UK train operator nationalised by government after 30 years of privatisation
(www.independent.co.uk)
I think "foolish and poorly informed" is a lot more sustainable than "mad" for sure. The latter I think is what leads people to believe this cynical stuff that anyone arguing for that kind of stuff is a bad actor.
But I think you can learn a lot by reading the actual opinions of intellectuals - in this case economists - who fervently believe in the effectiveness of free-market capitalism. My own take is that it's less "foolish and poorly informed" and more "prioritising other evidence/arguments/preconceptions."