randall o'toole specializes in transportation.still have passenger triachbs >> we do have passenger trains and they are hemorrhaging money. when amtrak took over, congress actually believed it would be able to pay for itself out of rail fares. they were cheaper than airline fares they would get a lot of customers. but since then airline fares have dropped and rail fares have gone up and costs have gone up faster so the subsidies are huge. >> john: costs would go down and costs often do and government thought it manages better. they didn't regulate freight rail. there we have this chart. the prices did go down. we measure this from the beginning of amtrak, amtrak prices went up, freight went down. >> if you look at the chart. they stayed about the same until about 1980 when we deregulated the freight lines. they got the government out of regulating the freight lines and freight went way down. but with government regulation on amtrak, congress imposed how they manage their labor and where they can run trains and cost went up. >> joh

. >> randall o'toole at the cato institute identified a lot of state and local governments imposed land use restrictions that limited the supply -- or the supply of new housing. and so i'm just wondering how that integrates into your analysis here. >> well, i think that if you look at that graph of house prices, and then you took that in terms of where there were land use or -- they call it the planned community, you would find that the prices -- price rises were much bigger, where the supply was restricted and much less where you could build all you wanted. and so that's an average. so it was clearly true, i agree with it totally. >> question over here. >> you've studied the federal reaction to financial crisis, and you know dodd frank and all that stuff. fwifb given what you know now, what do you think is going to happen next, down the road? >> dodd frank was 2600 pages, so i think we're talking about the tens of thousands to 100,000 pages of regulation. and i can tell you, any one page of regulation had to have three law firms, because no two law firms would agree on what the regulat