#HSR: California high-speed rail boondoggle lowers revenue projections

April 15, 2014
Boondoggle

Boondoggle

Can someone please just shoot this project and put it out of our misery?

In a new business plan submitted to state legislators last week, the California High-Speed Rail Authority offered lower revenue projections than it had two years before, predicting that revenue will be “5 percent lower than originally projected by 2025 and 10 percent lower by 2040,” according to a report by Sacramento’s KCRA.com.

So, let’s see. Costs are higher than projected (pace the HSRA), the train won’t be as fast as projected, even Democrats are breaking with Governor Jerry Brown over the project, and now revenues, which are supposed to pay back the billions we’re borrowing for this thing, won’t meet initial projections.

Explain to me just why Brown deserves reelection? I’m waiting… smiley well I'm waiting

RELATED: Past posts on Uncle Jerry’s high-speed choo-choo.


Keystone pipeline rejection a product of crony capitalism?

January 24, 2012

As they say, Hmmm…

Warren Buffett’s Burlington Northern Santa Fe LLC is among U.S. and Canadian railroads that stand to benefit from the Obama administration’s decision to reject TransCanada Corp.’s Keystone XL oil pipeline permit.

With modest expansion, railroads can handle all new oil produced in western Canada through 2030, according to an analysis of the Keystone proposal by the U.S. State Department.

“Whatever people bring to us, we’re ready to haul,” Krista York-Wooley, a spokeswoman for Burlington Northern, a unit of Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc., said in an interview. If Keystone XL “doesn’t happen, we’re here to haul.”

The State Department denied TransCanada a permit on Jan. 18, saying there was not enough time to study the proposal by Feb. 21, a deadline Congress imposed on President Barack Obama. Calgary-based TransCanada has said it intends to re-apply with a route that avoids an environmentally sensitive region of Nebraska, something the Obama administration encouraged.

Buffett, aside from being a master investor (1), is also a big supporter of Barack Obama and famously demanded to be taxed at a higher rate, even though a) he can voluntarily pay as much as he wants, and b) his company owed a billion in back taxes as late as last year. (2)

Now, I’m more inclined to think Obama killed Keystone to pander to the enviro-whacko Left, but he’s also shown no restraint about using the power of the federal government to help his buddies. (Solyndra? LightSquared? The UAW?)

As Artie Johnson would say, “Verrryyy Interesting!”

Footnotes:
(1) Seriously. If you invest for yourself, his letters to shareholders are must-reading.
(2) Economist Daniel J. Mitchell has called Buffett “innumerate” for his opinions on taxes.

(Crossposted at Sister Toldjah)


9-11 on the rails?

September 11, 2009

It could happen; al Qaeda loves to attack mass-transit systems. Remember the Madrid train bombings and the London Tube attacks? It is as certain as he sun rising in the East that al Qaeda or some like-minded band of psychopaths will try to attack America’s rail system in order to inflict massive casualties.

Which makes news of the Obama Administration’s gutting of Amtrak’s Office of Security Strategy and Special Operations to please an allied union so comforting to learn:

Biden, in turn, is tight with the Fraternal Order of Police (FOP), the powerful union that represents the Amtrak Police Department. According to OSSSO sources, the APD brass have been aggrieved over the non-unionized counterterrorism unit’s existence from its inception. A West Coast OSSSO team member told me that union leaders blocked police credentialing efforts by his office for more than a year. An East Coast OSSSO team member told me that the FOP recently filed a grievance against one of its counterterrorism officers for assisting a train conductor who asked for help in ejecting a ticketless passenger.

Unlike the highly-specialized officers at OSSSO, APD officers possess minimal counterterrorism training. Past studies show alarmingly low pass rates among APD patrolmen who have attended undergone basic special operations classes, according to government sources. The Amtrak FOP continues to squabble over turf with the rival Teamsters Union; its leaders can’t even agree on minimal physical fitness standards for its members that have yet to be implemented. Nevertheless, OSSSO is now under the command and control of the APD — and federal stimulus funding specifically earmarked for the counterterrorism unit has now been absorbed by the police department.

Be sure to read the whole thing. Makes you want to hop on board, doesn’t it?  Doh Nailbiting