Dynamic equilibrium...

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Do you see any way that he can renegotiate the power contracts? It would be funny, except that its really quite a serious problem, right? The people of California are paying a lot of money for power, either in their bills, or in future huge tax hikes, in spite of these lower prices. And the energy companies can't just rewrite them, because they wrote LT contracts on the other side to buy natural gas at high prices. DAVIS IS SUCH A MORON!! HOW DID THIS HAPPEN?????

Where to start? I guess I would say Davis made a political decision and that started a train of events.

All of California should just revile him. He mucked about where he shouldn't have been mucking, and now its going to cost 14 billion a year for YEARS. There should be calls for his head! I just don't understand the complacency of the press. Just insane. Also noticed its been raining like crazy out there. Are the reservoirs filling up? If I were Davis I would go drown myself in one, after the evil he has done to the state economy for the next decade.

Dropping prices won't help CA consumer's energy bills--Davis locked the state into buying power at what are now high prices, so the excess power will have to be sold at a loss. And CA consumers will pay. It will be very interesting to see if the GOP can field a viable candidate for governor here in CA. The governorship is the Republican's for the taking, but if history is any guide they'll screw it up. If the Republicans could only field a candidate like GWB who has broad appeal, they (we) can win--but I'll bet they won't.

The consumers will pay some, the taxpayers will pick up the rest. Sell your house before everyone catches on to how much CA taxes are going to rise to pay for this.

It looks like it will be Riordan, he is building up campaign funds faster than Davis according to news reports!

Davis made a political decision and that started a train of events.

Who ever let a kid into the power market? Now Enron's Woes Exacerbate Turmoil and Edison's being hinted at bankruptcy and the state has huge deficits from a "$12 billion to $14 billion budget shortfall" that are causing lowering debt ratings.

It was said by Ron Insana (CNBC) this morning that the derivatives that Enron has to unwide have a value at almost $1 Trillion. How much of this can be connected to the wild ride that Davis started by puttin our state money at risk? When Davis bought into the promises of high prices and thereby encouraged the sellers to bid up the prices, he caused escalation of further promises and now a reactionary downfall from the peaks since there was no reality to the bidding process. That is how Enron, who took the bait, failed. Certainly they were party to the problems but I will bet Enron would still be in a viable business if the recallDavis attempt had succeeded a couple years ago.

I would like to see any quotes from Davis on the Enron failure.

U.S. congressional panels launched probes into Enron Corp.'s financial disaster on Thursday

Maybe Davis could testify.

You want insane?

``If you live by the sword, you die by the sword,'' said Loretta Lynch, the state's top energy regulator as chair of the Public Utilities Commission (news - web sites). Lynch had joined Calif. Gov. Gray Davis (news - web sites) in accusing Enron of price gouging during the state's power emergency.

No guilt there ...