I was also amused to read this in the above link about the report from the legislative analyst

[quote]
Further, it criticizes the Brown administration’s new backup plan to use potentially tens of billions of dollars from the state’s new “cap-and-trade” program in which big polluters buy credits in electronic auctions to offset greenhouse gas emissions, with the revenue going to environmentally friendly programs. The LAO argues there are more cost-effective environmental programs that could use the money, that it’s unclear whether high-speed rail would actually reduce greenhouse gases quickly enough , and that it may be illegal to use the funds to build the bullet train.
[/quote]

There it is! “High-speed-train-saves-the-environment” argument is gone too!