Now he gets it, sort of:

Recently we have expanded high-capacity transit and commuter rail at the expense of frequent and local service. We may not have intended it, but we are failing in our aspirations because we overcommitted operating revenue based on forecasts that were not accurate.... [W]e need to pace the construction of transit capital projects and maintain adequate operating reserves for a prudent range of economic assumptions.

His solutions are pretty funny, though. Instead of having the Tri-Met board appointed by governor, they should be appointed by the Metro clones -- Tom Hughes, Rex Burkholder, and the like. Wow, that'll start a revolution.