jcurtisblog

Like ‘gold’ that turns your skin green, California’s nearly $5 B new borrowing approval (for the first 130 or so miles)  for its rapid rail  wonder train seems to be having more than the expected effects. California’s High Speed Train Derailing Finances? explains.

Seems the state has been paying Moody’s (the credit rating protection gang) really, really big fees for consulting services or something and of course unrelated to that, Moody’s has been issuing the tarnished Golden State sterling credit status, assuring its ability to keep borrowing instead of reducing spending. But now, the state’s debt and reducing tax intake have advanced so far that even huge fees don’t seem to produce the favorable credit ratings; it appears that Moody’s upcoming reports are unlikely to sustain the scam any longer. The $4.6 B for the choo-choo was the final straw and the states’s credit is going down. For the Democrats’…

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