When a judge couldn't find new lenders, Washington absorbed them into government-owned Conrail, but the death spiral continued.

WSJ: Obama's Car Puzzle

Conrail's culture was more relaxed than those of its buyers, in part because of its sheltered history of government stewardship.

ECONOMIST: What kind of industry asks its regulator to block all deals?

Government-run Conrail (freight) and Amtrak (passengers) have lost billions.

CNN: New Deal or raw deal?

Conrail was triumphantly reprivatized in 1987.

WSJ: Obama's Car Puzzle

Consistent with safety standards, we will continue removing restraints on the bus and railroad industries, we will soon end up legislation--or send up legislation, I should say--to return Conrail to the private sector where it belongs, and we will support further deregulation of the trucking industry.

CNN: State of the Union Address

With so much vital transportation infrastructure surrounding the harbor such as Newark Liberty International Airport, the extensive railroad systems for Norfolk Southern and Conrail, the container terminals at Port Elizabeth, Port Newark, and the New York Container Terminal on Staten Island, the immediate area surrounding the port makes New York Harbor an ideal and desirable transportation destination.

FORBES: The Port of New York and New Jersey, a Critical Hub of Global Commerce