Train Wreck | City Journal
Infrastructure and energy Economy, finance, and budgets More than 50 years on now, the spectacular collapse of the Penn Central railroad in 1970 is little remembered today, but its legacy is still with us—not so much as a warning, but as a prelude: to New York City’s own near-bankruptcy in the 1970s; to four decades of financial engineering, beginning in the 1980s; to the 2001 Enron downfall; to the 2008 financial crisis and its “too big to fail” bailouts—and yes, even to the public discontent that elected President Donald Trump. As America emerged from World War II, most people wou...
Source: city-journal.org