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This isn't anything particularly new. Railroads have not earned their cost of capital (a "capitol" is a seat of government, not a type of financing) for a long time. Just check out the STB's monitoring of the railroads ability to earn the cost of capital year to year and you'll find that even most Class 1s don't make it. There is a crying need for both government assistance and increased rates. I think both are coming as trucking costs increase due to new hours of service regulations and a continuing driver shortage plus a continuing shakeout of the weaker trucking firms. On the government funding side, bills like H.R. 876 and the new ARRIVE-21 legislation promise new sources of grants for railroads. Also, still on the scene is the limping RRIF loan program undergoing a facelift at FRA. States are still doing what they can in many cases although the costs of new security and other post 9/11 costs are drying up some of this funding. Please support the rail friendly legislation as grass roots can get things done. LC
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