ON TUESDAY, NOVEMBER 3, THREE WEEKS AFTER I wrote this column, California voters narrowly defeated Proposition 9. In case you missed it, that was the ballot initiative that would have cut off funding for nuclear power in California through securitization or any other fancy financing for stranded costs. A "yes" vote would have told utilities, in effect, to "take these bonds and shove it."
But the voters said "no," however, and I'll tell you why - even before the first ballot was cast.
In the end, Prop 9 failed for the same reason that George McGovern lost to Richard Nixon in 1972.