Even the "valley-to-valley" idea is dumb---that is, from the Central Valley to silicon valley---since even that segment of the project would require 15 miles of tunnels under the Pacheco Pass. The project has no money for that. 

Newsom talks vaguely about how to finance the project, but that's always been the project's biggest problem: it's never had a plausible financial plan. The annual interest alone on the $9.5 billion bonds authorized by voters in 2008 will be $647 million!