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  Whether the railroads were headed for system wide bankruptcy is debatable.  Had the downward financial spiral that they were on not been reversed by deregulation, in part, it is likely that the investor owned railroad industry would have been nationalized.  Which it was partially with the formation of Amtrak and Conrail.   According to the Association of American Railroads, "between 1970 and 1979, the rail industry’s rate of return on investment never exceeded 2.9 percent and averaged just 2.0 percent.  The average rate of return had been falling for decades: it was 4.1 percent in the 1940s, 3.7 percent in the 1950s, and 2.8 percent in the 1960s.  Given these rates of return, the investors would have been better served if the properties had been liquidated and the proceeds placed in a passbook savings account. Railroads lacked the funds to properly maintain their tracks.  By 1976, more than 47,000 miles of track had to be operated at reduced speeds because of unsafe conditions. Railroads had billions of dollars in deferred maintenance, and the term “standing derailment” — when railcars that were standing still simply fell off poorly maintained track — was often heard."  This discussion has strayed a bit from the topical headline, bus company shutdowns, but what the heck. Its what makes participating in these forums interesting. On another note, one does not need to look to other countries for cultural differences. Having lived in seven states of the U.S., plus D.C., I can attest to significant cultural differences between regions of the U.S. Living in New York City for eight years and Connecticut for four years before moving to Texas more than 35 years ago, I can tell you that there are major differences between New Yorkers and Texans with respect to economics, politics, religion, linguistic nuances, etc. But one will not grasp these differences simply by traveling to another state or country for a month or so. You have to live there for a least a year or two. I lived in Australia from 1999 to 2004. But I had made numerous trips to Australia between 1995 and 1999. I thought that I had a pretty good handle on Melbourne. I didn't! But I did not know until I lived there for a year or so after having moved there in 1999.
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