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Cash Strapped California Votes For $68 Billion Monorail To Get Federal Bailout

Tyler Durden's picture




 

California's budget deficit may be $16 billion (up from $9 billion in January), the state's cities may be keeling over and filing for bankruptcy left and right (Stockton and Mammoth Lakes), and overall container traffic at the Port of Long Beach may have dropped 7.2% in May compared to last year, but at least California is about to get its own monorail. Well, maybe not monorail, but certainly a high speed line between Los Angeles and San Francisco for the low, low price of at least $4.5 billion in debt to start (and much, much more to actually end). The winners: Keynesians and labor groups. The losers: anyone who has ever taken math for idiots. From USA Today: "California lawmakers approved billions of dollars Friday in construction financing for the initial segment of what would be the nation's first dedicated high-speed rail line connecting Los Angeles and San Francisco. The state Senate voted 21-16 on a party-line vote after intense lobbying by Gov. Jerry Brown, Democratic leaders and labor groups." And while nobody really expects the train to actually be built, here is the real reason for passing the legislation: "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 (210-kilometer) stretch of the high-speed rail line in the Central Valley. That will allow the state to collect another $3.2 billion in federal funding that could have been rescinded if lawmakers failed to act Friday." In summary, just passing the bill, gives California a $3.2 billion federal bailout while the actual use of funds may or may not ever appear (or money is on the latter). If still confused think Greece and Germany, because Federal tax collections were just used to give California a very fungible cash injection. Where the money ends up now is anyone's guess.

From USA Today:

"The Legislature took bold action today that gets Californians back to work and puts California out in front once again," Brown said in a statement. He later celebrated with Senate President Pro Tem Darrell Steinberg, a fellow Democrat.

 

Brown pushed for the massive infrastructure project to accommodate expected population growth in the nation's most populous state, which now has 37 million people. He said the project is sorely needed to create jobs in a region with higher-than-average unemployment.

 

The bill, which passed the state Assembly on Thursday, now heads to Brown for his signature.

 

The first segment of the line will run from Madera to Bakersfield. The final cost of the completed project from Los Angeles to San Francisco would be $68 billion.

There are those who sadly still have their Math for Idiots textbooks lying around:

Senate Republicans blasted the decision, citing the state's ongoing budget problems.

 

"It's unfortunate that the majority would rather spend billions of dollars that we don't have for a train to nowhere than keep schools open and harmless from budget cuts," Republican Sen. Tom Harman said in a statement.

 

Republican Sen. Ted Gaines said the project would push California over a fiscal cliff. "It will require endless subsidies and will blast a massive hole into our budget," he said in a statement.

Cliff... Shpliff. It seems Mr. Gaines has not yet figured out that the only way to survive in a post-Keynesian limit world, in which everyone is bankrupt, is to dig a deeper hole and get as much of whatever bailout money is available first.

Yet don't blame California for this mathematical abortion: the fault lies with the Federal government for creating perverse spend, spend, spend incentives.

Dan Richard, chairman of the California High-Speed Rail Authority, which is managing the project, said California would have lost billions of dollars in federal aid if the Senate fails to pass the bill before adjourning Friday for a monthlong recess.

 

Richard said California entered a contract that called for the federal government to provide money for building the Central Valley segment if the state also put up its share.

 

California was able to secure more federal aid than expected after Florida, Ohio and Wisconsin turned down money.

States turning down bailout money? What is this world coming to. Yet in the end even some democrats realized what utter insanity the project is.

One dissenter, Democratic Sen. Joe Simitian said public support had waned for the project, and there were too many questions about financing to complete it.

 

"Is there additional commitment of federal funds? There is not. Is there additional commitment of private funding? There is not. Is there a dedicated funding source that we can look to in the coming years? There is not," Simitian said.

At the end of the day, who cares: by the time the next bailout installment is needed, the EFSF/ESM will be fully operational and Germany (whose citizens will be "mandated" to retire not sooner than Yoda) can just step in and save California as well.

 

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Sat, 07/07/2012 - 11:48 | 2594735 francis_sawyer
francis_sawyer's picture

