The voters voted on SEED MONEY for an uncooked scheme that was oriented at providing money for a few pet transit projects and a lot of consulting contracts. Nowhere in the bond proposition language did it say that the project could be built for $10B - anybody with functioning brain cells knew that it couldn't be, and even the unofficial mid-$30Bs number was bogus as h**l. As it developed, the seed money brought in a few more federal billion$, but nothing private. Private participation was and still is vital to get it done. With no prospect of more money in the foreseeable future, the whole system cannot be built. Simple as that. It was way too underfunded despite the high amount of bond money authorized.

On the plus side, one of the original purposes actually was fulfilled: several large transit projects were funded. Without the bond money, for instance, Caltrain couldn't even be talking about electrification - abandonment more likely.

Recent focus on the Bay Area connection looks like an attempt to get enough built with what's left of the original inheritance to provide service that somebody might be willing to ride. If that happens, expect another push for private and federal money based on extending the working segment (so please buy in for the other 3/4 of the cost). The Valley line currently under construction is more of a test track than something that will carry paying customers. If there's STILL no other money forthcoming after demonstrating a working Bay Area-Valley segment, we will probably see liquidation of the line because without access to LA it can never even cover operating expense let alone debt service. In any case, no politician with a working brain will try to get more HSR money from the state's voters given the smell currently rising from the project.

The water fiddle, though, is just outright theft.