California High Speed Rail is a Ponzi Scheme
Original post made by Morris Brown, Menlo Park: Park Forest, on Sep 3, 2011
"That first Business plan was more of a sales and marketing piece than it was in the nature of a proxy."
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Indeed the voters of California were convinced to vote for the Prop 1A, $9.95 billion bond measure in 2008 based on a whole series of fraudulent claims.
Construction costs were to be $33 billion, but have now doubled to around $65 billion. Projected ridership of 117 million passengers per year has now fallen to around 40 million; may well go much lower. The price of a ticket expected to be $55 dollars, has now inflated to $105.00.
Just equate these sales pitches used by Authority board members, to the same level as Bernie Madoff used for his $50 billion Ponzi scheme. The only difference is really that right now Madoff lives in prison, but previous and present board members continue to pitch this scheme.
Governor Brown and the legislature could stop this right now, but they simply refuse to listen.
Menlo Pak, CA
I am not drinking Greenheartís expensive potion
By Martin Lamarque | 32 comments | 989 views