They could also spend another $68 billion to have electronic freeway signs that say:

~~~

- Carpoolers make better lovers

OR

- Don't shoot!

Next thing you're going to tell me is that the proposed 'route' of the monorail system is along the San Andreas Fault Line...

Sat, 07/07/2012 - 11:50 | 2594748 Joe Sixpack
Joe Sixpack's picture

Madera to Fresno. From nowhere to nowhere.

Sat, 07/07/2012 - 12:01 | 2594767 DoChenRollingBearing
DoChenRollingBearing's picture

What, what, what is going ON in your mind-numbed brains, you voters in California?!?!  WTF are you doing?  Do you not KNOW that this is pure lunacy?

It takes my breath away how California isn't falling into the Pacific even now...  Or is this just more of the prosaic and brazen CORRUPTION I am starting to see everywhere now?

California: Get a grip and come to your senses....

Sat, 07/07/2012 - 12:23 | 2594831 Hulk
Hulk's picture

Its free money from the fed Dochen, and an addict must have his fix...

Sat, 07/07/2012 - 12:43 | 2594879 redpill
redpill's picture

It couldn't be more ass-backwards. In a world of cheap, short airplane rides between LA and SF, and in a world where telecommuting or online virtual meeting is becoming the standard, it is mind-numbingly stupid to waste billions on a railroad project that largely will NOT be high speed, will cost way more than flying or driving for the passenger, and to even stand a chance of breaking even would need to see more traffic in Modesto than Grand Central Station. Fucking lunacy! Black hole of waste. Legislative malpractice, fraud on the taxpayers in CA and across the nation, and fiscal irresponsibility to the point of criminal negligence. Meanwhile these very same assholes are threatening to shorten school years, raise tuition at state schools, etc etc. Fuck them all.

Sat, 07/07/2012 - 12:59 | 2594900 Careless Whisper
Careless Whisper's picture

The Careless Whisper High Speed Train ALL VIDEO Update

 

Nancy Pelosi: Thomas Jefferson Envisioned Cali High Speed Trains

http://vimeo.com/43030645#t=8min31sec

Germany's Siemens Wants To Build Cali High Speed Train

http://www.youtube.com/watch?v=P8P8RtS5tSc

France's Alstom Wants To Build Cali High Speed Train

http://www.youtube.com/watch?v=lSgJv4TYshI

FLASHBACK July 2011: Hundreds Dead In China High Speed Train Crash; Siemens Technology

http://www.youtube.com/watch?v=YfcKmEF3gnY

China: Rail Minister - Hundreds Of Millions In Bribes

http://www.dailymotion.com/video/xh1b42_senior-chinese-minister-liu-zhijun-fired-in-corruption-probe_news

FLASHBACK February 2012: 49 Dead In Argentina High Speed Train Crash: Alstom Trains

http://www.youtube.com/watch?v=Ga-QmlQtO-I

LEGO: High Speed train Crash

http://www.youtube.com/watch?v=V_Qo4a_3IeQ

JUST RELEASED COMMERCIAL: Louis Vuitton Luggage For High Speed Train Traveller

https://www.youtube.com/watch?v=gB2ZwFkyMM4

 

 

 

 

Sat, 07/07/2012 - 13:01 | 2594908 Careless Whisper
Careless Whisper's picture

@redpill

follow the money

Sat, 07/07/2012 - 13:16 | 2594928 redpill
redpill's picture

Well obviously there is corruption, but it's ideological stupidity on top of corruption.  If they were really interested in building a successful rail project, proposals for it do exist. Most notably, a primarily privately-funded high speed train from the LA area to Las Vegas. Party car, casino car, cocktail bar car, hell even a stripper car! Soon as you cross state lines people can start gambling onboard, slots, sports book, etc. Since it's usually a leisure trip there would be lots of booze consumed, which has excellent profit margins as well. The trip is a straight shot, there would be no need for many stops at all, unlike a marathon straight up the state.

But they won't do this for two main reasons. 1) It wouldn't go to liberal mecca San Francisco, which is obviously a primary requirement, and 2) They certainly wouldn't want to help their filthy neighbor Nevada do anything even if ultimately the increased economic activity is beneficial for all.

Sat, 07/07/2012 - 14:45 | 2595090 Diet Coke and F...
Diet Coke and Floozies's picture

Hmmm... Interesting...

Sat, 07/07/2012 - 15:28 | 2595178 Oh regional Indian
Oh regional Indian's picture

Very Smart. Put in a rail line on one of most seismically active places on earth.

San Andreas, meet formerly parallel tracks to infinity...

With no apologies to Rahrah Pawlin.

ori

Sat, 07/07/2012 - 16:02 | 2595246 Manthong
Manthong's picture

But will it accept pesos?

Sat, 07/07/2012 - 16:09 | 2595257 Hulk
Hulk's picture

There will never be a rail line. At this point, its all about getting that FED money...

Sat, 07/07/2012 - 16:17 | 2595266 Careless Whisper
Careless Whisper's picture

One hour to get through the TSA checkpoint for a 45 minute train ride. Makes perfect sense.

Sun, 07/08/2012 - 02:01 | 2595920 zaphod
zaphod's picture

The biggeer problem, which seems to be missed in all of this is:

Why does it even cost ~$70B to build a train track that goes roughly the same distance as NYC to DC. This is an absurd amount of money that only seems small because of the T's Benny has been tossing around, but it still is a massive amount of money.

The cost alone is an indication this is not a serious project..

Sun, 07/08/2012 - 02:18 | 2595930 OldPhart
OldPhart's picture

The San Andreas crosses through the Cajon Pass between San Bernardino and the High Desert.  Along the Cajon Pass is Interstate 15, which has a small bridge over the highly visible fault.  Down the valley, along the Santa Ana river to the east, are a number of Southern Pacific Burlington Northern railroad tracks that are in heavy use every day as transfers from the Port of Long Beach and other facilities are routed to Barstow and beyond.

These tracks also cross the San Andreas.

