"But as Mr. Obama’s second term nears an end, some experts say the president’s words were a fantasy."

...says The New York Times in discussing the failure of the Obama Administration to deliver on it's promises of high speed rail.

I think this would apply to a lot of things he said.

UPDATE: Welcome Instapundit Twitter followers!

The Truth About Railroads

Our President likes to invoke the greatness of America building the intercontinental transcontinental railroad to make the case for government spending. Here's a look at the reality of the government's spending on railroads through our history.

The transcontinental railroad lost tons of money. The government never covered its costs, and most rail lines that used the tracks went bankrupt or continued to be subsidized by taxpayers. The Union Pacific and Northern Pacific -- all those rail lines we learned about in history class -- milked the taxpayer and then went broke. One line worked. The Great Northern never went bankrupt. It was the railroad that got no subsidies.

Read the whole thing.