Incredibly foolish.  If Baseball has done one thing right it has been not letting a city that loses a franchise replace it in 5 years time.  They can suffer for 30 years like Washington.

Speaking of which, I once saw an episode of Jeopardy where the answer was something to do with what franchise moved to Minnesota and the answer was the Washington Senators.  Of course Loveland knew that was incorrect and screamed at Alex Trebeck, who did nothing.

http://www.baseball-reference.com/teams/MIN/

You might've been thinking of the other incarnation of the Washington Senators, who became the Texas Rangers....

...also, the NHL has completely re-structured its financials in the 15 years since the Jets left Winnipeg to allow cities like Winnipeg (and Buffalo... and other small market teams) to be competitive.  They won't draw in the broadcast revenues that Atlanta could potentially bring if they did things right, but they've at least got local (and regional) support, FWIW.

The city that would make the most sense to move a team to, though, would be Hamilton, Ontario.... but Toronto and Buffalo aren't going to like that very much.