A high speed rail system, though I find it dubious, would make some minor sense going from LA to Lost Wages with a stop in Barstow.  In Barstow, travelers from the Central area could connect as well as those in the High Desert. 

Ideally the tracks would parallel I-15 so that those caught in the rather frequent traffic jams out in the middle of nowhere will witness the train zipping by.  I might even make the trip, once, but would rather have my own means of transportation where ever I wind up.

Sat, 07/07/2012 - 13:37 | 2594959 palmereldritch
palmereldritch's picture

FYI

From the green-red paradigm:

http://www.treehugger.com/urban-design/bucolic-vision-agenda-21-future-a...

It appears they are beginning to step away from the word "sustainability"

Mon, 07/09/2012 - 04:03 | 2598051 Lore
Lore's picture

Good point. Agenda 21 sociopaths love rail projects as much as they love destroying communities with crushing debt. BIG RED FLAG: BEWARE OF RAIL PROJECTS IN YOUR AREA. THEY ARE A "GREEN" RECIPE FOR FINANCIAL DISASTER.

More on Agenda 21: http://www.postsustainabilityinstitute.org/the-post-sustainable-future.html

Sat, 07/07/2012 - 18:43 | 2595478 Lucky Guesst
Lucky Guesst's picture

"FLASHBACK July 2011: Hundreds Dead In China High Speed Train Crash; Siemens Technology"

 

I'm still against it but slightly less now. The stupid asses will get what they deserve.

Sat, 07/07/2012 - 13:16 | 2594925 Pure Evil
Pure Evil's picture

Of course they should shorten the school year. Look what they produce. After the chillin' graduate they go out and vote for Governor Moonbeam, and Bailout Obama.

Where's my EBT card?

Sat, 07/07/2012 - 12:30 | 2594847 stirners_ghost
stirners_ghost's picture

The madness of crowds...

I stopped decrying the idiocy of California voters when I realized they're on a path to destroy government--same as me--and they're doing it very efficiently, without additional violence.

Sat, 07/07/2012 - 12:46 | 2594885 Don Keot
Don Keot's picture

Corruption is now at the lowest levels of city government and connected business, at lesast in California.

Sat, 07/07/2012 - 18:36 | 2595470 Dr. Sandi
Dr. Sandi's picture

That actually makes a lot of sense. When there's nothing much left to steal, move along to somewhere that still has  goodies.

Sun, 07/08/2012 - 02:28 | 2595937 OldPhart
Sat, 07/07/2012 - 13:03 | 2594909 Prince Eugene o...
Prince Eugene of Savoy's picture

Public employee unions run bluest California.  One party to rule them all.

Sat, 07/07/2012 - 14:26 | 2595054 Bolweevil
Bolweevil's picture

...and in the darkness bind them. 

Sat, 07/07/2012 - 13:56 | 2594995 Stuck on Zero
Stuck on Zero's picture

I'm a California voter.  Here's our reasoning.  We can borrow billions cheaply today and spur the economy.  The likelihood that we'll have to pay it back is zero.  We're going to default.  We'll never pay it back but we'll get all the benefits today.  It's olike maxing out your credit card knowing full well you're going to declare bankruptcy.

Not only that, but it's likely that the rail will be built by a Korean contractor, using Japanese trains, Indonesian, concrete, and Chinese steel rails.  Therefore they'll be stuck with all the losses.

 

Sat, 07/07/2012 - 15:12 | 2595156 DoChenRollingBearing
DoChenRollingBearing's picture

Actually, + 1 from me.  Your explanation makes sense!

I am not chumbawamba, but he would approve your reply!

Sat, 07/07/2012 - 17:05 | 2595348 Divine Wind
Divine Wind's picture

 

 

StuckOnZero:

 

Oh ! You mean blatant theft, yes?

 

Sat, 07/07/2012 - 17:41 | 2595405 Stuck on Zero
Stuck on Zero's picture

The only thing Californians have to lose in this proposition is their good name.

 

Sat, 07/07/2012 - 17:34 | 2595399 mick_richfield
mick_richfield's picture

I think the way to say that faster is "We are thieves."

 

Sat, 07/07/2012 - 17:36 | 2595400 mick_richfield
mick_richfield's picture

Oops -- sorry, Divine Wind.  Your wisdom only wafted over me after I copied it.

Sat, 07/07/2012 - 18:14 | 2595442 bigfire
bigfire's picture

Nope.  The railroad from nowhere to nowhere have one purpose only.  It's a slush fund for the Democratic party machine and their government worker union overlord to spend as they see fit.  The actual railroad, who cares, it's money they can spend.  Better yet, it's government money.  If they ran out of that, just tax the rich.  That always works.

Sat, 07/07/2012 - 18:49 | 2595488 Lucky Guesst
Lucky Guesst's picture

Thanks A LOT!!!!! Take money from other cash strapped states for yourselves and don't pay it back. FUCK YOU ALL!!!!!!

Sat, 07/07/2012 - 20:12 | 2595596 Steadfast
Steadfast's picture

Actually,

 

The money the Fed is extending to California is available thanks to the US Treasury Bonds being bought by China...Bonds that have interest paid TO China. And bonds that the US Treasury guarantees to repay TO China.

So, the Korean contractor, using Japanese trains, Indonesian, concrete, and Chinese steel rails WILL get paid out of the proceeds issued by the Federal Government...even if California defaults.

And if California defaults, which I expect them to do, the Chinese (Bond Holders) WILL STILL GET REPAID by the US Treasury... However, the money used to repay them may end up coming from higher taxes and interest rates assessed on ALL US taxpayers in all 50 states (including post-default California).

In that case...and all the similar examples states and local governments taking the bribe money in order to keep the farce going long enough for the next generation to receive the bill....is DESTROYING OUR COUNTRY AND ALL OF OUR FUTURES.

Wake up and admit YOU (California legislature and voters) are as guilty of DESTROYING America as are the Washington Politicians, and many of the US and global Corp Oligarchy.

 

 

Sat, 07/07/2012 - 21:29 | 2595715 VallejoVillain
