hopefully the mayor will turn his attention to more pressing citywide issues, like the distribution of free Betamax to every taxpayer.
This will either fail mightily, or become a very large pubic works project.