The March 24, 1909 NYT has a letter to the editor that starts out in a manner that would make Hayek proud:

The regulation of rates on local [rail] lines should be left to the local lines themselves, as a commission appointed by the Congress at Washington, or the Legislature at Albany, many of whom live at widely separated parts of the country, cannot be supposed to know the local conditions applying to any small community, and all rates for carrying the commodities of that special territory should be regulated according to conditions prevailing therein, and which these men from widely separated parts of the country cannot be expected to know much about.

How many times in the past 100 years has the government ignored this advice, despite its soundness? The lure of "control" for the benefit of the many or the few results in the same outcome - distorted prices sending the wrong signals to market participants thereby leading to mistaken action.

The letter continues:

Even in the matter of the Public Service commission of the State of New York, we doubt very much if any one member is thoroughly conversant with the situation in his own district, let alone being able to decide questions arising concerning some other part of the State remote from his own home territory.

This point is rammed home every time Congress holds yet another committee meeting to discuss the financial "crisis" and the responses by public and private entities.

Unfortunately, after building up a good head of steam, the letter-writer flubs the ending:

What we want on these commissions is to have the men appointed to be experienced and competent transportation men, who know what they are talking about when they take any matter in consideration upon the transportation of freight and passengers within the borders of the State.