VallejoVillain's picture

You didn't hear? They lost all our votes , so they just flipped a coin! START BUILDING

Sat, 07/07/2012 - 23:05 | 2595831 Never One Roach
Never One Roach's picture

Stuck on Zero:

"Not only that, but it's likely that the rail will be built by a Korean contractor, using Japanese trains, Indonesian, concrete, and Chinese steel rails..." .....to carry Mexican passengers.

 

There, it's fixed now.

Sun, 07/08/2012 - 00:47 | 2595887 logically possible
logically possible's picture

STUCK ON ZERO

"The likelihood that we'll have to pay it back is zero. We're going to default" 
     
Your typical of many Americans today. Void of any ethics and integrity. Your mentality is the reason why our country is in the situation it is today.

Sat, 07/07/2012 - 15:13 | 2595159 Royal Fleming
Royal Fleming's picture

Has nothing to do with the voters. Its the corrupt state govt. and the corrupt unions. I voted for nothing. As a matter of fact, I signed a petition to stop this high speed crap. We cant even get commuter trains to go over 30mph. without hitting a mexican tryin to go under the crossing gaurds , or some mental patient layin on the tracts commiting suicide. It a joke.

Sat, 07/07/2012 - 15:22 | 2595167 Dingleberry
Dingleberry's picture

WRONG. Voters absolutely refused to reign in gov pending on police, fire, teachers and illegals. I was there when Arnie tried to get 4 referendums passed reigning the unions in just a tad in '07 I think........and guess what?

The voters tronced them ALL.  YOU voters are the problem. Not anyone else.  One day you will learn there is a limit to other poeple's money.

Sat, 07/07/2012 - 15:39 | 2595200 Royal Fleming
Royal Fleming's picture

I meant vote on the disneyland monorail to pelosi and boxer and feinstien land. This is a pure democrat state. Republicans dont stand a chance here. I've lived here all my life. and watched the deterioration of the state. It always reminded me of the crazy cat lady, that takes in and feeds so many cats with her bleeding heart , until she goes bankrupt, gets evicted and all the cats are off to the humane society to get destroyed.

Sat, 07/07/2012 - 18:52 | 2595494 Lucky Guesst
Lucky Guesst's picture

So if she was my neighbor I would move away as fast as I could that way she doesn't drag down my property with hers. Your feeding the monster by living, working, spending there.

Sat, 07/07/2012 - 15:34 | 2595193 SolidSnake961
SolidSnake961's picture

as bart simpson says, "sorry mom, the mob has spoken"

Sat, 07/07/2012 - 16:06 | 2595253 hivekiller
hivekiller's picture

It's the legislature that wants this, not Californians. No doubt the politicians in the democratic crime syndicate are being bribed to do so. Screw the taxpayers. Remember, they always know better and if you disagree, you're (take your pick) 1) a terrorist; 2) a hater, 3) unprogressive, 4) a denier, 5) against greening the economy.

Sat, 07/07/2012 - 17:33 | 2595395 mick_richfield
mick_richfield's picture

This is the wonderful thing about American states -- the filtering effect of being able to move from one to another.  The Californians who were smart enough to see what their state was becoming started leaving long ago, knowing that they would be outvoted for the rest of their lives otherwise.

They wouldn't think of it this way, but when they say "Fuck it, I'm going to Texas / Colorado / Wyoming"  -- they're really "going Galt" - at least with respect to the People's Republic of  California.

The ability of Americans to emigrate internally to significantly different political / fiscal / business environments makes every state gradually -- more so.  More of whatever it started out being.

California started out always lucky, sometimes hard-working, wishful, romantic, and stupid.  At this point they're just stupid. 

They will end up as cannibals.

 

Sun, 07/08/2012 - 16:03 | 2596691 mjk0259
mjk0259's picture

Same thing will happen in the other states since none of them are allowed to enforce laws against illegal immigration.

 

Sat, 07/07/2012 - 12:52 | 2594818 AssFire
AssFire's picture

Most public transportation systems are unacceptable due to the people that travel on them.

Whereas when normally extending their range a dark blight follows; in this case linking the ends of the central valley is more like connecting a siphon from the bottom of one septic system to the bottom of another.

What cheap exoduses will be facilitated from Fresno 16% unemployment to 12% Bakersfield unemployment? Not until this is linked to San Francisco and LA will the flow to better benefits be realized (and the city services overrun).

Let the skums enter like Lennin at the Finland station; shit let them ride on Reardon Steel! Nothin like mobilizing armies of unemployed- soon San Francisco and LA will learn.

Hope they extend the line to Sacramento. Moving Unemployed To Sacramento (M.U.T.S. line)

Sat, 07/07/2012 - 13:12 | 2594923 DeadFred
DeadFred's picture

If you've ever been to Madero you'd know Fresno is an upgrade. Plus Fresno is one of the nation's largest cities. Still you're right about it being nowhere.

Sat, 07/07/2012 - 16:38 | 2595306 A Nanny Moose
A Nanny Moose's picture

Fresno. Not the end of the world, but you can see it from there.

Sat, 07/07/2012 - 13:21 | 2594938 1100-TACTICAL-12
1100-TACTICAL-12's picture

Any camps along the said railine ?

Sat, 07/07/2012 - 13:52 | 2594979 Cyrano de Bivouac
Cyrano de Bivouac's picture

Joe Sixpack-Exactly, the monorail system has zero chance of making money. I think a better idea would be to build a 50 billion dollar Golden Calf statue in San Francisco. If you build it the people will come to see it and stimualte the economy.

Sat, 07/07/2012 - 16:34 | 2595298 A Nanny Moose
A Nanny Moose's picture

