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Bankrupt CA Approves $68B High-Speed Rail

[The John Galt line this is not.]
California passes $8 billion high-speed rail bill
Legislation will fund first 130-mile stretch of $68 billion project

By Chris Megerian - Saturday, July 7, 2012

By a bare majority, the California state Senate voted Friday to approve initial construction on the state’s $68 billion high-speed rail project, ending months of intense lobbying and uncertainty in the Legislature.

The approval was a major legislative victory for Gov. Jerry Brown, who lobbied lawmakers before the vote and celebrated with Democratic legislative leaders off the Senate floor immediately after.

Twenty-one Democratic senators voted “yes.”
The bill authorizes the state to begin selling $4.5 billion in voter-approved bonds that includes $2.6 billion to build an initial 130-mile stretch of the high-speed rail line in the agriculturally rich Central Valley. That allows the state to draw another $3.2 billion in federal funding.
The first segment of the line will run from Madera to Bakersfield.

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SteveMT's picture

The Fed must be fed with an ever increasing debt load on us.

They like wars the best because they are a two-fer. The debt load increases and we are eliminated in the process.

Better this stuff happen at

Better this stuff happen at the state level than at the federal level...

Federal Loan guarantees included?

Is there any reason to believe that the system will provide and return on the investment.

I bet the only ones that benefit are the banks.

Free includes debt-free!

Federal Money at Stake

According to the Yahoo article, California gets an additional $3.2 billion in federal funding because of the first 130 mile stretch of the rail. Regardless of what the article says, this is eventually going to be paid for at the federal level. There is a pretty strong chance of California needing a bailout in the future, so of course US taxpayers are going to be funding this.

Building a high speed rail line is not a smart move to begin with. Its going to take way too long to complete (estimates have said mid-2030s) at which point the technology will probably be obsolete. Leave it to government to build something useless I guess...

Also, lets be honest, what are the odds that it won't be delayed?

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Judging by the interstate

Judging by the interstate highway system, the bar is 3X projected cost and about 6X longer to complete.

So basically we'll be lucky

So basically we'll be lucky if its completed this century.

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Anything but full on reverse

Anything but full on reverse will not help turn things around. I guess if they are going to go down, they are going to do it in style.

To climb the mountain, you must believe you can.