THE DEATH OF PLANES:

High-Speed Rail Keeps Train Makers on Track (PAUL GLADER, 10/20/09, WSJ)

[R]ussia's new trains mirror a global push in high-speed rail that spans from China to the U.S., an effort that is buffering Siemens AG, Hitachi Ltd., Bombardier Inc. and other industrial giants against the economic slump.

Global spending on trains, tracks and equipment is expected to reach €122 billion ($182 billion) this year, up 18% from 2004, according to Unife, an international trade association. It projects that the figure will rise to €150 billion by 2016.

Rail spending "has a short-term effect on unemployment as well as a longer-term effect on economic growth," says Michael Clausecker, Unife's director general.

A high-speed rail link between Madrid and Barcelona that opened last year has stolen former air travelers, cutting daily flights between the cities in half to 35. France hopes to double its high-speed track to about 2,500 miles by 2020.

In the U.S., President Barack Obama has vowed to spend $13 billion over five years to build high-speed rail links between major cities.