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Michael Ward says no to the President
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<p>[quote user="Dragoman"]</p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><i style="mso-bidi-font-style:normal;"><span style="font-size:11pt;">Bucyrus said:</span></i></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><i style="mso-bidi-font-style:normal;"><span style="font-size:11pt;">“</span></i><i style="mso-bidi-font-style:normal;"><span style="font-size:11pt;font-family:Verdana;">And where is the line drawn between the monopolistic power and the obligation to operate in the public interest?”</span></i></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;font-family:Verdana;"> </span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;">Well, I am not sure, but there should be one.<span style="mso-spacerun:yes;"> </span>Let me ask you this …</span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;"> </span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;">Do you disagree that railroads are industries with extremely high barriers to entry (as the economists would say, meaning that any potential competitors would find it extremely difficult to enter the market), giving them near-monopolistic power on any given route, as far as rail transportation is concerned?</span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;"> </span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;">Do you disagree that anyone entering the railroad business is consciously engaging in a highly-regulated (and somewhat dangerous) activity as a common carrier, which results in higher levels of responsibility – to their employees, the customers they serve, the communities in which they operate, and yes, the public at large – than is the case with a business that is in a highly-competitive, non-regulated industry which is not a common carrier?</span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;"> </span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;">Again, I don’t believe that the answers are necessarily simple or easy – it is not a black-or-white analysis.<span style="mso-spacerun:yes;"> </span>But to have a Class I RR president talk like he believes that they should be treated like – and have the same rights and freedoms as – some poor sap just trying to make a buck selling flowers on a street corner, sounds just a little disingenuous.<span style="mso-spacerun:yes;"> </span><i style="mso-bidi-font-style:normal;"><span style="text-decoration: underline;">That</span></i>, to me, “comes across as being arrogant and ham-handed…”<span style="mso-spacerun:yes;"> </span>To expect that the railroads will operate Amtrak and HSR trains consistent with some <i style="mso-bidi-font-style:normal;">on-time</i> performance standards – OMG, how unreasonable!</span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;"> </span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;">But, Bucyrus, I suspect we may never agree.<span style="mso-spacerun:yes;"> </span>If you honestly believe that it is OK that companies which, through greed or stupidity (or both) brought themselves (and nearly the entire world financial system) to the brink of bankruptcy, then came hat-in-hand to the government to bail them out because they were “to big to fail”, accepted the assistance, and then chose to pay the very executives who lead them down this path <i style="mso-bidi-font-style:normal;"><span style="text-decoration: underline;">huge</span></i> salaries and bonuses for their good work (instead of firing their a**), and you honestly believe that <span style="mso-spacerun:yes;"> </span>the government that bailed them out shouldn’t feel a bit snookered, then we clearly view the world through very different lenses.</span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;"> </span></p> <p class="MsoNormal" style="margin:0in 0in 0pt;"><span style="font-size:11pt;">But reasonable people can disagree, right?</span></p> <div style="clear:both;"></div> <p>[/quote]</p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="mso-bidi-font-size: 11.0pt;"><span style="font-size: small;"><span style="font-family: verdana,geneva;"><span style="font-size: small;">Although you say that the conditions and characteristics you cite in your first two paragraphs do not lead to simple, easy, or black and white answers, you seem to have arrived at the black and white conclusion that the freight railroads are obligated to host HSR on their corridors.<span style="mso-spacerun: yes;"> </span>Since you believe that, what is it that you would like to be done about the freight railroad executives who have a different view? <o:p></o:p></span></span></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="mso-bidi-font-size: 11.0pt;"><span style="font-size: small;"><span style="font-family: verdana,geneva;"><span style="font-size: small;"> <o:p></o:p></span></span></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="mso-bidi-font-size: 11.0pt;"><span style="font-size: small;"><span style="font-family: verdana,geneva;"><span style="font-size: small;">You scoff at the railroads’ objection to the on-time performance standards.<span style="mso-spacerun: yes;"> </span>Those performance standards included financial penalties for failing to meet the standards.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></span></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="mso-bidi-font-size: 11.0pt;"><span style="font-size: small;"><span style="font-family: verdana,geneva;"><span style="font-size: small;">Apparently the freight railroads objected to the cost of the financial penalties that would be likely to be incurred.<span style="mso-spacerun: yes;"> </span>They also felt it was a little heavy handed for the government to go public with the standards as a done deal when the freight railroads had not even been consulted on the matter.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></span></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="mso-bidi-font-size: 11.0pt;"><span style="font-size: small;"><span style="font-family: verdana,geneva;"><span style="font-size: small;"> <o:p></o:p></span></span></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="mso-bidi-font-size: 11.0pt;"><span style="font-size: small;"><span style="font-family: verdana,geneva;"><span style="font-size: small;">I do not know how much damage those financial penalties would be likely to inflict on the host railroads.<span style="mso-spacerun: yes;"> </span>Do you?<span style="mso-spacerun: yes;"> </span>You seem to think their objection was unreasonable.<span style="mso-spacerun: yes;"> </span>Is there any amount of such penalty that you feel would be unreasonable?<span style="mso-spacerun: yes;"> </span>Apparently the government did not feel that the penalties were unreasonable. <o:p></o:p></span></span></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="mso-bidi-font-size: 11.0pt;"><span style="font-size: small;"><span style="font-family: verdana,geneva;"><span style="font-size: small;"> <o:p></o:p></span></span></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="mso-bidi-font-size: 11.0pt;"><span style="font-size: small;"><span style="font-family: verdana,geneva;"><span style="font-size: small;">Regarding your last paragraph, I completely disagree with the premise.<span style="mso-spacerun: yes;"> </span>The contention that the financial sector got into trouble due to greed and stupidity is a popular cliché, but it is not supported by facts.<span style="mso-spacerun: yes;"> </span>The financial sector did not come hat in hand asking for a bailout, claiming they were too big to fail.<span style="mso-spacerun: yes;"> </span>The government made the case that parts of the financial sector were too big to fail, and therefore required a government bailout in order to save the U.S. and world economies from collapse.<span style="mso-spacerun: yes;"> </span>Some financial institutions were forced to take a bailout when they did not want one.<span style="mso-spacerun: yes;"> </span>I happen to believe that the bailout was mainly a power grab by the government and not by the bankers as the government wants us to believe.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></span></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="mso-bidi-font-size: 11.0pt;"><span style="font-size: small;"><span style="font-family: verdana,geneva;"><span style="font-size: small;"> <o:p></o:p></span></span></span></span></p> <p><span style="font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA; mso-bidi-font-size: 11.0pt;"><span style="font-family: verdana,geneva;"><span style="font-size: small;">The bonuses and salaries of the financial executives were set and controlled by the government.<span style="mso-spacerun: yes;"> </span>If there was a problem with them, whose fault was it?<span style="mso-spacerun: yes;"> </span>Why should the government feel snookered?<span style="mso-spacerun: yes;"> </span>They were in the driver’s seat.<span style="mso-spacerun: yes;"> </span>And yet they can’t even give us a clear accounting of where the money went.<span style="mso-spacerun: yes;"> </span>The ones who got snookered are the American people.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"><span style="font-size: small;"> </span> </span></span></span></span></p>
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