Los Angeles, CA: Were California voters fooled by the $40 billion in infrastructure bonds they approved in the November 2006 election, because there was no organized opposition to the massive ballot proposals?
The shocking truth about the historic campaign for the massive bond measures is revealed in a nine minute Full Disclosure® Video News Blog covering a debate hosted by the Milken Institute just days before the election. The video is to be featured on the Internet and on 43 cable television systems, as part the Full Disclosure Network’sT regular programming.
Here are a few of the revelations from participants featured in the video news blog:
- Don Perata, California State Senator in describing the massive bond proposals stated.. “We don’t know how it will work, until we have the money” saying that Californians don’t mind incurring debt “after all the average family is much more in debt than is state government.”
- James McNulty, CEO Parsons Corporation informs the panel that he does not expect there will be substantial bidders on the bond projects nor does the industry have the capacity to complete the massive projects, citing the reasons why.
- Dr. Adrian Moore, V.P. Reason Foundation argues that each year’s state budget was to include infrastructure projects, but the legislature has spent the money on other matters. He asks the question “How will we pay (for the bonds) if we don’t have the funds? Where are we going to get the money?
- B. Scott Minerd, CEO Guggenheim Partners a public finance expert tells Full Disclosure™ “the likelihood that we are not going to get everything we paid for in the bond issues is quite high”