A story so ugly, only a (Libertarian) mother could love it

A very interesting cautionary tale about government intervention.

Here's a quick summary:

-Santiago, Chile had an amazing, private transportation system involving buses, subways, etc.
-The private transit firms were making a profit
-Enter Santiago gov't: mandate public transportation and eliminate the private transit system
-What was once a $60 million/yr profit (for the private companies involved) is now a $600 million/yr black hole on the government's budget
-Commuting time has tripled in the city

Sounds like a win/win across the board. Seriously, sometimes I wonder why governments interfere with markets that are functioning well. (For those who read the article, yes, I'm skipping over some details, like the disturbing trend that saw an increase in per capita transit deaths. Unfortunate, but couldn't the government have intervened in some other way, rather than completely dismantling the private mass transit system and substituting their own?)

Hat tip to MR.