$800 million spent so far, for how many miles of track?

All aboard the Failroad.

Sat, 07/07/2012 - 12:07 | 2594778 Chappaquiddick
Chappaquiddick's picture

Heard of the C.A.F.R? That's the Comprehensive Annual Finacial Report.  Go check out the one for California, you'll discover something amazing.........

California ain't broke. 

Sat, 07/07/2012 - 12:12 | 2594800 The Big Ching-aso
The Big Ching-aso's picture

 

 

Ya, like bank balance sheets.  Is it anything like mark to model accounting?

Sat, 07/07/2012 - 12:21 | 2594827 LeisureSmith
LeisureSmith's picture

They can make it work with Marky Mark accounting.

Sat, 07/07/2012 - 14:29 | 2595059 Bolweevil
Bolweevil's picture

don't hate the playa

Sat, 07/07/2012 - 12:36 | 2594868 CaptainObvious
CaptainObvious's picture

Have you ever heard of CALPERS?  That's the California Public Employees' Retirement System.  Go check it out, you'll discover something amazing........

California is the brokest-ass broke state of them all thanks to pensions.

Sat, 07/07/2012 - 12:42 | 2594876 Rich Bagg
Rich Bagg's picture

Pensions can be paid for decade while the plan is under-funded.  The pension system can remain broke longer than you can stay liquid.  

 

 

Sat, 07/07/2012 - 17:33 | 2595397 Chappaquiddick
Chappaquiddick's picture

Go read it if you can numb nuts - they have $680bln + of assets swept to the side earning a very poor return for pensions.  They are reporting that there is a huge deficit $15bln but they are not showing you the plus side of the balance sheet,  It is a fake crisis.  People need to wake up about this and get down to city hall and kick the bums out - literally run the fuckers out of town.

Sat, 07/07/2012 - 21:38 | 2595727 CaptainObvious
CaptainObvious's picture

I have read it, fuckwit, and it's about as believable as anything else any government has published.  Which is to say, not at all.

Sat, 07/07/2012 - 12:43 | 2594878 deth
deth's picture

 

Personally, I think this is a good idea. In the movie Thelma & Louise they didn't just slowly roll to the precipice, they stomped the accelerator. Much more entertaining.

On second thought, double-down the federal reserve notes and loop it back from Bakersfield; call it an expansion of the Madera Raceway.

Sat, 07/07/2012 - 14:30 | 2595064 Bolweevil
Bolweevil's picture

shake and bake!

Sat, 07/07/2012 - 13:48 | 2594982 stocktivity
stocktivity's picture

How many people actually need to travel at high speed from LA to San Fran or the opposite way each day? Do they honestly believe there are enough to turn a profit let alone pay off billions in loans? Some common sense is needed here....oh wait...I forgot...this is California were speaking of.

Sat, 07/07/2012 - 13:59 | 2595001 Stuck on Zero
Stuck on Zero's picture

Millions of illegal immigrants need transport from the border up through the state.  They will be very pleased.

 

Sat, 07/07/2012 - 14:39 | 2595076 GMadScientist
GMadScientist's picture

Who said you'd be buying a ticket?

 

Sat, 07/07/2012 - 16:51 | 2595324 knukles
knukles's picture

2 or 3

Sat, 08/25/2012 - 00:20 | 2736264 monad
monad's picture

Actually the electronic freeway signs say, "Texting is against the law."

Sat, 07/07/2012 - 11:46 | 2594737 makeyoumiss
makeyoumiss's picture

HA HA! I live in Bizzzarroo world

Sat, 07/07/2012 - 12:07 | 2594782 Bobbyrib
Bobbyrib's picture

Move to reality.

Sat, 07/07/2012 - 12:10 | 2594796 Rainman
Rainman's picture

haha...me too.....a lifetime locked up in a liberal prison from which I cannot escape. I hear bond vigilantes knocking at the door. 

Sat, 07/07/2012 - 11:47 | 2594738 Aziz
Aziz's picture

"What about us braindead slobs?"

"You'll be given cushy jobs" 

Sat, 07/07/2012 - 11:49 | 2594744 Seasmoke
Seasmoke's picture

sorry Mom, the mob has spoken

- Bart Simpson

Sat, 07/07/2012 - 11:52 | 2594751 q99x2
q99x2's picture

How else you going to get the masses to the FEMA camps.

Sat, 07/07/2012 - 14:08 | 2595013 Oldrepublic
Sat, 07/07/2012 - 11:52 | 2594753 CloseToTheEdge
CloseToTheEdge's picture

we know where Jamie partied last nite

 

Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we've got 24 hours each. C.Rice

Sat, 07/07/2012 - 11:53 | 2594755 TrainWreck1
TrainWreck1's picture

A Los Angeles to San Francisco trebuchet would be far more entertaining.

 

Sat, 07/07/2012 - 12:14 | 2594806 i-dog
i-dog's picture

With all those shotguns in between? LOL ... Pull!!

Sat, 07/07/2012 - 12:24 | 2594833 Hulk
Hulk's picture

LOL, now there is an image !!!

Sat, 07/07/2012 - 12:56 | 2594899 Don Keot
Don Keot's picture

I see the 4:10 to LA

Sat, 07/07/2012 - 11:55 | 2594757 Ancona
Ancona's picture

If people in California don't change their government, they deserve what they get. Businesses have been leaving California in droves and moving to friendlier states for a long time now. The budget crisis is only speeding up the process. My state of Flroida is a sort of middle of the road state, but at least we don't have state income tax or a bunch of retarded socialists running our government.

Sat, 07/07/2012 - 12:03 | 2594771 DoChenRollingBearing
DoChenRollingBearing's picture

Truth spoken here, + 1

Sat, 07/07/2012 - 12:10 | 2594791 bobnoxy
bobnoxy's picture

No, you just have a governor who paid a record fine for screwing the government over health care costs now and somehow stayed out of prison...running the government! It's even better than Turbo Tim cheating on his taxes then getting to run the IRS!

Do check out what's going on with the Republican led state government. A set of yahoos rivaling any other state. And you think they're middle of the road? Maybe if you're drug-addled Rush Limbaugh.

Sat, 07/07/2012 - 19:38 | 2595552 sun tzu
sun tzu's picture

Yet Florida still has a functional government that is not bankrupt, unlike the democrat run states of Clownifornia and Illinois

