Why does the street love this company as much as it does?
I find several flaws in the underpinnings of your implication that "the street" is mistaken in it's high regard for GWR.
First of, en argumento (for the sake of argument) if it comes to pass GWR begins to pay dividends. So what? What is so bad about that?
Secondly, a slowing economy usually lowers most publically listed companies's returns. Why single out GWR for special decline in the coming downturn?
Thirdly, gimmie a break as far as " the Democrats hate coal-fired power". Sure Democrats are more concerned with the problems of carbon based fuel consumption such as air pollution, acid rain and global warming than the likes of Dick "Big Oil" Cheney and right-wing gab-meister Rush "It's junk science!" Limbaugh. But there is no move afoot in the Democratically controlled Congress to restrict coal burning electic plants, even if there were the Dems are too busy trying to sort out GW's mess in Iraq anyway! And even if altenative fuels come to replace coal as part of an overall energy conservation plan, energy efficient railroads can be expected to benefit over gas guzzlin' 18-wheelers.
All and all based on the unconvicing reasons you give against it, I must rule in favor of Wall Street's positive view on GWR.