You don’t have to be a fortune teller to see this train-wreck. Remember when Sen. Harry Reid switched sides during his re-election campaign to back his supporters behind the "Train to Nowhere" — a high-speed train from Las Vegas to Victorville?
It was a political payoff of the first magnitude, most people thought. And guess who looks like they are going end up holding the bag — the taxpayers, of course.
Here’s a few graphs from the Las Vegas Sun today:
"Ever since plans to build a high-speed train from Las Vegas to Victorville, Calif., were unveiled, developers have been adamant about one point — they wouldn’t ask taxpayers to fund it.
"But DesertXpress Enterprises has no qualms about borrowing from taxpayers — and borrowing big — for a project that skeptics say has little chance of gaining the ridership needed to pay for it.
"The company has applied for a $4.9 billion loan through a federal program to construct what is billed as a $6 billion project. Since the plan was presented nearly two years ago, the cost estimate has ballooned from $4 billion."
You can read the full story here.
For my money, taxpayers would be crazy to loan this outfit one dime to build a train to Victorville. Unless of course, every single person involved in the hairbrained idea — including Sen. Reid — put all their wealth on the line as personal security. Then it might be fun to watch.
How about it, guys? Willing to put all of your personal money up … like you now want to put the taxpayers’ money up?
I promise you they won’t. But for once I’d like to see the government grow a pair and ask developers for some personal guarantees. You want a $4.9 billion loan on something you think can’t miss? Fine. Go all in. All of you.