Sat, 07/07/2012 - 12:33 | 2594859 JR
JR's picture

Conservative Californians no longer have the vote to return a fiscally responsible legislature and governor to Sacramento.  According to Fox News on June 2, 2010, a Republican candidate has not unseated an incumbent congressional Democrat in California since 1994.

Read more: http://www.foxnews.com/politics/2012/06/02/california-new-jungle-primary-could-be-tough-for-gop-candidates/#ixzz1zxDBmGlN

In 1994, California voters voted 59 to 41 percent to approve Proposition 187, the “Save Our State” Initiative making it law that California residents were not responsible for the schooling and health care of illegal aliens. It also stepped up labor law and border enforcement.

A single federal judge blocked its implementation. Whites, since 2008 and continued open border policy, now comprise less than 40 percent of the California population and are below replacement level. According to Fox, 44 percent of the state’s roughly 17 million voters are Democrats, compared to 30 percent for Republicans. As whites, conservatives and businesses leave the state, some say the GOP already is a "third party" in several California supervisorial districts.

IOW, there no longer is a “59 percent” fiscal majority left in California to “Save Our State.”

Sat, 07/07/2012 - 13:08 | 2594916 azzhatter
azzhatter's picture

The productive responsible population has already or is currently leaving California. 

Sat, 07/07/2012 - 15:17 | 2595105 Bolweevil
Bolweevil's picture

 I feel like I either need to get to the next level and start my world tour or "raise a black flag and start slitting throats" metaphorically speaking. 

Sat, 07/07/2012 - 14:42 | 2595083 GMadScientist
GMadScientist's picture

Good old Pistol Pete Wilson. I miss that racist skinhead son-of-a-bitch. What a gaping hole that useless dickhead was.

 

Sat, 07/07/2012 - 19:44 | 2595555 sun tzu
sun tzu's picture

Are you sure you're not thinking of your mother or 0bama?

Sat, 07/07/2012 - 17:02 | 2595343 hivekiller
hivekiller's picture

As one demographer said of California, the future is of 2 and a half classes: the wealthy, public employees, and the great unwashed who keep voting for more goodies.

Sat, 07/07/2012 - 19:06 | 2595509 Lucky Guesst
Lucky Guesst's picture

As long as the wealthy stay there and take it the public employees and losers can milk them.

I have no problm with this until they start getting federal help. Then it effects me and mine. Too bad we don't get to vote nationaly directly. Instead we have to go through corrupt politicians. I think its time to cut out the middle man. Citizens should vote in each state and then the states vote the outcome.

Sat, 07/07/2012 - 11:57 | 2594759 dwdollar
dwdollar's picture

Let me guess... the majority of the construction will be done in China for pennies and shipped to Commiefornia in pieces where over paid union laborers will mark it up 1000% for their one hour a day of work installing it?

Sat, 07/07/2012 - 12:09 | 2594787 Bobbyrib
Bobbyrib's picture

It's almost as if you have a copy of the plans.

Sat, 07/07/2012 - 13:18 | 2594929 AssFire
AssFire's picture

Of course there will be TSA professionals to oversee the groping and theft ensuring it is at least as inefficient as airline travel.

Sat, 07/07/2012 - 15:29 | 2595179 francis_sawyer
francis_sawyer's picture

Long graffitti spray paint...

Sat, 07/07/2012 - 11:58 | 2594762 I am Jobe
I am Jobe's picture

Yippie, just like Farcebook another crap to enable more fraud. Stop this crap already u dip shit.

Sat, 07/07/2012 - 12:00 | 2594763 monopoly
monopoly's picture

How can anyone in CA. outside of unions, believe this is good for their state. What is wrong with these politicians, that they are willing to create their own 8.6 earthquake without the earth moving. And where the hell did the Federal Govt. get the money to give CA. Oh, right, Ctl.P. Forgot that part.

If this ever gets started it will be the death knell for CA. The ocean towns doing well, move 60 miles inland and you hit depression status. And I guarantee if they say 68 billion, the cost will be 136 billion. They cannot even pay their current bills and they enter into more debt. A 5th grader can do better than the imbeciles running the show in CA. And Jerry Brown just lost it with me. Totally absurd.

 

Sat, 07/07/2012 - 12:50 | 2594890 Not Too Important
Not Too Important's picture

The ocean towns are doing well until the Fukushima debris hits the coasts, and it's all radioactive. People are starting to move away, especially the crowd in Malibu. Swimming in radioactive water isn't too healthy.

And if anyone had any doubts, the Mayor of Scranton has done the last thing before bankruptcy - pay everyone minimum wage, despite a court order not to:

http://www.huffingtonpost.com/2012/07/05/scranton-minimum-wage-city-work...

Coming to every city in the country, if they're not living on natural resource extraction. Hint - that's all that's left.

We are completely f$%#ed in CA. Completely. Broke government, broke economy, water and air radioactive, run by corrupt politicians.

Remember, the West Coast has been hit hardest by the radiation plume from Fukushima. We're covered with uranium and plutonium. It doesn't go away, and it's increasing daily.

Sat, 07/07/2012 - 13:20 | 2594936 AssFire
AssFire's picture

I junked you for having a link to huffingtontonpost.

Sat, 07/07/2012 - 13:47 | 2594978 Not Too Important
Not Too Important's picture

I know, I know. Came up in a search for the Scranton debacle. Not a regular reader.

I just junked myself, too. Pride, bitchez!

Sat, 07/07/2012 - 16:33 | 2595297 FeralSerf
FeralSerf's picture

Huffington is a plastic communist.  Did you see how much she made when she sold Huffington Post?  Not bad for a "leftist" website.

