An item on the CBS Evening News caught my attention. I wasn't able to find the story on the cbsnews.com site but here it is on CNN -- http://www.cnn.com/2009/US/03/31/bridge.microsoft/index.html under the title "Critics slam Microsoft bridge as waste of stimulus money".
Menzie Chinn looks at the numbers for consumption and durable consumption, which are in free fall (follow the link to see the graphs), especially in comparison to the 2001 recession. Chinn notes that
One of the most troublesome aspects of Obama’s stimulus plan is the lack of attention to rail transport. Just look at this graph to see why.
So, I consider this article by Phillip Longman one of the most important articles of the new year, because it clearly points to the one of the most effective means for moving the economy off the basis of “oil-for-paper.” There are enough references to other studies, going back to a 1970s National Academy of Science project that identified the specific lines most suitable to electrification (electrified railroads, which are common in Europe, are twenty times more fuel efficient than trucks).
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