 All right, I might as well start the year with a story out of California and out of the stupidity of the Biden administration. If you look at one of the latest bills, the Inflation Reduction Act, I think it's the Inflation Reduction Act, you will find buried in the Inflation Reduction Act a line item, not for a lot of money, just $3.1 billion, $3.1 billion, which is penny change in Congress these days. Anyway, $3.1 billion that have been awarded by the White House to California High Speed Rail Project. Now High Speed Rail Project in California is an interesting project. The idea was to build a high speed railroad between San Francisco and Los Angeles. Now this is a brilliant idea, San Francisco and Los Angeles, close to one another, relatively close to one another, that the traffic in San Francisco and in LA is horrific, so getting to the airport, getting out of an airport adds a huge amount to the commute to get in and out of LA and San Francisco. You could take a rail from downtown San Francisco all the way to downtown LA with a high speed rail. It should be super fast. Just like in Japan, just like in parts of Europe, you would think that the United States would have one piece of high speed rail somewhere and this makes complete sense and should be something that somebody does. Because the state of California decided it was going to do it and California voters authorized a $10 billion bond issue for the train in 2008. I voted against it in 2008. Anyway, the original total estimate for construction, all of it from San Francisco to LA was $33 billion. Now that $33 billion was the initial estimate as construction on the project began or even before construction as more investigation into the project was pursued. The cost of the project rose to $100 billion. That's a big, that's three times from $33 billion to $100 billion. And then they said, okay, we still want to do San Francisco Los Angeles and we're actually going to make this more ambitious and we're going to extend the rail to Sacramento and to San Diego. And wow, this is going to be amazing. I mean, really amazing. You can get on a train in San Diego and go to San Francisco probably the same time or less than an airplane and given security and given everything else, probably less time than an airplane. And wow, I mean, this is major. At the time when all of this was proposed, phase one, the Los Angeles to San Francisco portion was supposed to be completed by 2020, by 2020. Anyway, so then they realized, look, this is going to be really hard and getting into Los Angeles and getting into San Francisco, we're going to have to dig tunnels and how are we going to get there? How are we going to actually get into Los Angeles? We have to dig underneath Los Angeles. It's going to be really, really hard. Maybe we can have a slow rail from like the outskirts of Los Angeles into the main city, but then that defeats the whole by speed concept. So, and the same with San Francisco, so we're going to do slow rail. Well, that's kind of stupid. So then I said, okay, okay, okay. So what we'll do, since we can't really solve all these problems, is we're going to just start with a piece of this. We're going to start with a piece of it and we're going to build a rail from Merced to Bakersfield. Now Merced is basically 130 miles from San Francisco, a drive, and Bakersfield is 110 miles from Los Angeles. They said, at least we'll have that piece done. Why you would want that piece? Nobody can say because nobody actually wants to go to Merced and nobody actually wants to go to Bakersfield. And certainly nobody wants to go from Merced to Bakersfield. These are two towns in the middle of nowhere, literally in the middle of nowhere, right? That piece, that segment, which is flat, easy, no tunnels, no underground, no nothing, straight. That segment, which is the easiest segment to build, was going to cost $22.8 billion. Then they said, okay, they started that. The construction is actually happening on that. And then they said, okay, but if we're going to extend this to San Francisco and Los Angeles, that's probably going to take another 15 to 20 years. So now, instead of 2020, we're looking at 2040, 15 to 20 years. And it's going to cost three times as much as Projector, not 100 billion, maybe 300 billion. And there's no way we're going to be able to do it all high speed. There's going to be slow segments. Anyway, you can see this keeps going. Even the segment between Merced to Bakersfield, it looks like they're going to need $10 to $12 billion extra to complete that. And we're 2024, and nothing has been completed. Nothing has been completed. And the whole thing is just an unbelievable fiasco and is illustrative of the fact that in California, you cannot build anything. It's not you didn't build that. Nobody builds anything in California. So on top of all this, the Biden administration has decided to take this money pit that will actually result in nothing, maybe a fast train to nowhere, which is what I consider Merced and Bakersfield. A fast train to nowhere, there are costs, who knows how much, $30, $40, $50 billion. They've decided to throw in a little bit of your taxpayer money. Those of you who do not live in California and those of you do into the mix. I mean, where there's a sinkhole of money, you might as well throw more money at it. Why, what the hell? Why not? It's just unbelievable. It's just unbelievable. And nobody has any sense of what they're doing, why they're doing it, how they're doing it. In Florida, they built some rail privately. In Texas, they're talking about private high-speed rail. But they've been talking about this for 20 years. From Houston to Dallas to Austin to San Antonio to Houston. That triangle should be supplied by high-speed rail. But again, it should be private because this is what happens. California is a good example of what happens when you let the government do it. And when you have the kind of environmental regulations that California has.