Sat, 07/07/2012 - 12:02 | 2594769 monopoly
monopoly's picture

At least here in Nevada we know we are broke and admit it. Besides, with Harry Reid still roaming the Las Vegas casinos, what could possibly go wrong. Cannot believe he is not in an assisted living home yet.

Sat, 07/07/2012 - 12:07 | 2594780 I am Jobe
I am Jobe's picture

Nevada is as bad as CA. Norhtern CA the future is Prostituiton and Drugs. Nothing left due to inbreeding. Sandavol is as corrupt as the rest. Just a different party.

Sat, 07/07/2012 - 12:04 | 2594772 goforgin
goforgin's picture

Californians might be smarter than you.

Sat, 07/07/2012 - 12:07 | 2594781 meghaljani
meghaljani's picture

May be if I replace empty cavity of your skull with a hamster, you might understand how to balance a checkbook. 

Sat, 07/07/2012 - 12:10 | 2594793 goforgin
goforgin's picture

Where were you during the past 40-years, smartass?

Sat, 07/07/2012 - 12:19 | 2594821 meghaljani
meghaljani's picture

That's none of your business. Are you from Department of Homeland Security?

Sat, 07/07/2012 - 12:26 | 2594839 i-dog
i-dog's picture

No. He's just a collaborator looking for a spotter's fee.

Sat, 07/07/2012 - 12:29 | 2594844 goforgin
goforgin's picture

No, but why do you think that California must be run in manner that benefits you, as opposed to Jose, or Maria or Terrell?

Sat, 07/07/2012 - 12:43 | 2594877 bob_dabolina
bob_dabolina's picture

CA should run in a manner that will sustain itself.

Best way to get out of a hole...stop digging.

Sat, 07/07/2012 - 15:31 | 2595185 francis_sawyer
francis_sawyer's picture

I say keep digging so you fall into the Pacific Ocean faster...

Sat, 07/07/2012 - 12:46 | 2594882 LasVegasDave
LasVegasDave's picture

Because Jose Maria and Terrell dont pay taxes, but are content to steal money at gunpoint from taxpayers to support themselves.

Illegal immigration and welfare killed Cali.  And its starting to kill Nevada.

 

Sat, 07/07/2012 - 15:51 | 2595224 J in Vegas
J in Vegas's picture

+1. 

Sat, 07/07/2012 - 22:02 | 2595758 Homeland Security
Homeland Security's picture

Why, yes. Yes I am. So, where were you?

Sat, 07/07/2012 - 23:17 | 2595828 monad
monad's picture

If you're American Stasi, how come you need to ask? Just let your fingers do the walking @TTIA.

Sun, 07/08/2012 - 00:26 | 2595878 Homeland Security
Homeland Security's picture

Martha Stewart did not go to prison for insider trading. She went to prison for lying to federal agents who asked her a few simple questions. Ask the simple questions and if the person lies the penalty for lying is frequently more severe than the penalty for the original crime. So, what is your real name?

Sat, 07/07/2012 - 12:29 | 2594846 toady
toady's picture

Playing what is becoming the 'classic PIIG' game, stealing more and more money while they can with no intention of paying, building, or 'austarity'.

Sat, 07/07/2012 - 12:06 | 2594774 TooBearish
TooBearish's picture
90% of the "funding" will go to state and municipal unions for pensions, urban studies and COLA increases of 10%, the remaning 10% to China to make a really cool prototype train that will never find the tracks because that will take another 100Bil in new "funding" to be built by labor unions in 20 yrs time...
Sat, 07/07/2012 - 12:20 | 2594822 CloseToTheEdge
CloseToTheEdge's picture

don't forget the 75+ years of P3s contracts

Sat, 07/07/2012 - 12:35 | 2594865 Freewheelin Franklin
Freewheelin Franklin's picture

And don't forget Mr Richard's salary of a cool $340,000 + bennies, and all the other cronies Gov Brown is paying back besides the unions.

Crony Capitalism: Everybody WINS!

Sat, 07/07/2012 - 15:01 | 2595132 Ropingdown
Ropingdown's picture

No. Not everybody.  Just some people.  These we call "The Cronies."  I'm not a crony.  Are you? 

Sat, 07/07/2012 - 18:02 | 2595425 cameldojo
cameldojo's picture

+1 for NOTTOOBEARISH

Sat, 07/07/2012 - 12:07 | 2594777 JR
JR's picture

Obama’s Democrat no-ID base can’t-we-all-just-share voters at work:

VIDEO - Illegal Alien Mass Voter Fraud Discovered in FL

“HUNDREDS of cases in Florida of undocumented democrats voting illegally….THIS IS JUST THE VERY TIP OF THE ICEBERG FOLKS!”

http://capoliticalnews.com/2012/04/05/illegal-alien-mass-voter-fraud-discovered-in-fl/

County supervisors have no way to verify citizenship, no data base to investigate voter fraud. Under the 1992 Motor Voter law, officials are not required to ask for proof of citizenship.

Sat, 07/07/2012 - 12:09 | 2594788 I am Jobe
I am Jobe's picture

No worries. Electrion is already bought and paid for. Obama will be in office for another 4 years. End of USSA, more wars and crap. At least the masses can look forwward to more TV shows and be content with TomKat and Kardashians.

Sat, 07/07/2012 - 14:56 | 2595116 Diet Coke and F...
Diet Coke and Floozies's picture

That's what I figure as well. 4 more of Obama only because he presents better (better speaches, more 'style') then Romney.

Sat, 07/07/2012 - 12:08 | 2594785 Id fight Gandhi
Id fight Gandhi's picture

Is there a chance the track could bend?

Sat, 07/07/2012 - 12:10 | 2594795 I am Jobe
I am Jobe's picture

Lets see:

Cost over runs

will not complete this crap on time

Fraud

No one use it

 

Sat, 07/07/2012 - 21:41 | 2595730 VallejoVillain
VallejoVillain's picture

Take a look at the Bay Bridge. Wayyy behind schedule. Another CalTrans winner.

Sat, 07/07/2012 - 12:08 | 2594786 The Big Ching-aso
The Big Ching-aso's picture

 

 

Runaway train budget.

Sat, 07/07/2012 - 12:15 | 2594810 tlnzz
tlnzz's picture

Full speed ahead. Ignore that vertical mountain wall ahead. Peddle to the metal.

Sat, 07/07/2012 - 14:34 | 2595071 Winston Churchill
Winston Churchill's picture

Is it a Taggert transcontintal rail line ?

Kalifornia

