Even if we give Mr. Rogoff the kind of perhaps authority he ought to have, I can tell you without fear of contradiction--leave aside the recession we are in, let's suppose we are in the false boom economy we just came out of--that there is no transit system in the United States that isn't operating with old cars and cannot replace them quickly.
Norton emphasizes the outdated condition of U.S. transit systems and the challenge of replacing old cars.
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