It's unbelievable. Money is no object when the banks are in trouble.
$85 billion for an insurance company loan.
We could make a loan to a private company for $85 billion to build and operate the best high speed rail network in the world and within five years, have trips like Chicago-New York City trip in under five hours all over the country. That's what Spain is doing now. We could do that too if we made an $85 billion commitment to it.
And the high speed rail operator would have as much chance of paying that loan back as the insurance company that just got the $85 billion loan. Which is to say, more than zero and less than 100 percent. That's good enough for the insurance company, so it ought to be good enough for high speed rail.
When they say the government doesn't have the money, they aren't telling the full story. They are saying the government doesn't have the money for your idea. The government always has the money for something that is deemed important enough for the sake of the country.
On that note, Congress just spent $8 billion from the general revenue fund on highway spending.
Eight billion dollars.
That's enough to build most of the Midwest high-speed rail network.
We should stop spending money on highways and start spending it on high speed rail and transit.
It's all about priorities. And it's time for us to make smarter spending (like high speed rail instead of insurance company and bank bailouts) a much higher priority with much bigger dollars on the good investments.