Starting at the bottom and working its way down

Sat, 07/07/2012 - 12:13 | 2594789 bob_dabolina
bob_dabolina's picture

Now all the gangs from L.A can start infesting San Fransisco with cheaper transportation now available.

Drugs and violence just found a nice avenue of approach to all the rich yuppy brats in San Fransisco.

Sat, 07/07/2012 - 12:15 | 2594813 Alpo for Granny
Alpo for Granny's picture

Yup. They should name it the "Rob and Ride".

Sat, 07/07/2012 - 12:25 | 2594836 bob_dabolina
bob_dabolina's picture

Only nice place in CA left will be Ranco Santa Fe.

It always irked the shit out of me that Rancho has that Scientology church basically in the heart of down town.

Sat, 07/07/2012 - 13:39 | 2594965 salvadordaly
salvadordaly's picture

I am pretty sure the TSA will have none of that buisness going through their check in and pat down procedures. Just a guess. Think airport security.

Sat, 07/07/2012 - 12:12 | 2594799 nmewn
nmewn's picture

"Where the money ends up now is anyone's guess."

I'm thinkin some of it will go to political crony's who may want to refurbish the closed Solyndra plant in Freemont...maybe get a loan guarantee from the Feds on the original granted federal money and start making one quart flush toilets to sell to the moonbats over in Frisco.

Going long plungers and bleach again.

Sat, 07/07/2012 - 12:12 | 2594802 max2205
max2205's picture

More fucked bond holders being born.

Sat, 07/07/2012 - 12:15 | 2594811 bob_dabolina
bob_dabolina's picture

...you mean tax payers right?

Sat, 07/07/2012 - 12:21 | 2594829 Id fight Gandhi
Id fight Gandhi's picture

What's this "tax payer" you speak of? Do you mean "uncle sucker" the gummyment always has to pay in some way for anything to be built stateside.

Sat, 07/07/2012 - 12:31 | 2594843 bob_dabolina
bob_dabolina's picture

I mean CA has more debt than it can pay back.

What will happen is that the Federal Reserve bails out CA in some vicarious way. In other words: JPM will end up buying CA bonds and two hours later sell them to the Fed which will have purchased the bonds with money printed out of thin air.

I get to pay for California's prodigal ways through inflation and CA will remain a welfare state of the welfare state (US)

Sat, 07/07/2012 - 14:44 | 2595087 GMadScientist
GMadScientist's picture

Payback for subsidizing the flyover states at the federal level for decades.

 

Sat, 07/07/2012 - 12:22 | 2594803 Id fight Gandhi
Id fight Gandhi's picture

And how much will this wonderment of futuristic transportation cost to rebuild when the earthquakes hit and damage the track?

Rails at least don't have that problem, as much.

Oh but rest assured. We'll have the chinamen building it train and all.

Sat, 07/07/2012 - 14:57 | 2595124 Bolweevil
Bolweevil's picture

We'll have the chinamen building it train and all.

history repeats

Sat, 07/07/2012 - 12:17 | 2594815 Catullus
Catullus's picture

And just like "ObamaCare", the promises made to you can always be defaulted on.  The train is never going to be built. Just like there's never going to be any meaningful change or access to healthcare. But the state is going to get funding.  Not for the projects in dangles in front of you.  But to keep the state afloat.  Money is fungible and there's going to be a prioritization of whom gets paid first. 

Remember that when it comes to Social Security and Medicare and Medicaid.  Think you're going to get paid before bondholders of Treasuries?  Or military contractors?  Or of the military itself?  No chance in hell.  In the meantime, they are going to tax the hell out of you. 

Ask anyone from Louisiana if "gaming" money has ever gone to fund their schools as was originally promised.  Or if the tobacco settlement went into the Florida Teachers' Pension Fund.  How about the Social Security Fund; think there's anything in there but a bunch of IOUs from the Treasury?  If you listen closely, you may actually hear the disillusionment bubble popping.

Sat, 07/07/2012 - 23:00 | 2594944 AssFire
AssFire's picture

+1,000,000 we have a winner.

Remember the "Super Conducting Super Collider"?

This is like listening to a unemployed, uneducated homeless person's plan to build a mansion. It would be hilarious if it weren't so sad.

Sat, 07/07/2012 - 12:18 | 2594817 IMA5U
IMA5U's picture

Liberal Math: "We still have lots of work to do.  We are still paying for policies of the past that haven't worked  We need to build this economy from the bottom up and not the top down."

Sat, 07/07/2012 - 12:22 | 2594830 TahoeBilly2012
TahoeBilly2012's picture

I live in Sacramento. Yea, I can't wait to ride the monorail to Pornlandia, CA! Actually this will be great for getting migrant farm workers around the Central Valley in air conditioned style....

Sat, 07/07/2012 - 14:48 | 2595098 GMadScientist
GMadScientist's picture

I look forward to laughing while you pick your own produce in the heat.

 

Sat, 07/07/2012 - 12:31 | 2594834 goforgin
goforgin's picture

Why do I get a feeling that bunch of you guys are like fanatical SS-men in stupor, sitting in a Further bunker in May 1945 dreaming of Victory. The present monetary system is a lost cause--it can't be saved especially by imposing austerity.

In that sense California policy-makers are far more coherent and lucid than the farcical NEW tight wads.

Japan has figured it out, the West might figure it out too?

Sat, 07/07/2012 - 12:39 | 2594871 toady
toady's picture

Get that money while the gettin's good!

I just hope a few of the people who get there hands on some of it buy beans, bullets, and band aids!

Sat, 07/07/2012 - 13:33 | 2594953 CaptainObvious
CaptainObvious's picture

Japan?  You're using Japan as an example?  Have you looked at Japan's debt to GDP ratio lately??!!

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