Another Tax Plague Inflicted on California by Gray Davis

I agree with this decision, even though it will cost California billions for years and years. You sign a stupid contract, make stupid regulations, make even worse deregulation decisions, you live with the results.

As evidence uncovered by FERC showed, Mr. Davis thought he was getting a steal at the time, locking in more than $12 billion in contracts when energy supplies were uncertain. But when prices later fell, Mr. Davis did his typical buck-passing routine by trying to weasel out of the deal...

Mr. Davis could have signed long-term contracts for much less months earlier, but for political reasons he preferred to buy all of his electricity through the short-term spot market. Only when those prices soared did he decide to lock in the contracts, which he hailed at the time as "the bedrock of a long-term energy solution."

It's a shame that California residents are now having to pay for Mr. Davis's fecklessness. But then again, they re-elected him even after watching him pull these energy stunts. If they now want to make amends for that expensive mistake, they are going to have to recall him.