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The promoters of the High Speed choo-choo train admitted they lied about ridership and cots, just to get a $10 billion bond passed.
The head of the Agency, Curt Pringle, claims the engineers are incompetent.
Now the legislative review notes this:
"This peer review group, which was organized by the legislature, noted the following major problem areas.
- Funding is unreliable, especially considering the wobbly conditions of the state's finances and the certainty that the federal government will not give nearly as much as initially predicted. Also, Republicans in DC have said they will attempt block any and all federal funding.
- Costs have already soared enormously. But we already knew that. The initial bond issue in 2008 approved by voters was for $9.95 billion. But costs are already at $40 billion and rising. Also, it's unclear whether the bond measure can include revenue guarantees for investors. This will probably be decided in court.
- Ridership and revenue projections are unrealistic. This directly affects the ability to raise money from private investors, who will want to know precisely how they will be paid back."
This is corruption and incompetence in one bad package. This is why California is in a Depression and government can not be trusted.
More...
The head of the Agency, Curt Pringle, claims the engineers are incompetent.
Now the legislative review notes this:
"This peer review group, which was organized by the legislature, noted the following major problem areas.
- Funding is unreliable, especially considering the wobbly conditions of the state's finances and the certainty that the federal government will not give nearly as much as initially predicted. Also, Republicans in DC have said they will attempt block any and all federal funding.
- Costs have already soared enormously. But we already knew that. The initial bond issue in 2008 approved by voters was for $9.95 billion. But costs are already at $40 billion and rising. Also, it's unclear whether the bond measure can include revenue guarantees for investors. This will probably be decided in court.
- Ridership and revenue projections are unrealistic. This directly affects the ability to raise money from private investors, who will want to know precisely how they will be paid back."
This is corruption and incompetence in one bad package. This is why California is in a Depression and government can not be trusted.
More...