GE's High Speed Rail Angle

http://www.futureofcapitalism.com/2011/02/ge-high-speed-rail-angle

Michelle Malkin notices that General Electric will get its piece of the $53 billion the Obama administration wants to spend on high-speed rail: "In another such fortuitous coincidence, one of the top beneficiaries of the new White House rail bailout is GE Transportation -- the leading manufacturer of diesel-electric locomotives. President Obama recently named GE CEO Jeffrey Immelt to head the new White House jobs council."

John Stossel is also skeptical of high-speed rail. He writes:

At last month's State of the Union, President Obama said America needs more passenger trains. How does he know? For years, politicians promised that more of us will want to commute by train, but it doesn't happen. People like their cars. Some subsidized trains cost so much per commuter that it would be cheaper to buy them taxi rides.

The grand schemes of the politicians fail and fail again.

by Editor  |  Feb 9, 2011 at 10:01 am Related Topics:  General Electric, President Obama receive the latest by email: subscribe to the free futureofcapitalism.com mailing list