Well, people always make that comment to "learn your history" and say there is only one interpretation of history. I have read about transportation history. Since the 1950s, Government investment in freeways, roads, and airports killed the LD passenger trains that the railways were very willing to operate. That's obvious. Interurbans and trolleys were killed by autos and buses which became economical only because of government paved highways. Government taxed and regulated railways. Railways didn't have a chance to survive in the government manipulated marketplace.

Back in the 1800s, there was corruption between railways and the government, which made them powerful.

So government has always affected the marketplace the RRs exist in, and what government did determined whether RRs would survive or fail.

I don't have experience with big business wasting money, but I'm sure you are right.