"Schwarzenegger proclaims bonds 'a gift from the future.'”

What a criminal! From the future perspective of our children and grandchildren, these bonds will be known as "larceny from the past."

"Further, the bond repayment costs will be in addition to a heavy yearly subsidy from state taxpayers to keep the train from operating in the red."

That statement is not quite accurate. The rail system *will* operate in the red, but the subsidy is what will enable it to do so forever (unlike commercially viable enterprises which have to survive without benefit of subsidy -- as it should be).