Termites are difficult to debate. All they want to do is eat wood and produce more little termites. You can't reason with termites. You can't say to them, "Look, termites, this chewing on my house frame is all well and good, but where will it get you in the end? Either I'll have to tent the house and kill you all or you'll chew until the house collapses and the rubble is hauled away and destroyed. There's no future in all this chewing!"
Well, you can say it, but it won't do you any good. Termites don't care about the future. All they want to do is chew on wood and make little termites. Sort of like these folks.
In early 2008, residents of Placentia and Yorba Linda approved a $200 million school construction bond after reading those fliers and being assured repeatedly that "their money will be spent wisely." ...What can you say to things like this? With whom can you reason? The district issued the capital appreciation bonds because it wanted to continue building and the termites continued eating because they wanted to gnaw on wood. That's actually an unfair comparison to the termites because they need to gnaw on wood to survive. The education parasites behind this larceny did it because .... hmm ... well, that's just what they do.
After the election, the board allowed the bank to sell some of the costliest bonds ever issued by a California public agency. Just one $22 million borrowing from 2011 will cost taxpayers nearly 13 times that amount – $280 million – to repay.
Those bonds, known to Wall Street traders as capital appreciation bonds, are like a loan for which no principal or interest payments are made for 35 years. Interest is charged on a growing pile of unpaid interest, causing the balance to balloon.
Maybe the comparison works after all.
So the children of the children in school right now will get kicked in the groin to the tune of $200M to pay for buildings that will need to be torn down about the time the bill comes due. At least that's the way it's supposed to play out. What will actually happen is that the people who can pay the bill will leave and the only ones left will be the "less fortunate" who will have to declare bankruptcy. Then the place will fall into ruin since there won't be any money for basic maintenance.